SEC Contract Filing

Filing Date: 2018-05-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>exhibit102.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<div><a name="sf7d2138be31045f78d668fed91396021"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Exhibit 10.2</font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CENTENNIAL RESOURCE DEVELOPMENT, INC.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Each member of the board of directors (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Board</font><font style="font-family:inherit;font-size:12pt;">&#8221;) of Centennial Resource Development, Inc. (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;) who is not an employee of the Company or any parent or subsidiary of the Company and is not affiliated with Riverstone Investment Group LLC or NGP Energy Capital Management, L.L.C. (each, a &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Non-Employee Director</font><font style="font-family:inherit;font-size:12pt;">&#8221;) will receive the compensation in this Non-Employee Director Compensation Program (this &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Program</font><font style="font-family:inherit;font-size:12pt;">&#8221;) for service as a Non-Employee Director. The compensation described in this Program will be paid or be made, as applicable, automatically and without further action of the Board to each Non-Employee Director who is entitled to receive the compensation, unless the Non-Employee Director declines receipt of the compensation by written notice to the Company. The terms and conditions of this Program will supersede any prior cash or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors. This Program will remain in effect until it is revised or rescinded by further action of the Board. This Program may be amended, modified or terminated by the Board at any time in its sole discretion. No Non-Employee Director will have any rights under this Program. This Program will become effective on December 31, 2017 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">I.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Cash Compensation</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">A.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Annual Retainers</font><font style="font-family:inherit;font-size:12pt;">. Each Non-Employee Director will receive an annual retainer of $87,500 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Annual Retainer</font><font style="font-family:inherit;font-size:12pt;">&#8221;). </font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">B.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Payment of Retainers</font><font style="font-family:inherit;font-size:12pt;">. Annual Retainers will be earned on a quarterly basis based on a calendar quarter and paid in cash by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. If a Non-Employee Director does not serve as a Non-Employee Director for an entire calendar quarter, the Non-Employee Director&#8217;s Annual Retainer will be prorated for the portion of the calendar quarter actually served as a Non-Employee Director.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">II.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Equity Compensation </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-inde