01—Abstract
Summary
Summary of the 8-K filed August 27, 2026. Cited figures are marked; the original filing is the authoritative source.
Devon Energy Corporation (DVN) has filed an 8-K report detailing adjustments to CEO Clay M.
Gaspar's compensation. Effective retroactively from May 7, 2026, Mr. Gaspar's base salary has been increased to an annualized rate of $1,500,000a. This adjustment aligns with benchmarking data and follows a recommendation from the Compensation Committee's executive compensation consultant, occurring after the company's merger with Coterra Energy Inc. In addition to the base salary increase, Mr. Gaspar will receive an award of restricted stock valued at $2,700,000, based on the September 10, 2026 grant date closing price.
This long-term incentive award, granted under the 2022 Long-Term Incentive Plan, will vest in three equal annual installments starting from the grant date. These compensation changes reflect the Compensation Committee's consideration of market data and aim to retain and incentivize key executive leadership post-merger.
02—Key points
Key Highlights
- CEO Clay M. Gaspar's base salary increased to $1,500,000 annually, effective retroactively from May 7, 2026.
- A restricted stock award of $2,700,000 granted to Mr. Gaspar under the 2022 Long-Term Incentive Plan.
- The restricted stock award vests in three equal annual installments from the grant date.
- Compensation adjustments were recommended by the Compensation Committee's executive compensation consultant.
- The changes are consistent with benchmarking data.
- The effective date of the base salary increase coincides with the closing of the merger with Coterra Energy Inc.
03—Questions
Frequently Asked Questions
What are the key changes to CEO Clay M. Gaspar's compensation?
The key changes include an increase in his base salary to $1,500,000 annually, effective retroactively from May 7, 2026, and a restricted stock award valued at $2,700,000, which will vest over three years.
Why were these compensation adjustments made?
The adjustments were made based on benchmarking data and a recommendation from the Compensation Committee's executive compensation consultant, aiming to align executive compensation with market standards and incentivize leadership.
When is the restricted stock award granted and what is its vesting schedule?
The restricted stock award will be granted on September 10, 2026, with its value determined by the closing stock price on that date. It will vest annually in three equal installments from the grant date.
Does the retroactive salary increase have any relation to the Coterra Energy merger?
Yes, the retroactive effective date of May 7, 2026, for the base salary increase aligns with the closing date of the Company's merger transaction with Coterra Energy Inc.
04—Continue