Matthew R. Owens - Nov 1, 2021 Form 4 Insider Report for CIVITAS RESOURCES, INC. (CIVI)

Role
Chief Operating Officer
Signature
By: Jennifer Stoldt, attorney-in-fact for Matthew R. Owens
Stock symbol
CIVI
Transactions as of
Nov 1, 2021
Transactions value $
$0
Form type
4
Date filed
11/2/2021, 09:06 PM
Next filing
Jan 24, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CIVI Common Stock Award +21.1K 21.1K Nov 1, 2021 Direct F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction CIVI Performance Stock Unit Award +63.2K 63.2K Nov 1, 2021 Common Stock 63.2K Direct F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents restricted stock units ("RSUs") that settle in shares of Civitas Resources, Inc. (the "Issuer") common stock received in exchange for RSUs that settled in shares of Extraction Oil & Gas, Inc. ("Extraction") common stock in connection with the consummation of the transaction (the "Merger") contemplated in that certain agreement and plan of merger (the "Merger Agreement") by and between Bonanza Creek Energy, Inc., Raptor Eagle Merger Sub, Inc. and Extraction, dated as of May 9, 2021. Pursuant to the Merger Agreement, the outstanding Extraction RSUs immediately prior to the effective time of the Merger were assumed by the Issuer and converted into a number of RSUs with respect to shares of Issuer common stock equal to the product of the outstanding Extraction RSUs multiplied by 1.1711 and rounded to the nearest number of whole shares. Each RSU represents a contingent right to receive one share of Issuer common stock.
F2 (continued from footnote 1) The RSUs vest ratably over three years on January 20, 2022, January 20, 2023 and January 20, 2024, subject to continued service through each vesting date, and will be settled in shares of Issuer common stock.
F3 Each performance unit ("PSU") represents a contingent right to receive one share of Issuer common stock.
F4 Represents PSUs that settle in shares of Issuer common stock received in exchange for 54,000 PSUs that settled in shares of Extraction common stock in connection with consummation of the Merger. The PSUs will vest upon the achievement by the Issuer of certain goals pertaining to absolute total stockholder return, subject to continued service through January 20, 2024.