Devon Energy boosts CEO salary to $1.5M
DEVON ENERGY CORP/DE adjusted executive compensation for its Chief Executive Officer and President, Clay M. Gaspar.
Rhea-AI Filing Summary
DEVON ENERGY CORP/DE adjusted executive compensation for its Chief Executive Officer and President, Clay M. Gaspar. The Board’s Compensation Committee approved an increase in his base salary to an annualized rate of $1,500,000, effective retroactively to May 7, 2026, the closing date of Devon’s merger with Coterra Energy Inc.
The Committee also approved a grant of restricted stock under Devon’s 2022 Long-Term Incentive Plan with a grant date of September 10, 2026. The award has a value of $2,700,000, determined using the per share closing price of Devon’s common stock on the grant date, and will vest in three annual installments from that date.
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8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Annual base salary: $1,500,000 per year
Restricted stock award value: $2,700,000
Vesting schedule: Three annual installments
+2 more
5 metrics
Annual base salary
$1,500,000 per year
Approved for CEO Clay M. Gaspar, retroactive to May 7, 2026
Restricted stock award value
$2,700,000
Grant under 2022 Long-Term Incentive Plan based on closing price on September 10, 2026
Vesting schedule
Three annual installments
Restricted stock vests annually in three installments from the September 10, 2026 grant date
Merger closing reference date
May 7, 2026
Effective date used for retroactive salary increase, tied to merger with Coterra Energy Inc.
Grant date
September 10, 2026
Date for determining per share closing price for restricted stock award
Key Terms
restricted stock, 2022 Long-Term Incentive Plan, benchmarking data, executive compensation consultant
4 terms
restricted stock financial
"an award of restricted stock under Devon’s 2022 Long-Term Incentive Plan"
Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.
2022 Long-Term Incentive Plan financial
"award of restricted stock under Devon’s 2022 Long-Term Incentive Plan"
benchmarking data financial
"Consistent with benchmarking data and the recommendation of the Committee’s"
executive compensation consultant financial
"and the recommendation of the Committee’s executive compensation consultant"
FAQ
What compensation changes did DVN approve for CEO Clay M. Gaspar?
Devon approved an increase in Clay M. Gaspar’s base salary to $1,500,000 annually, retroactive to May 7, 2026, and granted him $2,700,000 in restricted stock under the 2022 Long-Term Incentive Plan, vesting in three equal annual installments from September 10, 2026.
When is Clay M. Gaspar’s new DVN salary effective from?
Clay M. Gaspar’s increased base salary of $1,500,000 per year is effective retroactively as of May 7, 2026, which is the closing date of Devon Energy Corporation’s merger transaction with Coterra Energy Inc.
What is the value and structure of the DVN restricted stock award to the CEO?
The restricted stock award to the CEO has a value of $2,700,000, calculated using the per share closing price of Devon common stock on September 10, 2026. The award will vest in three annual installments beginning from the grant date.
Under which plan was the DVN CEO’s restricted stock granted?
The restricted stock granted to Clay M. Gaspar was issued under Devon’s 2022 Long-Term Incentive Plan. The award is valued at $2,700,000 and vests in three equal annual installments from the September 10, 2026 grant date.
Why did DVN’s Compensation Committee adjust the CEO’s pay?
Devon’s Compensation Committee adjusted Clay M. Gaspar’s pay based on benchmarking data and the recommendation of the Committee’s executive compensation consultant, aligning his base salary and equity award with these external compensation analyses.
AI-generated analysis. How Rhea-AI works. Not financial advice.
