Civitas Resources Announces Enhanced Executive Severance Plan Ahead of SM Energy Merger
Civitas Resources Inc. has approved a new executive severance plan ahead of its merger with SM Energy Company. The plan extends change in control protection to 30 months for Tier 1-4 Executives and includes lump sum COBRA payments. Cash severance for Tier 1-3 Executives will be based on their base salary and a target annual bonus. If the merger does not proceed, the existing plan remains in place.
Civitas Resources Inc. has approved a Ninth Amended and Restated Executive Change in Control and Severance Plan, set to take effect immediately prior to the closing of its pending merger with SM Energy Company. The new plan extends the change in control protection period to 30 months for Tier 1-4 Executives. Additionally, COBRA payments will be issued as a lump sum 60 days after an eligible executive’s termination date. For Tier 1-3 Executives, cash severance will be determined as a multiple of their base salary plus a deemed target annual bonus equal to 100% of their base salary. If the merger does not proceed, the existing severance plan will remain in place. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Civitas Resources Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001104659-25-118529), on December 04, 2025, and is solely responsible for the information contained therein. © Copyright 2025 - Public Technologies (PUBT) Original Document: here
