VIPER ENERGY PARTNER

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VIPER ENERGY PARTNERS LP : Change in Directors or Principal Officers (form 8-K)

11/30/2021 | 04:30pm

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Retirement of Executive Vice President and Chief Engineer

On November 30, 2021, Viper Energy Partners LP ("Viper") and its parent Diamondback Energy, Inc. ("Diamondback") reported that Russell Pantermuehl, the Executive Vice President and Chief Engineer of each of Viper's General Partner and Diamondback and a named executive officer in Diamondback's definitive proxy statement on Schedule 14A filed on April 23, 2021, will be retiring from his current roles at Viper and Diamondback effective as of December 31, 2021. At the same time, Mr. Pantermuehl will also retire from any other positions he currently holds with the subsidiaries of Viper and Diamondback. Mr. Pantermuehl originally joined Diamondback in August 2011 and Viper in February 2014, prior to their respective initial public offerings. Since the executive officers of Viper's general partner are employed and compensated by Diamondback, Mr. Pantermuehl does not receive separate compensation from Viper for his services to Viper, except for any awards under Viper's long-term equity incentive plan. Following his retirement, Mr. Pantermuehl will serve as a consultant to Diamondback from January 1, 2022 through December 31, 2022 under the terms and conditions of that certain Transition and Consulting Agreement, entered into by Diamondback and Mr. Pantermuehl as of November 30, 2021 (the "Consulting Agreement").

A description of the Consulting Agreement and other terms of Mr. Pantermuehl's retirement are included in Diamondback's Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 30, 2021, which are incorporated herein by reference.

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