Document:

Exhibit

                                                              Exhibit 10.1

                        
LTIP AGREEMENT
THIS LTIP AGREEMENT (this “Agreement”) is entered into as of the Grant Date (as defined below), by and between %%First_Name%-% %%Last_Name%-% (“Grantee”) and Bonanza Creek Energy, Inc., a Delaware corporation (the “Company”).
WHEREAS, the Company maintains the Bonanza Creek Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan (the “Plan”), which is incorporated into and forms a part of this Agreement, and Grantee has been selected by the board of directors of the Company (the “Board”) or the compensation committee of the Board (the “Committee”) to receive an Other Stock Award (the “Award”) under the Plan as set forth in this Agreement;
NOW, THEREFORE, IT IS AGREED, by and between the Company and Grantee, as follows:
1. Definitions.  The following terms used in this Agreement shall have the meanings set forth in this paragraph 1:
		
	(a)
	“Cause” shall have the meaning set forth in any applicable agreement between the Company and Grantee regarding Grantee’s Service with the Company and, if “Cause” is not so defined, shall mean any of the following: (i) Grantee has failed or refused to substantially perform Grantee’s duties, responsibilities, or authorities (other than any such refusal or failure resulting from Grantee’s becoming Disabled); (ii) any commission by or indictment of Grantee of a felony or other crime of moral turpitude; (iii) Grantee has engaged in material misconduct in the course and scope of Grantee’s Service with the Company, including, but not limited to, gross incompetence, disloyalty, disorderly conduct, insubordination, harassment of other employees or third parties, chronic abuse of alcohol or unprescribed controlled substances, improper disclosure of confidential information, chronic and unexcused absenteeism, improper appropriation of a corporate opportunity or any other material violation of the Company’s personnel policies, rules or codes of conduct or any fiduciary duty owed to the Company or its Affiliates, or any applicable law or regulation to which the Company or its Affiliates are subject; (iv) Grantee has committed any act of fraud, embezzlement, theft, dishonesty, misrepresentation or falsification of records; or (v) Grantee has engaged in any act or omission that is likely to materially damage the Company’s business, including, without limitation, damages to the Company’s reputation.

		
	(b)
	“Date of Termination” means the date on which Grantee has a “separation from service” from the Company, as such term is defined in Treasury Regulation 1.409A-1(h), as modified by any subsequent guidance promulgated by the Internal Revenue Service.  

		
	(c)
	“Designated Beneficiary” means the beneficiary or beneficiaries designated by Grantee in a writing filed with the Company in the form attached hereto as Exhibit A.

		
	(d)
	“Disabled” as it relates to Grantee shall have the meaning of “Disabled” or such similar term set forth in any applicable agreement between the Company and Grantee regarding Grantee’s Service with the Company and, if “Disabled” or such similar term is not so defined, shall mean when (i) Grantee receives disability benefits under either social security or the Company’s long-term disability plan, if any, or (ii) the Company, upon the written report of a qualified physician designated by the Company’s insurers, shall have determined (after a complete physical examination of Grantee at any time after Grantee has been absent from the Company for 90 or more consecutive calendar days) that Grantee has become physically and/or mentally incapable of performing Grantee’s essential job functions with or without reasonable accommodation as required by law due to injury, illness, or other incapacity (physical or mental).

		
	(e)
	“Good Reason” shall have the meaning set forth in any applicable agreement between the Company and Grantee regarding Grantee’s Service with the Company and, if “Good Reason” is not so defined, shall exist in the event any of the following actions are taken without Grantee’s consent: (i) Grantee’s authority with the Company is, or Grantee’s duties or responsibilities based on Grantee’s position with the Company or any employment agreement or arrangement between Grantee and the Company are, materially diminished relative to Grantee’s authority, duties and responsibilities as in effect immediately prior to such change; provided, however, that in no event shall removal of 

Grantee from the position of manager, director or officer of any direct or indirect Affiliate of the Company in connection with any corporate restructuring constitute Good Reason; (ii) a material diminution in Grantee’s base salary or retainer compensation as in effect immediately prior to such diminution; provided, that, an across-the-board reduction in the base compensation and benefits of all Service Providers of the Company by the same percentage amount (or under the same terms and conditions) as part of a general base compensation reduction and/or benefit reduction shall not constitute such a qualifying material diminution; (iii) a material relocation of Grantee's primary work location more than 75 miles away from the then-current primary work location; or (iv) any material breach by the Company of any provision of this Agreement or any employment agreement or arrangement between Grantee and the Company.
(f) “Grant Date” means %%OPTION_DATE,’Month %-%DD, YYYY’.
		
	(g)
	“Installment” means each portion of the LTIP Units described in Section 3, below.

		
	(h)
	“LTIP Units” means phantom or notional interests granted hereunder that are economically equivalent to shares of Stock and that, once vested, entitle the Grantee to payment pursuant to the terms of this Agreement of a number of actual shares of Stock determined pursuant to Section 5, below.  The number of “LTIP Units” granted to you as Grantee under this Agreement is %%TOTAL_SHARES_GRANTED,’999,999,999’%-%.

Capitalized terms used herein without definition have the meanings ascribed to such terms in the Plan.  Except where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan is similarly used in this Agreement.
2. Award.  Grantee is hereby granted the number of LTIP Units set forth in Section 1(i) above.

3. Vesting Schedule.  Grantee shall become vested in the LTIP Units in Installments in accordance with the table below, provided Grantee remains in the continuous Service of the Company and its Affiliates from the Grant Date through the date scheduled below applicable to the relevant Installment (and does not otherwise have a Date of Termination prior to such relevant date):  
	
		
	INSTALLMENT
	INSTALLMENT SHALL BECOME VESTED  ON:

	One third of the LTIP Units
	%%VEST_DATE_PERIOD1,’Month DD, YYYY’%-%

	One third of the LTIP Units
	%%VEST_DATE_PERIOD2,’Month DD, YYYY’%-%

	One third of the LTIP Units
	%%VEST_DATE_PERIOD3,’Month DD, YYYY’%-%

LTIP Units may not be voluntarily or involuntarily sold, assigned, transferred, pledged or otherwise encumbered, and any attempt to do so shall be null and void and the Company shall refuse to recognize any purported transferee.
4. Forfeiture of LTIP Units.  Unless otherwise stated in any applicable agreement between the Company and the Grantee, Grantee shall forfeit any Installment of LTIP Units which is not vested as of a Date of Termination.  
Notwithstanding the foregoing, in the event that Grantee’s Date of Termination occurs within six (6) months following a Change in Control on account of (a) Grantee’s termination of Service by the Company without Cause or (b) Grantee’s resignation from the Company for Good Reason, then any Installment of LTIP Units which was not vested as of such Date of Termination shall become vested on and as a result of such Date of Termination.
5. Payment of Vested LTIP Units. As soon as administratively practicable (and in all events within 74 days) following the date on which an Installment of LTIP Units become vested, the Company shall issue to Grantee a number of actual shares of Stock equal to the number of Payment Shares (as defined below).  The number of “Payment Shares” for an Installment of LTIP Units shall be determined as follows:  

		
	(i)
	If the Fair Market Value of the Stock on the vesting date is less than or equal to the Share Price Cap (as defined in Section 5(iii) below), then the number of Payment Shares shall be equal to the number of LTIP Units that vested in the Installment.  

		
	(ii)
	If the Fair Market Value of the Stock on the vesting date is greater than the Share Price Cap, then the number of Payment Shares shall be equal to the product of (x) the number of LTIP Shares in the vested Installment, multiplied by (y) the following ratio: 

the Share Price Cap
the Fair Market Value on the vesting date

		
	(iii)
	The “Share Price Cap” shall initially be $26 per share of Stock but shall be adjusted in the sole and absolute discretion of the Committee to account for stock splits, reverse stock splits, stock dividends, extraordinary distributions, reorganizations, recapitalizations, and other similar events affecting the share price of the Company’s Stock.

6. Withholding.  
		
	(a)
	Any income taxes, FICA, state disability insurance or other similar payroll and withholding taxes (“Withholding Obligation”) arising with respect to the Payment Shares are the sole responsibility of Grantee.

		
	(b)
	By accepting this Agreement, Grantee hereby elects, effective on the Grant Date, to sell shares of Stock held by Grantee in an amount and at such time as is determined in accordance with this paragraph 6(b), and to allow the Agent, as defined below, to remit the cash proceeds of such sales to the Company as more specifically set forth below (a “Sell to Cover”) to permit Grantee to satisfy the Withholding Obligation to the extent the Withholding Obligation is not otherwise satisfied pursuant to the provisions of paragraph 6(c) below and further acknowledges and agrees to the following provisions:

		
	(i)
	Grantee hereby irrevocably appoints the Company’s designated broker E*TRADE Securities LLC, or such other broker as the Company may select, as Grantee’s agent (the “Agent”), and authorizes and directs the Agent to:

		
	(A)
	Sell on the open market at the then prevailing market price(s), on Grantee’s behalf, as soon as practicable on or after the date of the issuance of the Payment Shares, the number (rounded up to the next whole number) of shares of Stock sufficient to generate proceeds to cover (A) the satisfaction of the Withholding Obligation arising from the issuance of the Payment Shares that is not otherwise satisfied pursuant to paragraph 6(c) and (B) all applicable fees and commissions due to, or required to be collected by, the Agent with respect thereto;\

		
	(B)
	Remit directly to the Company the proceeds necessary to satisfy the Withholding Obligation;

		
	(C)
	Retain the amount required to cover all applicable fees and commissions due to, or required to be collected by, the Agent, relating directly to the sale; and

		
	(D)
	Deposit any remaining funds in Grantee’s account.  

		
	(ii)
	Grantee acknowledges that Grantee’s election to Sell to Cover and the corresponding authorization and instruction to the Agent set forth in paragraph 6(b) is intended to comply with the requirements of Rule 10b5-1(c)(1) under the Exchange Act, and to be interpreted to comply with the requirements of Rule 10b5-1(c) under the Exchange Act (Grantee’s election to Sell to Cover and the provisions of paragraph 6(b), collectively, the “10b5-1 Plan”). Grantee acknowledges that by accepting this Award, he or she is adopting the 10b5-1 Plan to permit Grantee to satisfy the Withholding Obligation. Grantee hereby authorizes the Company and the Agent to cooperate and communicate with one another to determine the 

number of shares of Stock that must be sold pursuant to paragraph 6(b) to satisfy the Withholding Obligation.

		
	(iii)
	Grantee acknowledges that the Agent is under no obligation to arrange for the sale of Stock at any particular price under this 10b5-1 Plan and that the Agent may effect sales as provided in this 10b5-1 Plan in one or more sales and that the average price for executions resulting from bunched orders may be assigned to Grantee’s account. In addition, Grantee acknowledges that it may not be possible to sell shares of Stock as provided for in this 10b5-1 Plan and in the event of the Agent’s inability to sell shares of Stock, Grantee will continue to be responsible for the Withholding Obligation. 

		
	(iv)
	Grantee hereby agrees to execute and deliver to the Agent any other agreements or documents as the Agent reasonably deems necessary or appropriate to carry out the purposes and intent of this 10b5-1 Plan. The Agent is a third-party beneficiary of paragraph 6(b) and the terms of this 10b5-1 Plan.  

		
	(v)
	Grantee’s election to Sell to Cover and to enter into this 10b5-1 Plan is irrevocable. This 10b5-1 Plan shall terminate not later than the date on which the Withholding Obligation arising from the issuance of the Payment Shares is satisfied.

		
	(c)
	Alternatively, or in addition to or in combination with the Sell to Cover provided for under paragraph 6(b), Grantee authorizes the Company, at its discretion, to satisfy the Withholding Obligation through the Grantee surrendering shares of Stock to which Grantee is otherwise entitled to under the Plan (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such taxable income).

7. Dividend Equivalent Rights.  Grantee shall be entitled to a cash payment with respect to each Payment Share that is issued under this Agreement in an amount equal to the ordinary cash dividends that would have been payable to Grantee had Grantee been the owner of the Payment Shares from the Grant Date through the date the Payment Shares are issued.  Such cash payment shall be made in a single lump sum on the date on which the Payment Shares are issued.

8. No Stockholder Rights. The LTIP Units granted hereunder are not actual shares of stock and Grantee shall have no rights as an actual stockholder of the Company unless and until Payment Shares are actually issued to Grantee pursuant to Section 5, above.  

9. Heirs and Successors.  This Agreement shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business.  If any rights of Grantee or benefits distributable to Grantee under this Agreement have not been exercised or distributed, respectively, at the time of Grantee’s death, such rights shall be exercisable by the Designated Beneficiary, and such benefits shall be distributed to the Designated Beneficiary, in accordance with the provisions of this Agreement and the Plan.  If a deceased Grantee fails to designate a beneficiary, or if the Designated Beneficiary does not survive Grantee, any rights that would have been exercisable by Grantee and any benefits distributable to Grantee shall be exercised by or distributed to the legal representative of the estate of Grantee.  If a deceased Grantee designates a beneficiary and the Designated Beneficiary survives Grantee but dies before the Designated Beneficiary’s exercise of all rights under this Agreement or before the complete distribution of benefits to the Designated Beneficiary under this Agreement, then any rights that would have been exercisable by the Designated Beneficiary shall be exercised by the legal representative of the estate of the Designated Beneficiary, and any benefits distributable to the Designated Beneficiary shall be distributed to the legal representative of the estate of the Designated Beneficiary.

10. Administration.  The authority to manage and control the operation and administration of this Agreement shall be vested in the Board or the Committee (if so delegated by the Board), and the Board or the Committee (as applicable) shall have all powers with respect to this Agreement as it has with respect to the Plan.  Any interpretation 

of the Agreement by the Board or the Committee (as applicable) and any decision made by any such body with respect to the Agreement is final and binding on all persons.

11. Plan Governs.  Notwithstanding anything in this Agreement to the contrary, the terms of this Agreement shall be subject to the terms of the Plan, a copy of which may be obtained by Grantee from the office of the Secretary of the Company; and this Agreement is subject to all interpretations, amendments, rules and regulations promulgated by the Board or the Committee, as applicable, from time to time pursuant to the Plan.

12. Not An Employment Contract.  The Award will not confer on Grantee any right with respect to continuance of employment or other service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate or modify the terms of such Grantee’s Service at any time.

13. Notices.  Any written notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail.  Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt.  Notices shall be directed, if to Grantee, at Grantee’s address indicated by the Company’s records, or if to the Company, at the Company’s principal executive office.

14. Amendment.  This Agreement may be amended in accordance with the provisions of the Plan, and may otherwise be amended by written agreement of Grantee and the Company without the consent of any other person.  

15. Section 409A Compliance.  This Agreement is intended to comply with or be exempt from the requirements of Section 409A of the Code and the parties shall interpret this Agreement accordingly. Notwithstanding the foregoing, in no event shall the Company be liable to Grantee for any taxes, penalties or interest that may result from the application of Section 409A of the Code to this Agreement.

16. No Funding.  The LTIP Units set forth in this Agreement shall be an unfunded, unsecured promise by the Company to issue the shares earned hereunder, and Participant’s rights hereunder shall be nothing more than that of an unsecured creditor of the Company.  In no event shall the Company set aside any of its assets, in trust or otherwise, to satisfy amounts that may be payable to the Grantee pursuant to this Agreement.

17. Fractional Shares.  In lieu of issuing a fraction of a share of Stock resulting from an adjustment of the Award pursuant to Section 17.4 of the Plan or otherwise, the Company will be entitled to pay to Grantee an amount equal to the fair market value of such fractional share.

18. Electronic Acceptance.  By logging into and accepting this Agreement through Grantee’s E*TRADE account, Grantee (a) understands, represents, acknowledges and agrees to be bound by this Agreement as if Grantee had manually signed this Agreement, (b) elects to conduct a Sell to Cover to satisfy the Withholding Obligation in accordance with paragraph 6(b) of the Agreement, and (c) represents and warrants that (i) Grantee has carefully reviewed paragraph 6(b) of this Agreement, and (ii) Grantee is not subject to any legal, regulatory or contractual restriction that would prevent the Agent from conducting sales and does not have, and will not attempt to exercise, authority, influence or control over any sales of Stock effected by the Agent.  In the event that Grantee does not accept this Agreement through the E*TRADE online grant acceptance system within 90 days of the Grant Date, the Company shall have the option, but not the obligation, to cancel and revoke the award of LTIP Units represented by this Agreement and any such award shall be forfeited by Grantee without any further consideration.

Bonanza Creek Energy, Inc.

By:  ________________________________
[Name]
[Title]Exhibit

                                                                     Exhibit 10.2

                              Bonanza Creek Energy, Inc.
410 17th Street, Suite 1400
Denver, CO 80202

June 15, 2016
Mr. Marvin M. Chronister
Dear Marvin:
This letter agreement (this “Agreement”) sets forth our mutual agreement concerning your resignation as a director of Bonanza Creek Energy, Inc. (the “Company”).
1.Resignation.  You hereby resign, effective as of June 16, 2016 (such date, the “Effective Date”), from (a) your position as a Director of the Company and (b) all other positions and committee memberships that you hold with the Company and its subsidiaries and affiliates (collectively, the “Company Group”).  
2.Certain Benefits.  Subject to your execution of and compliance with your obligations under this Agreement and in consideration of the covenants and the waiver and release set forth below, you will receive the following benefits: 
(a)the Company will, as promptly as practicable after the Effective Date, pay you a lump sum amount of $180,000 (representing the base $90,000 annual retainer that you would otherwise have received had you continued as a Director of the Company for the two years remaining in your current term) and
(b)the 16,587 shares of unvested restricted stock of the Company that you hold will immediately vest as of the Effective Date. 
3.Business Expenses and Fees for Second Quarter of 2016.  As promptly as practicable after the Effective Date, the Company will pay you (a) any unreimbursed business expenses incurred through the Effective Date to which you are entitled under the Company’s policies and procedures for business expense reimbursements and (b) the $23,750 representing your director and chairman fees for the second quarter of 2016.
4.No Other Compensation or Benefits.  Except as otherwise specifically provided herein or as required by applicable law, you will not be entitled to any compensation or benefits or to participate in any past, present or future benefit programs or arrangements of the Company Group on or after the Effective Date.
5.Cooperation.  Following the Effective Date, you agree to cooperate fully with the Company and its counsel with respect to any matter (including, without limitation, any litigation, investigation or government proceeding) that relates to matters with which you are or were involved or about which you had knowledge during your service with the Company.
6.Confidential Information.  Subject to Section 11, (a) you hereby confirm and acknowledge that certain information and assets of the Company Group, including, without limitation, information regarding their methods of operation, financial information, strategic planning, operational budgets and strategies, payroll data, management systems, programs, computer systems, marketing plans and strategies, merger and acquisition strategies and customer lists (collectively, the “Confidential Information”) are valuable, special, and unique assets of the Company Group. You will not at any time disclose any or any part of the Confidential Information to any person or entity for any reason or purpose whatsoever, directly or indirectly; provided, however, that the Confidential Information will in no event include (i) any Confidential Information which was generally available to the public at the time of disclosure by you or (ii) any Confidential Information which becomes publicly available other than as a consequence of the breach by you of your confidentiality obligations hereunder or to the Company Group. No later than seven (7) days following the Effective Date, you will deliver to the Company all documents and data pertaining to the Confidential Information and will not take with you any documents or data of any kind or any reproductions (in whole or in part) or extracts of any items relating to the Confidential Information. Nothing contained in this Section 6 will prohibit you from disclosing Confidential Information if such disclosure is required by law, governmental process or valid legal process. In the event that you are legally compelled to disclose any of the Confidential Information, you will provide the Company with prompt written notice so that the Company, at its sole cost and expense, may seek a protective order or other appropriate remedy or waive compliance with the provisions of this Agreement. If such protective order or other remedy is not obtained, or if the Company waives 

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compliance with the provisions of this Agreement, you will furnish only that portion of the Confidential Information that you are advised by counsel is legally required to be disclosed.
7.Certain Remedies.  Without intending to limit the remedies available to the Company, you agree that a breach of the covenants contained in Section 6 may result in material and irreparable injury to the Company Group for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of such a breach or threat thereof, the Company will be entitled to seek a temporary restraining order or a preliminary or permanent injunction, or both, without bond or other security, restraining you from engaging in activities prohibited by the covenants contained in Section 6 or such other relief as may be required specifically to enforce such covenants. Such injunctive relief in any court will be available to the Company in lieu of, or prior to or pending determination in, any proceeding.  
8.Return of Payment.  In the event that you (a) file any charge, claim, demand, action or arbitration with regard to your relationship or service (including as a director or your resignation therefrom) with the Company or any other member of the Company Group under any federal, state, local or foreign law, or an arbitration under any industry regulatory entity, except in either case for a claim for breach of this Agreement or failure to honor the obligations set forth herein or (b) breach any of the covenants contained in this Agreement, you will be required to promptly repay to the Company the payment previously made by the Company to you pursuant to Section 2(a).
9.Mutual Nondisparagement.  
(a)You agree that at no time following the Effective Date will you make, or cause or assist any other person or entity to make, any statement or other communication to any third party, reporter, author, producer or similar person or entity, or to any general public media in any form (including, without limitation, books, articles or writings of any other kind, as well as film, videotape, audio tape, computer/internet format or any other medium), which impugns or attacks, or is otherwise critical of, the reputation, business or character of the Company Group or any of its respective directors, officers, agents or employees.
(b)The Company agrees that at no time following the Effective Date will it make, or cause or assist any other person or entity to make, any statement or other communication to any third party, reporter, author, producer or similar person or entity, or to any general public media in any form (including, without limitation, books, articles or writings of any other kind, as well as film, videotape, audio tape, computer/internet format or any other medium), which impugns or attacks, or is otherwise critical of, your reputation or character.
10.Return of Property.  You represent that you no longer have in your possession or have destroyed all property made available to you in connection with your service with any member of the Company Group, including, without limitation, any and all records, manuals, customer lists, notebooks, cellphones, electronic devices, computers, computer programs, credit cards, and files, papers, electronically stored information and documents kept or made by you in connection with your relationship or service with the Company or any other member of the Company Group.
11.Certain Protections.  You have the right under federal law to certain protections for cooperating with or reporting legal violations to the Securities Exchange Commission (the “SEC”) and/or its Office of the Whistleblower, as well as certain other governmental entities and self-regulatory organizations.  As such, nothing in this Agreement or otherwise is intended to prohibit you from cooperating with or reporting violations to the SEC or any other such governmental entity or self-regulatory organization, and you may do so without notifying the Company.  The Company may not retaliate against you for any of these activities, and nothing in this Agreement or otherwise would require you to waive any monetary award or other payment that you might become entitled to from the SEC or any other governmental entity.  Moreover, nothing in this Agreement or otherwise prohibits you from notifying the Company that you are going to make a report or disclosure to law enforcement.
12.Release.
(a)General Release.  In consideration of the Company’s obligations under this Agreement and for other valuable consideration, you hereby release and forever discharge the Company and each other member of the Company Group and each of their respective officers, employees, directors and agents (collectively, the “Released Parties”) from any and all claims, actions and causes of action (collectively, “Claims”), including, without limitation, any Claims arising under (A) the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1514; Sections 748(h)(i), 922(h)(i) and 1057 of the Dodd-Frank Wall Street and Consumer Protection Act (the “Dodd Frank Act”), 7 U.S.C. § 26(h), 15 U.S.C. § 78u-6(h)(i) and 12 U.S.C. § 5567(a) but excluding from this release any right you may have to receive a monetary award from the SEC as an 

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SEC Whistleblower, pursuant to the bounty provision under Section 922(a)-(g) of the Dodd Frank Act, 7 U.S.C. Sec. 26(a)-(g), or directly from any other federal or state agency pursuant to a similar program, or (B) any applicable federal, state, local or foreign law, that you may have, or in the future may possess arising out of (x) your relationship and service with (including as a director) the Company or any other member of the Company Group, and the termination of such relationship or service, or (y) any event, condition, circumstance or obligation that occurred, existed or arose on or prior to the date hereof; provided, however, that the release set forth in this Section 12(a) will not apply to (i) the obligations of the Company under this Agreement and (ii) the obligations of the Company to continue to provide director indemnification to you as provided in the Company’s governing documents.  You further agree that the payments and benefits described in this Agreement will be in full satisfaction of any and all claims for payments or benefits, whether express or implied, that you may have against the Company or any other member of the Company Group arising out of your relationship and service with (including as a director) the Company or any other member of the Company Group and the termination thereof.  The provision of the payments and benefits described in this Agreement will not be deemed an admission of liability or wrongdoing by the Company or any other member of the Company Group. 
(b)Representation.  You hereby represent that you have not instituted, assisted or otherwise participated in connection with, any action, complaint, claim, charge, grievance, arbitration, lawsuit or administrative agency proceeding, or action at law or otherwise against the Company or any other member of the Company Group or any of their respective officers, employees, directors or agents.
13.Miscellaneous.
(a)Entire Agreement.  This Agreement sets forth the entire agreement and understanding of the parties hereto with respect to the matters covered hereby and supersedes and replaces any express or implied prior agreement with respect to the terms of your service (including as a director) and the termination thereof which you may have had with the Company Group.  This Agreement may be amended only by a written document signed by the parties hereto.
(b)Governing Law.  This Agreement will be governed by, and construed in accordance with, the laws of the State of Delaware (determined without regard to the choice of law provisions thereof).
(c)Certain Tax Matters.  You acknowledge and agree that you are (and have been) solely responsible for paying any taxes imposed with respect to any amount payable or previously paid (or the vesting or settlement of any equity-based award) pursuant to this Agreement or otherwise, and that you will defend, indemnify and hold harmless the Company Group against any claim or assessment by any taxing authority relating to such taxes.
(d)Waiver.  The failure of either party to this Agreement to enforce any of its terms, provisions or covenants will not be construed as a waiver of the same or of the right of such party to enforce the same.  Waiver by either party hereto of any breach or default by the other party of any term or provision of this Agreement will not operate as a waiver of any other breach or default.
(e)Severability.  In the event that any provision of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remainder of this Agreement will not in any way be affected or impaired thereby.  If any provision of this Agreement is held to be excessively broad as to duration, activity or subject, such provision will be construed by limiting and reducing it so as to be enforceable to the maximum extent allowed by applicable law.
(f)Counterparts.  This Agreement may be executed in one or more counterparts, which together will constitute one and the same agreement.
(g)Notices.  Every notice or other communication relating to this Agreement will be in writing, and will be mailed to or delivered to the party for whom or which it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided that, unless and until some other address be so designated, all notices and communications by you to the Company will be mailed or delivered to the Company at its principal executive office, and all notices and communications by the Company to you may be given to you personally or may be mailed to you at your last known address, as reflected in the Company’s records. Any notice so addressed will be deemed to be given or received (i) if delivered by hand, on the date of such delivery, (ii) if mailed by courier or by overnight mail, on the first business day following the date of such mailing, and (iii) if mailed by registered or certified mail, on the third business day after the date of such mailing.

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(h)Trading Restrictions. You acknowledge that following your resignation as a Director of the Company you will remain subject to applicable insider trading regulations.  Under those regulations, without limitation, you may not transact in the Company’s securities while you possess material non-public information. 
(i)Confirmation.  You hereby acknowledge that your resignation is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.  

[REMAINDER INTENTIONALLY LEFT BLANK, SIGNATURES FOLLOW]

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BONANZA CREEK ENERGY, INC.

By:  /s/ James A. Watt                
  James A. Watt
  Board Chairman

YOU HEREBY ACKNOWLEDGE THAT YOU HAVE READ THIS AGREEMENT, THAT YOU FULLY KNOW, UNDERSTAND AND APPRECIATE ITS CONTENTS, AND THAT YOU HEREBY ENTER INTO THIS AGREEMENT VOLUNTARILY AND OF YOUR OWN FREE WILL.
Accepted and Agreed:

                                                                
By:  /s/ Marvin M. Chronister    
                                                                        Name:  Marvin M. Chronister
                                                                        Dated:  June 16, 2016

[SIGNATURE PAGE TO SEPARATION AND RELEASE AGREEMENT]

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