Centennial Resource Development,Inc. (NASDAQ:CDEV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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Centennial Resource Development,Inc. (NASDAQ:CDEV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November2, 2017, the board of directors (the “Board”) of Centennial Resource Development,Inc. (the “Company”), unanimously voted to increase the size of the Board from eight members to nine members and to elect Matthew G. Hyde to fill the vacancy, effective January6, 2018. Mr.Hyde has 36 years of experience in the upstream oil and gas industry, and most recently served as the Senior Vice President, Exploration, of Concho Resources from 2010 to 2016.

The Board has determined that Mr.Hyde satisfies the definition of “independent director” under the NASDAQ listing standards. Mr.Hyde will be designated as a ClassII director to serve until the 2018 annual meeting of the Company’s stockholders, or until his successor has been duly elected and qualified, or until his earlier death, resignation or removal. In addition, the Board appointed Mr.Hyde to serve on the Nominating and Corporate Governance Committee of the Board, effective January6, 2018.

There are no arrangements or understandings between Mr.Hyde and any other person to which he was elected as a director. Further, there are no transactions between Mr.Hyde or any member of his immediate family and the Company or any of its subsidiaries that would be reportable as a related party transaction under the rulesof the Securities and Exchange Commission (the “SEC”). Mr.Hyde will be paid compensation in the same manner as the Company’s other non-employee directors. Information concerning the current cash and equity compensation of the Company’s directors is set forth in the Company’s definitive proxy statement on Schedule 14A filed with the SEC on April25, 2017.

Item 8.01 Other Events.

On November2, 2017, the Board, upon the recommendation of the Audit Committee of the Board, amended the Audit Committee Charter to, among other things, clarify and update the responsibilities of the Audit Committee. A copy of the Audit Committee Charter is filed as Exhibit99.1 to this Current Report on Form8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Centennial Resource Development, Inc. Exhibit
EX-99.1 2 a17-26056_1ex99d1.htm EX-99.1 Exhibit 99.1   CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS OF CENTENNIAL RESOURCE DEVELOPMENT,…
To view the full exhibit click here

About Centennial Resource Development,Inc. (NASDAQ:CDEV)

Centennial Resource Development, Inc., formerly Silver Run Acquisition Corporation, is an independent oil and natural gas company. The Company is focused on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company’s assets and operations, which are held and conducted through Centennial Resource Production, LLC, are concentrated in the Delaware Basin, a sub-basin of the Permian Basin. The Company has more than 40,000 net acres in the southern Delaware Basin primarily in Reeves County in West Texas. It has developed its acreage primarily in the Wolfcamp zone, and is focused on the Avalon and Bone Spring shales.