Form 8-K · Current report
Devon Energy 8-K, filed Aug 27, 2026
- Filed
- CIK
- 0001090012
- Accession no.
- 0001193125-26-371317
Summary
Devon Energy's board compensation committee approved raising CEO and President Clay M. Gaspar's annual base salary to $1.5 million, retroactive to the May 7, 2026 close of the company's merger with Coterra Energy Inc., and granted him $2.7 million in restricted stock vesting in three annual installments from a September 10, 2026 grant date. The committee said the adjustments were consistent with benchmarking data and the recommendation of its executive compensation consultant.
Key points
- Devon Energy's Compensation Committee raised CEO and President Clay M. Gaspar's annual base salary to $1,500,000, retroactive to May 7, 2026, the closing date of Devon's merger with Coterra Energy Inc.
- Gaspar also received restricted stock valued at $2,700,000 under Devon's 2022 Long-Term Incentive Plan, vesting annually in three installments from the September 10, 2026 grant date.
- The award's share value is based on Devon's common stock closing price on the grant date.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
Items reported
- 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
From the filing
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. …
An excerpt of the text as filed with the SEC, cut for length.
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