Current Report · Items 5.02 · 8-K
Devon Energy Corporation
DVNNYSEEQUITYCurrent
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 21, 2026, the Compensation Committee (the “Committee”) of the Board of Directors of Devon Energy Corporation (the “Company” or “Devon”) approved certain adjustments to the compensation of Clay M.…
Filed Aug 27, 2026Accepted Aug 27, 2026, 4:17 PM EDTCIK 1090012Accession 0001193125-26-371317
Company context
Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.
Current securities
Disclosure sections
Items 5.02Select an item to read the extracted section. The as-filed document remains the primary evidence.
Item 5.02Item 5.02 - Departure/Election of Directors
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 21, 2026, the Compensation Committee (the “Committee”) of the Board of Directors of Devon Energy Corporation (the “Company” or “Devon”) approved certain adjustments to the compensation of Clay M. Gaspar, the Chief Executive Officer and President of the Company. Consistent with benchmarking data and the recommendation of the Committee’s executive compensation consultant, the Committee approved: (i) an increase to Mr. Gaspar’s base salary to an annualized rate of pay of $1,500,000, with a retroactive effective date of May 7, 2026 (the closing date of the Company’s merger transaction with Coterra Energy Inc.); and (ii) an award of restricted stock under Devon’s 2022 Long-Term Incentive Plan that will vest annually in three installments from the grant date and with a value equal to $2,700,000, based on the per share closing price of the Company’s common stock on the grant date of September 10, 2026.