Permian Resources Corp 8-K/A, filed May 19, 2022

About this 8-K/A

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Permian Resources Corp (PR)

8-K/A 2022-05-19 For: 2022-05-19

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Added on April 09, 2026

Permian Resources Corp filed this 8-K/A on May 19, 2022.

CENTENNIAL RESOURCE DEVELOPMENT, INC.

Date: May 19, 2022

/s/ George S. Glyphis

George S. Glyphis

Executive Vice President and Chief Financial Officer

Item 1.01: Entered into a material agreement
Item 9.01: Financial statements and exhibits

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Exhibit Number		Description

2.1*		Business Combination Agreement, dated as of May 19, 2022, by and among Centennial Resource Development, Inc., Centennial Resource Production, LLC, Colgate Energy Partners III, LLC, and, solely for purposes of the specified provisions therein, Colgate Energy Partners Holdings III, LLC.

EX-104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


		Page
Article I Definitions and Interpretation			2
Section 1.1	Defined Terms		2
Section 1.2	References and Rules of Construction		2

Article II Business Combination Transactions			3
Section 2.1	Parent Transactions		3
Section 2.2	The Merger		3
Section 2.3	Effect of the Merger		4
Section 2.4	Adjustments to Merger Consideration		4
Section 2.5	Organizational Documents of Merger Sub and Parent		4
Section 2.6	Officers of the Surviving Company		5
Section 2.7	Closing		5
Section 2.8	Effective Time		5
Section 2.9	Equitable Adjustment		5
Section 2.10	Cash in Lieu of Fractional Interests		6
Section 2.11	Withholding		6

Article III Representations and Warranties of the Company			6
Section 3.1	Existence and Qualification		6
Section 3.2	Organizational Power		7
Section 3.3	Authorization and Enforceability		7
Section 3.4	Capitalization; Subsidiaries		7
Section 3.5	No Conflicts		8
Section 3.6	Consents, Approvals, or Waivers		9
Section 3.7	Liability for Brokers’ Fees		9
Section 3.8	Litigation		9
Section 3.9	Taxes		9
Section 3.10	Compliance with Laws		11
Section 3.11	Company Material Contracts		11
Section 3.12	Payments for Production		13
Section 3.13	Non-Consent Operations; Payout Status		14
Section 3.14	Environmental Matters		14
Section 3.15	Bankruptcy		15
Section 3.16	Company Leases		15
Section 3.17	Company Wells		15
Section 3.18	Company Reserve Report		16
Section 3.19	Permits		16
Section 3.20	Royalties		17
Section 3.21	Outstanding Commitments		17
Section 3.22	Suspense Funds		17
Section 3.23	Employee Benefit Matters		17
Section 3.24	Employment and Labor Matters		19
Section 3.25	Financial Statements; No Liabilities		20


		*Page*
Section 3.26	Condemnation		20
Section 3.27	Intellectual Property		21
Section 3.28	Absence of Certain Changes		21
Section 3.29	No Distributions		21
Section 3.30	Insurance		21
Section 3.31	Hedging Transactions		22
Section 3.32	Affiliate Transactions		22
Section 3.33	Information to be Supplied		22
Section 3.34	No Additional Representations		22

Article IV Representations and Warranties of the Parent and Merger Sub			23
Section 4.1	Existence and Qualification		23
Section 4.2	Organizational Power		23
Section 4.3	Authorization and Enforceability		23
Section 4.4	Stockholder Approval		24
Section 4.5	Capitalization; Subsidiaries		24
Section 4.6	No Conflicts		26
Section 4.7	Consents, Approvals or Waivers		26
Section 4.8	Liability for Brokers’ Fees		26
Section 4.9	Litigation		26
Section 4.10	Taxes		27
Section 4.11	Compliance with Laws		28
Section 4.12	Parent Material Contracts		28
Section 4.13	Payments for Production		31
Section 4.14	Non-Consent Operations; Payout Status		31
Section 4.15	Environmental Matters		32
Section 4.16	Bankruptcy		32
Section 4.17	Parent Leases		33
Section 4.18	Parent Wells		33
Section 4.19	Parent Reserve Report		33
Section 4.20	Permits		34
Section 4.21	Royalties		34
Section 4.22	Outstanding Commitments		34
Section 4.23	Suspense Funds		34
Section 4.24	Employee Benefit Matters		35
Section 4.25	Employment and Labor Matters		36
Section 4.26	SEC Documents; Financial Statements; No Liabilities		37
Section 4.27	Condemnation		38
Section 4.28	Intellectual Property		38
Section 4.29	Absence of Certain Changes		39
Section 4.30	No Distributions		39
Section 4.31	Insurance		39
Section 4.32	Hedging Transaction		39
Section 4.33	Affiliate Transactions		39
Section 4.34	Information to be Supplied		40
Section 4.35	Internal Controls; Exchange Listing Matters		40
Section 4.36	Form S-3		41


		*Page*
Section 4.37	State Takeover Statutes		41
Section 4.38	Opinion of Financial Advisor		41
Section 4.39	Financial Capability		41
Section 4.40	No Additional Representations		41

Article V Covenants of the Parties			42
Section 5.1	Access		42
Section 5.2	Cooperation; Status Updates		44
Section 5.3	Governmental Filings and Approvals		45
Section 5.4	Confidentiality; Public Announcements		46
Section 5.5	Restricted Contact		47
Section 5.6	Operation of the Company’s Business		48
Section 5.7	Operation of Parent’s Business		52
Section 5.8	Further Assurances		56
Section 5.9	Company Exclusivity		57
Section 5.10	Termination of Certain Company Related Party Contracts		57
Section 5.11	Proxy Statement; Parent Stockholders’ Meeting; Parent Recommendation		57
Section 5.12	Parent Non-Solicitation		59
Section 5.13	Certain Exchange Matters		62
Section 5.14	Governance Matters		62
Section 5.15	Employee Matters		63
Section 5.16	Form S-3		64
Section 5.17	Officers; Managers		64
Section 5.18	Takeover Laws		65
Section 5.19	Shareholder Litigation		65

Article VI Conditions to Closing			66
Section 6.1	Conditions to the Obligations of Each Party		66
Section 6.2	The Company’s Conditions to Closing		66
Section 6.3	Parent and Merger Sub’s Conditions to Closing		67
Section 6.4	Frustration of Conditions to Closing; Waiver of Conditions to Closing		67

Article VII Termination			68
Section 7.1	Termination		68
Section 7.2	Effect of Termination		70
Section 7.3	Expenses and Termination Fees		70

Article VIII Tax Matters			72
Section 8.1	Tax Returns		72
Section 8.2	Tax Cooperation		73
Section 8.3	Transfer Taxes		73
Section 8.4	Merger Consideration Allocation		73
Section 8.5	Amended Returns		73
Section 8.6	Tax Proceedings		73
Section 8.7	Tax Treatment		74
Section 8.8	Certain Other Tax Matters.		74


		*Page*

Article IX Title Matters			75
Section 9.1	Defensible Title		75
Section 9.2	Title Defect		76
Section 9.3	Title Defect Value		76
Section 9.4	Title Defect Notices		77
Section 9.5	Waiver; Remedies; Limitations		77
Section 9.6	Agreement on Title Defects		79
Section 9.7	Dispute Resolution		79

Article X Environmental Matters			81
Section 10.1	Environmental Defect		81
Section 10.2	Environmental Defect Value		81
Section 10.3	Environmental Defect Notices		81
Section 10.4	Waiver; Remedies; Limitations		82
Section 10.5	Agreement on Environmental Defects and Interest Additions		83
Section 10.6	Dispute Resolution		84

Article XI Miscellaneous			86
Section 11.1	No Survival		86
Section 11.2	Counterparts; Electronic Signatures		86
Section 11.3	Notices		86
Section 11.4	Expenses		87
Section 11.5	Governing Law, Consent to Jurisdiction, Waiver of Jury Trial		87
Section 11.6	Waivers		89
Section 11.7	Assignment		89
Section 11.8	Entire Agreement		89
Section 11.9	Amendment		89
Section 11.10	No Third Party Beneficiaries		89
Section 11.11	Construction		89
Section 11.12	Limitation on Damages		89
Section 11.13	Conspicuous & Headings		90
Section 11.14	Nonparty Affiliates		90
Section 11.15	Conflicts and Privilege		90
Section 11.16	Time of Essence		91
Section 11.17	Severability		91
Section 11.18	Disclosure Schedules		91
Section 11.19	Specific Performance		92


COMPANY:

COLGATE ENERGY PARTNERS III, LLC

By:		/s/ James H. Walter
Name:		James H. Walter
Title:		President and Co-Chief Executive Officer


PARENT:

CENTENNIAL RESOURCE DEVELOPMENT, INC.

By:		/s/ Sean R. Smith
Name:		Sean R. Smith
Title:		Chief Executive Officer

MERGER SUB:

CENTENNIAL RESOURCE PRODUCTION, LLC

By:		/s/ Sean R. Smith
Name:		Sean R. Smith
Title:		Chief Executive Officer


Solely for purposes of Section 5.3(d), Section 5.9, Article VIII, Section 9.5(b), Section 9.7(b), Section 10.4(b), Section 10.6(b) and Section 11.4

COMPANY UNITHOLDER:

COLGATE ENERGY PARTNERS III MIDCO, LLC

By:		/s/ James H. Walter
Name: James H. Walter
Title: President and Co-Chief Executive Officer


COMPANY:

CENTENNIAL RESOURCE DEVELOPMENT, INC.,
a Delaware corporation

By:
Name:		Sean R. Smith
Title:		Chief Executive Officer


ARTICLE I. DEFINITIONS		2

ARTICLE II. ORGANIZATIONAL MATTERS		13

Section 2.01	Formation of Company	13
Section 2.02	Sixth Amended and Restated Limited Liability Company Agreement	13
Section 2.03	Name	13
Section 2.04	Purpose	14
Section 2.05	Principal Office; Registered Office	14
Section 2.06	Term	14
Section 2.07	No State-Law Partnership	14

ARTICLE III. MEMBERS; UNITS; CAPITALIZATION		14

Section 3.01	Members	14
Section 3.02	Units	15
Section 3.03	Recapitalization; the MidCo Unitholder Issuance.	15
Section 3.04	Authorization and Issuance of Additional Units	15
Section 3.05	Repurchases or Redemptions	17
Section 3.06	Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units	17
Section 3.07	Negative Capital Accounts	18
Section 3.08	No Withdrawal	18
Section 3.09	Loans From Members	18
Section 3.10	Tax Treatment of Corporate Stock Option Plans and Equity Plans	18
Section 3.11	Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan	20

ARTICLE IV. DISTRIBUTIONS		20

Section 4.01	Distributions	20
Section 4.02	Restricted Distributions	21

ARTICLE V. CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS		21

Section 5.01	Capital Accounts	21
Section 5.02	Allocations	22
Section 5.03	Regulatory and Special Allocations	22
Section 5.04	Tax Allocations	24
Section 5.05	Withholding; Indemnification and Reimbursement for Payments on Behalf of a Member	26


ARTICLE VI. MANAGEMENT		27

Section 6.01	Authority of Manager	27
Section 6.02	Actions of the Manager	28
Section 6.03	Resignation; No Removal	28
Section 6.04	Vacancies	28
Section 6.05	Transactions Between Company and Manager	28
Section 6.06	Reimbursement for Expenses	28
Section 6.07	Delegation of Authority	29
Section 6.08	Limitation of Liability of Manager	29
Section 6.09	Investment Company Act	30
Section 6.10	Outside Activities of the Manager	30
Section 6.11	Standard of Care	31

ARTICLE VII. RIGHTS AND OBLIGATIONS OF MEMBERS		31

Section 7.01	Limitation of Liability and Duties of Members; Investment Opportunities	31
Section 7.02	Lack of Authority	32
Section 7.03	No Right of Partition	33
Section 7.04	Indemnification	33
Section 7.05	Members Right to Act	34
Section 7.06	Inspection Rights	35

ARTICLE VIII. BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS		35

Section 8.01	Records and Accounting	35
Section 8.02	Fiscal Year	35
Section 8.03	Reports	36

ARTICLE IX. TAX MATTERS		36

Section 9.01	Preparation of Tax Returns	36
Section 9.02	Tax Elections	36
Section 9.03	Tax Controversies	37

ARTICLE X. RESTRICTIONS ON TRANSFER OF UNITS; PREEMPTIVE RIGHTS		38

Section 10.01	Transfers by Members	38
Section 10.02	Permitted Transfers	38
Section 10.03	Restricted Units Legend	39
Section 10.04	Transfer	39
Section 10.05	Assignee’s Rights	39
Section 10.06	Assignor’s Rights and Obligations	40
Section 10.07	Overriding Provisions	40


ARTICLE XI. REDEMPTION AND EXCHANGE RIGHTS		41

Section 11.01	Redemption Right of a Member	41
Section 11.02	Contribution of the Corporation	45
Section 11.03	Exchange Right of the Corporation	45
Section 11.04	Reservation of Shares of Class A Common Stock; Listing; Certificate of the Corporation	46
Section 11.05	Effect of Exercise of Redemption or Exchange Right	46
Section 11.06	Tax Treatment	46

ARTICLE XII. ADMISSION OF MEMBERS		46

Section 12.01	Substituted Members	46
Section 12.02	Additional Members	47

ARTICLE XIII. WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS		47

Section 13.01	Withdrawal and Resignation of Members	47

ARTICLE XIV. DISSOLUTION AND LIQUIDATION		47

Section 14.01	Dissolution	47
Section 14.02	Liquidation and Termination	48
Section 14.03	Deferment; Distribution in Kind	48
Section 14.04	Cancellation of Certificate	49
Section 14.05	Reasonable Time for Winding Up	49
Section 14.06	Return of Capital	49

ARTICLE XV. VALUATION		49

Section 15.01	Determination	49
Section 15.02	Dispute Resolution	49

ARTICLE XVI. GENERAL PROVISIONS		50

Section 16.01	Power of Attorney	50
Section 16.02	Confidentiality	51
Section 16.03	Amendments	51
Section 16.04	Title to Company Assets	52
Section 16.05	Addresses and Notices	52
Section 16.06	Binding Effect; Intended Beneficiaries	52
Section 16.07	Creditors	52
Section 16.08	Waiver	53
Section 16.09	Counterparts	53
Section 16.10	Applicable Law	53
Section 16.11	Severability	53
Section 16.12	Further Action	53
Section 16.13	Delivery by Electronic Transmission	54


Schedules

Schedule 1	–	Schedule of Members

Exhibits

Exhibit A	–	Form of Joinder Agreement


HOLDERS:

[ ⚫ ]

By:

By:
Name:		[ ⚫ ]
Title:		[ ⚫ ]


MEMBERS:

CENTENNIAL RESOURCE DEVELOPMENT, INC.

By:
Name:
Title:

CENTENNIAL CORP.

By:
Name:
Title: