Document:

EX-10.1

 Exhibit 10.1 

NON-COMPETITION AGREEMENT 

This Non-Competition Agreement (this “Agreement”), dated as of December 20, 2020
(the “Agreement Date”), is made by and between QEP Resources, Inc., a Delaware corporation (together with any successor thereto, the “Company”) and [__________] (the “Executive”) (collectively
Executive and the Company are referred to herein as the “Parties”). 
 RECITALS 

WHEREAS, contemporaneously with the execution of this Agreement, the Company has entered into that certain Agreement and Plan of Merger
(the “Merger Agreement”) among Diamondback Energy, Inc. (“Buyer”), Bohemia Merger Sub, Inc. (“Merger Sub”) and the Company, pursuant to which Merger Sub will be merged with and into the Company (the
“Merger”), subject to the terms and conditions of the Merger Agreement; 
 WHEREAS, as of the Agreement Date, Executive
currently serves as the [TITLE] of the Company; 
 WHEREAS, Executive has acquired significant experience, skill, and confidential and
proprietary information relating to the business and operations of the Company; 
 WHEREAS, Executive is expected to receive substantial
payments in connection with the consummation of the Merger, including payments pursuant to the QEP Resources, Inc. Executive Severance Compensation Plan — CiC (the “CIC Plan”); 

WHEREAS, the CIC Plan provides that the payment of Separation Benefits (as defined in the CIC Plan) may be conditioned upon the execution by a
Participant of a Covenant Agreement (as defined in the CIC Plan) such as this Agreement and Executive’s execution of this Agreement is a material inducement to the willingness of Buyer to enter into the Merger Agreement; 

WHEREAS, the Parties hereto acknowledge that the covenants of Executive contained herein are reasonable and necessary to protect the goodwill
of the Company; and 
 WHEREAS, the Executive and the Company desire to enter into this Agreement as contemplated under the Merger
Agreement. 
 AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing, including the execution of the Merger Agreement by the parties thereto and the resulting benefits that may be made available to the Executive, and other good and valuable consideration, the receipt and
sufficiency of which hereby are acknowledged, the Parties hereto agree as follows: 

	 	1.	 Competition; Solicitation. 

(a)    Except as otherwise provided in this Agreement, Executive shall not, at any time during the Restriction Period (as
defined below), directly or indirectly engage in, have any equity interest in, or manage, provide services to or operate any person, firm, corporation, partnership or business (whether as officer, employee, agent, representative, or otherwise) that
engages in the Business (as defined below) in the Restricted Territory (as defined below). Nothing herein shall prohibit Executive from (i) being a passive owner of not more than 5% of the outstanding equity interest in any entity, or
(ii) making, holding or managing passive oil and gas investments, such as royalty interests and non-operated working interests. In addition, provided the Executive does not violate any continuing
obligations he/she may have not to disclose or use any of the Company’s confidential information, nothing herein shall prohibit Executive from (A) serving on the board of directors or board of managers or similar governing body of (or from
serving in another similar advisory role or capacity (and not as an employee) to or for) any person, firm, corporation, partnership or business, (B) becoming engaged by any person, firm, corporation, partnership or business in a bona fide
consulting relationship on a less than full time basis and not in an executive officer or similar role, or (C) providing services in any capacity to any person, firm, corporation, partnership or business (a “Service Recipient”)
if such Service Recipient’s engagement in the Business in the Restricted Territory does not account for more than 20% of the Service Recipient’s total revenues for the last fiscal year ended prior to the Executive’s commencement of
services with such Service Recipient and the Executive’s role with such Service Recipient does not at any time during the Restriction Period specifically relate to the conduct of the Business in the Restricted Territory. 

(b)    During the Restriction Period, Executive will not, directly or indirectly, solicit or encourage to cease to work
with the Company or any of its subsidiaries any person who is an employee of the Company or any of its subsidiaries or who was an employee of the Company or any of its subsidiaries within the six month period preceding such activity without the
Company’s written consent (a “Covered Employee”); provided, that such restriction shall not apply to (i) general advertisements not targeted at employees of the Company or its subsidiaries (and for the avoidance of
doubt, the Executive shall not be prohibited from hiring any employee or former employee of the Company and its subsidiaries who responds to any such general advertisement or otherwise applies for an open position with the Executive or the
Executive’s applicable organization, so long as, in either case, such response or application is not a result of the Executive having initiated contact with such employee for the purpose of encouraging such response or application), or
(ii) any employee whose employment with the Company or its subsidiaries has terminated at the initiative of the Company or its subsidiaries; and provided further that such restriction shall not preclude the Executive from providing a
bona fide written or other employment or personal reference to or for any Covered Employee in connection with such Covered Employee’s employment or potential employment with any other employer so long as the Executive does not hold any
pecuniary interest in such other employer and the Executive is not then employed by (and does not then receive remuneration for personal services rendered in any other capacity from) such other employer. 

  
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 (c)    In the event the terms of this
Section 1 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too
extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other
respects as to which it may be enforceable, all as determined by such court in such action. 
 (d)    As used in this
Section 1: 
 (i)    The term “Business” shall mean the acquisition,
exploration, exploitation, production, marketing and development of, oil and natural gas assets, and the acquisition, directly or indirectly, of leases and other real property in connection therewith; 

(ii)    The term “Restriction Period” shall mean the period beginning on the Effective Date (as defined
below) and ending 12 months after the date of the Executive’s termination of employment with the Company; and 

(iii)    The term “Restricted Territory” means any zones or formations to the extent they are contained
within the area outlined on Exhibit A for the Permian Basin and Exhibit B for the Williston Basin. 
 (e)    For all
purposes under this Agreement, in the event there is any bona fide question in the interpretation of this agreement and/or any factual circumstance with respect to the Executive’s compliance with the covenants set forth in this Section 1,
in the event the Executive informs the Company in writing in accordance with Section 8 (or through another notification process that the Company may develop, the details of which shall be provided to the Executive in accordance with the terms
of Section 8) of any proposed actions the Executive intends to take during the Restriction Period and the Company does not object to such action in writing within 21 business days, setting forth a reasonable basis for its objection under the
terms of this Agreement, then the Company shall be deemed to have consented to the Executive taking such proposed actions. 

(f)    Notwithstanding any provision of this Agreement to the contrary, the provisions of this Section 1 and, for the
avoidance of doubt, Section 4 below shall not apply unless the Executive receives the Separation Benefits described in Article V of the CIC Plan. 
  

	 	2.	 Consideration. 

The parties acknowledge that the covenants of the Executive under Section 1 of this Agreement are being made pursuant to the Merger
Agreement and for and in consideration of the payments and benefits received or to be received in connection with the Merger and the potential termination of the Executive’s employment in connection therewith, including the cash and other
severance payments and benefits that may be received by Executive under the CIC Plan. In addition, for and in consideration of Executive’s agreements set forth herein, the Company agrees to provide executive with the following additional
benefits: (i) accelerated vesting in December 2020 of Executive’s outstanding restricted stock awards that would otherwise vest in March 2021, (ii) accelerated payment of Executive’s annual cash incentive bonus payment for 2020, which
shall be paid at the target level in December 2020, and (iii) a 

  
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 one-time special cash bonus of
$[            ] (the “Special Bonus”), payable in December 2020, provided that Executive shall be required to repay to the Company 100% of the Special Bonus if
Executive resigns Executive’s employment for any reason prior to the consummation of the Merger (unless the Merger Agreement is terminated prior to the consummation of the Merger in accordance with the termination provisions thereof). The
Special Bonus shall not be treated as compensation or taken into account for purposes of determining the amount or level of benefits under any other employee benefit or compensation plan or program of the Company or its subsidiaries. 

 

	 	3.	 Effectiveness. 

This Agreement shall become effective only upon the closing date of the Merger (the “Effective Date”). In addition,
Executive’s covenants as set forth in Section 1 above shall only be effective if Executive receives Separation Benefits pursuant to Article V of the CIC Plan. In the event the Merger Agreement is terminated or the Merger is not completed
for any reason, the restrictions set forth in Section 1 shall not apply to the Executive and this Agreement shall be null and void and of no force or effect. In addition, the restrictions set forth in Section 1 shall not apply to the
Executive under any circumstances unless the Executive becomes entitled to (and does) receive all of the Severance Benefits under Article V of the CIC Plan. 
  

	 	4.	 Injunctive Relief. 

It is recognized and acknowledged by Executive that a breach of the covenants contained herein will cause irreparable damage to the Company
and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly, Executive agrees that in the event of a breach of any of the covenants
contained herein, in addition to any other remedy which may be available at law or in equity, the Company will be entitled to seek specific performance and injunctive relief. 
  

	 	5.	 Assignment and Successors. 

The Company may assign its rights and obligations under this Agreement to any of its affiliates or to any successor to all or substantially
all of the business or the assets of the Company (by merger or otherwise), and may assign or encumber this Agreement and its rights hereunder as security for indebtedness of the Company and its affiliates. This Agreement shall be binding upon and
inure to the benefit of the Company, Executive and their respective successors, assigns, personnel and legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable. None of Executive’s rights or
obligations may be assigned or transferred by Executive. 
  

	 	6.	 Governing Law. 

This Agreement shall be governed, construed, interpreted and enforced in accordance with its express terms, and otherwise in accordance with
the substantive laws of the State of Colorado without reference to the principles of conflicts of law of the State of Colorado or any other jurisdiction, and where applicable, the laws of the United States.

  
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	 	7.	 Validity. 

The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement. 
  

	 	8.	 Notices. 

Any notice, request, claim, demand, document and other communication hereunder to any Party shall be effective upon receipt (or refusal of
receipt) and shall be in writing and delivered personally or sent by facsimile (with respect to notices delivered to the Company) or email (with respect to notices delivered to the Executive) or certified or registered mail, postage prepaid, as
follows, unless a Party has otherwise provided the other Party with an alternative notice address: 
 (a)     if to the
Company through the Effective Date: 
 QEP Resources Inc. 

1050 17th Street, Suite 800 

Denver, Colorado 80265 

Attention: Christopher K. Woosley 

E-mail: Chris.Woosley@qepres.com 

(b)    if to Buyer after the Effective Date: 

Diamondback Energy, Inc. 
 500
West Texas, Suite 1200 
 Midland, Texas 79701 

Attention: Kaes Van’t Hof, Chief Financial Officer 

Facsimile: KVantHof@DiamondbackEnergy.com 

(c)     if to the Executive: 

pursuant to the most recent address and other contact information contained in the Company’s human resources records. 

 

	 	9.	 Counterparts. 

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will
constitute one and the same Agreement. Signatures delivered by electronic form shall be deemed effective for all purposes. 

  
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	 	10.	 Entire Agreement. 

The terms of this Agreement are intended by the Parties to be the final expression of their agreement with respect to the subject matter
hereof and supersede all prior understandings and agreements, whether written or oral. The Parties further intend that this Agreement shall constitute the complete and exclusive statement of their terms and that no extrinsic evidence whatsoever may
be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement. 
  

	 	11.	 Amendments; Waivers. 

This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by Executive and a duly authorized
officer of Company. By an instrument in writing similarly executed, Executive or a duly authorized officer of the Company may waive compliance by the other Party with any specifically identified provision of this Agreement that such other Party was
or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent failure. No failure to exercise and no delay in exercising any right, remedy, or
power hereunder preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity. 
  

	 	12.	 No Inconsistent Actions. 

The Parties hereto shall not voluntarily undertake or fail to undertake any action or course of action inconsistent with the provisions or
essential intent of this Agreement. Furthermore, it is the intent of the Parties hereto to act in a fair and reasonable manner with respect to the interpretation and application of the provisions of this Agreement. 

 

	 	13.	 Construction. 

This Agreement shall be deemed drafted equally by both the Parties. Its language shall be construed as a whole and according to its fair
meaning. Any presumption or principle that the language is to be construed against any Party shall not apply. The headings in this Agreement are only for convenience and are not intended to affect construction or interpretation. Any references to
paragraphs, subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary. Also, unless the context clearly indicates to the contrary, (a) the plural includes the singular and
the singular includes the plural; (b) “and” and “or” are each used both conjunctively and disjunctively; (c) “any,” “all,” “each,” or “every” means “any and all,” and “each
and every”; (d) “includes” and “including” are each “without limitation”; (e) “herein,” “hereof,” “hereunder” and other similar compounds of the word “here” refer to the
entire Agreement and not to any particular paragraph, subparagraph, section or subsection; and (f) all pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the
entities or persons referred to may require. 

  
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	 	14.	 Enforcement. 

If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term of
this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this
Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision there
shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable. 

[Signature Page Follows] 
  

  
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 IN WITNESS WHEREOF, the Parties have executed this Agreement on the date and year first
above written. 
  

			
	 COMPANY

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	EXECUTIVE
	By:	 	  

  

  
 [Signature Page to
Non-Competition Agreement] 

 EXHIBIT A 

Restricted Territory 

(Exhibit omitted pursuant to Item 601(a)(5) of Regulation S-K.) 

  
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 EXHIBIT B 

Restricted Territory 

(Exhibit omitted pursuant to Item 601(a)(5) of Regulation S-K.) 

  
 10EX-10.2

 Exhibit 10.2 

December 20, 2020 
 Re: Special Bonus 

Dear Employee: 
 Reference is made to that
certain Agreement and Plan of Merger (the “Merger Agreement”) among Diamondback Energy, Inc., Bohemia Merger Sub, Inc. (“Merger Sub”) and QEP Resources, Inc. (the “Company”), pursuant to which
Merger Sub will be merged with and into the Company (the “Merger”) and that certain Non-Competition Agreement dated as of the date hereof between you and the Company (the “Non-Compete Agreement”). This letter sets forth the terms and conditions of certain compensation you may receive in connection with the Merger and your obligations with respect thereto in the event that the
Merger Agreement is terminated for any reason or if you resign prior to the closing of the Merger. 
 Pursuant to the Non-Compete Agreement, (i) the Company agreed to pay you a one-time special bonus in December 2020 in the amount set forth therein (the “Special Bonus”),
and (ii) you agreed that you shall be required to repay to the Company 100% of the Special Bonus if you resign your employment for any reason prior to the consummation of the Merger (unless the Merger Agreement is terminated prior to the
consummation of the Merger in accordance with the termination provisions thereof). 
 This letter confirms our further agreement that if the
Merger Agreement is terminated for any reason prior to the consummation of the Merger and you resign your employment for any reason prior to December 31, 2021, you shall be required to repay to the Company 100% of the Special Bonus. In
consideration of the foregoing, as the Special Bonus is less than the target award level of the anticipated 2021 long-term incentive award that would have been granted to you if the Merger Agreement had not been entered into, if the Merger Agreement
is terminated for any reason prior to the consummation of the Merger, the Compensation Committee of the Company’s Board of Directors will consider and approve appropriate level grants as soon as is practical thereof, made in the standard form
of the annual officer long-term incentive grants.     
 Thank you for your hard work and contributions to the Company.

  

			
	 QEP RESOURCES,
INC.

 
			
		
	By:	 	  

	 Name:
	 	
	Its:	 	

 Agreed and Acknowledged: 
  

			
	  

		
	Print Name:

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