SEC Contract Filing

Filing Date: 2023-08-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2322539d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 373.5pt; text-align: right"><FONT><B><I>Execution
Version</I></B></FONT></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION RIGHTS AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS REGISTRATION RIGHTS AGREEMENT
(this &ldquo;<U>Agreement</U>&rdquo;), dated August&nbsp;2, 2023, is entered into by and among Civitas Resources,&nbsp;Inc., a Delaware
corporation (the &ldquo;<U>Company</U>&rdquo;), and the Persons identified on <U>Schedule&nbsp;I</U> hereto (each, an &ldquo;<U>Initial
Holder</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company is party
to that certain Membership Interest Purchase Agreement, dated as of the date hereof, by and among the Company, Tap Rock Resources Legacy,
LLC, a Delaware limited liability company (&ldquo;<U>Tap Rock I Legacy</U>&rdquo;), Tap Rock Resources Intermediate, LLC, a Delaware limited
liability company (&ldquo;<U>Tap Rock I Intermediate</U>&rdquo; and together with Tap Rock I Legacy, each a &ldquo;<U>Tap Rock I Seller</U>&rdquo;
and collectively the &ldquo;<U>Tap Rock I Sellers</U>&rdquo;), Tap Rock Resources II Legacy, LLC, a Delaware limited liability company
(&ldquo;<U>Tap Rock II Legacy</U>&rdquo;), Tap Rock Resources II Intermediate, LLC, a Delaware limited liability company (&ldquo;<U>Tap
Rock II Intermediate</U>&rdquo; and together with Tap Rock II Legacy, each a &ldquo;<U>Tap Rock II Seller</U>&rdquo; and collectively
the &ldquo;<U>Tap Rock II Sellers</U>&rdquo;), Tap Rock NM10 Legacy Holdings, LLC, a Delaware limited liability company (&ldquo;<U>NM10
Legacy</U>&rdquo;), Tap Rock NM10 Holdings Intermediate, LLC, a Delaware limited liability company (&ldquo;<U>NM10 Intermediate</U>&rdquo;
and together with NM10 Legacy, each a &ldquo;<U>NM10 Seller</U>&rdquo; and collectively the &ldquo;<U>NM10 Sellers,</U>&rdquo; and the
NM10 Sellers, together with the Tap Rock I Sellers and Tap Rock II Sellers, collectively, the &ldquo;Sellers&rdquo;), and Tap Rock Resources
Legacy, LLC, a Delaware limited liability company (solely in its capacity as Sellers Representative under Section&nbsp;14.18(b)&nbsp;thereof)
(the &ldquo;<U>Purchase Agreement</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, in connection with
closing of the transactions contemplated by the Purchase Agreement, on the date hereof the Company is issuing the Shares (as defined below)
to the Initial Holders in accordance with the terms of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by each party hereto, the parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;I</B></FONT><B><BR>
DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used herein, the following
terms shall have the following respective meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Adoption Agreement</U>&rdquo;
means an Adoption Agreement in the form attached hereto as <U>Exhibit&nbsp;A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means (a)&nbsp;as to any Person, other than an individual Holder, any other Person who directly, or indirectly through one or more intermediaries,
controls, is controlled by or is under common control with such Person and (b)&nbsp;as to any individual, (i)&nbsp;any Relative of such
individual, (ii)&nbsp;any trust whose primary beneficiaries are one or more of such individual and such individual&rsquo;s Relatives,
(iii)&nbsp;the legal representative or guardian of such individual or any of such individual&rsquo;s Relatives if one has been appointed
and (iv)&nbsp;any Person controlled by one or more of such individual or any Person referred to in clauses (i), (ii)&nbsp;or (iii)&nbsp;above.
As used in this definition, the term &ldquo;control,&rdquo; including the correlative terms &ldquo;controlling,&rdquo; &ldquo;controlled
b