8-KLeadership ChangesMaterial AgreementsExhibits & Filings

DEVON ENERGY CORP/DE 8-K Report, Material Agreement (Sep 5, 2007)

Filed September 5, 2007For Securities:DVN

Summary

Devon Energy Corporation (DVN) filed an 8-K on September 5, 2007, primarily to announce the election of David A. Hager to its Board of Directors, effective August 29, 2007, as detailed in an accompanying press release. This appointment brings new leadership and potentially fresh perspectives to the company's strategic direction. Furthermore, the filing disclosed that Mr. Hager was granted 2,000 shares of restricted stock, with vesting commencing in August 2008, and 3,000 stock options to purchase common stock at $75.31 per share. These grants, made under the 2005 Long-Term Incentive Plan, align Mr. Hager's interests with those of shareholders and signify a commitment to his long-term contribution to the company.

Key Highlights

  • 1David A. Hager was elected to the Board of Directors on August 29, 2007.
  • 2Mr. Hager received a grant of 2,000 shares of restricted stock.
  • 3The restricted stock vests over four years, starting August 31, 2008.
  • 4Mr. Hager was granted 3,000 stock options.
  • 5Stock options have an exercise price of $75.31 per share.
  • 6The stock options vest immediately on August 31, 2007, and expire on August 30, 2015.
  • 7All grants were made under the Devon Energy Corporation 2005 Long-Term Incentive Plan.

Frequently Asked Questions

David A. Hager has been elected as a member of the Board of Directors of Devon Energy Corporation, effective August 29, 2007. He also received grants of restricted stock and stock options.

Mr. Hager was granted 2,000 shares of restricted stock, which will vest 25% per year beginning August 31, 2008. He also received 3,000 stock options with an exercise price of $75.31 per share, which vested immediately on August 31, 2007.

These grants are part of the company's long-term incentive plan and are designed to align Mr. Hager's financial interests with those of Devon Energy's shareholders, encouraging his long-term commitment and performance.

The election of David A. Hager to the Board of Directors was announced on August 29, 2007. The restricted stock grant will begin vesting on August 31, 2008, and the stock options vested on August 31, 2007.