Devon Energy (NYSE: DVN) officer awarded 18,361 time-based RSUs

Rhea-AI Filing Summary

Devon Energy vice president and chief accounting officer Gregory F. Conaway reported an award of 18,361 shares of common stock on a grant/award basis, at a stated price of $0.00 per share. These shares reflect time-based Devon restricted stock units converted from prior Coterra RSUs in connection with Devon’s acquisition of Coterra, and are scheduled to vest on January 31, 2029.

Insights

Equity compensation analyst

Routine equity award from Coterra–Devon merger; no open‑market buying or selling.

Gregory F. Conaway, a senior officer at Devon Energy, received 18,361 shares of common stock via a grant/award transaction. The stated price is $0.00 per share, indicating compensation rather than a market purchase.

The footnotes show this grant stems from the merger where Coterra became a wholly owned Devon subsidiary. Each Coterra restricted stock unit converted into 0.7% of a Devon time-based RSU, preserving prior vesting conditions.

The 18,361 Devon RSUs will vest on January 31, 2029, so their value depends on Conaway’s continued service and Devon’s share price at that time. With no buys or sales recorded, this filing mainly documents post‑merger equity alignment rather than signaling a change in insider sentiment.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Conaway Gregory F

Role VP, Chief Accounting Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	18,361	$0.00	--

Holdings After Transaction: Common Stock — 18,361 shares (Direct, null)

Footnotes (1)

1. On May 7, 2026, pursuant to the Agreement and Plan of Merger entered into on February 1, 2026, by and among Devon Energy Corporation (''Devon''), Coterra Energy Inc. (''Coterra") and Cubs Merger Sub, Inc. (the ''Merger Agreement''), as of the effective time of the transactions contemplated thereby (the "Effective Time"), Coterra became a wholly owned subsidiary of Devon. Pursuant to the Merger Agreement, at the Effective Time, each time-based Coterra restricted stock unit ("Coterra RSU") outstanding and unvested as of immediately prior to the Effective Time was converted into 0.7 Devon time-based restricted stock units ("Devon RSUs"), with each Devon RSU representing a contingent right to receive a share of Devon's common stock, par value $0.10 per share, subject to the same terms and conditions as were applicable to the corresponding Coterra RSU immediately prior to the Effective Time. The Coterra RSUs granted to the reporting person on February 24, 2026 were converted into 18,361 Devon RSUs, which will vest on January 31, 2029.

Key Figures

Shares granted: 18,361 shares Grant price: $0.00 per share Post-transaction holdings: 18,361 shares +2 more

5 metrics

Shares granted 18,361 shares Common stock grant/award on May 7, 2026

Grant price $0.00 per share Equity compensation, not open-market purchase

Post-transaction holdings 18,361 shares Total common shares held directly after transaction

RSU conversion ratio 0.7 Devon RSUs per Coterra RSU Conversion at Effective Time of Coterra merger

Vesting date January 31, 2029 Vesting date for 18,361 Devon RSUs

Key Terms

Agreement and Plan of Merger, restricted stock unit, wholly owned subsidiary, Effective Time, +1 more

5 terms

Agreement and Plan of Merger regulatory

"pursuant to the Agreement and Plan of Merger entered into on February 1, 2026"

An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.

restricted stock unit financial

"each time-based Coterra restricted stock unit ("Coterra RSU") outstanding and unvested"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

wholly owned subsidiary financial

"Coterra became a wholly owned subsidiary of Devon"

A wholly owned subsidiary is a company whose entire ownership is held by another company (the parent), so the parent controls decisions, operations, and finances. Think of it as a fully controlled branch that runs as its own legal entity but whose results flow straight into the parent’s financial statements; investors watch these structures because they affect consolidated revenue, risk exposure, and how profits, liabilities, and cash flow are allocated across the corporate group.

Effective Time regulatory

"as of the effective time of the transactions contemplated thereby (the "Effective Time")"

time-based restricted stock units financial

"was converted into 0.7 Devon time-based restricted stock units ("Devon RSUs")"

Time-based restricted stock units are a form of employee compensation where individuals are granted company shares that are earned over a set period, often as a reward for staying with the company. These shares typically become fully owned and transferable only after passing specific time milestones, encouraging long-term commitment. For investors, they highlight a company's focus on employee retention and can influence future stock supply and company stability.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Conaway Gregory F

(Last) (First) (Middle)

THREE MEMORIAL CITY PLAZA

840 GESSNER ROAD, SUITE 1400

(Street)

HOUSTON TEXAS 77024

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
DEVON ENERGY CORP/DE [ DVN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP, Chief Accounting Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)(2)	05/07/2026		A		18,361	A	(1)(2)	18,361	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On May 7, 2026, pursuant to the Agreement and Plan of Merger entered into on February 1, 2026, by and among Devon Energy Corporation (''Devon''), Coterra Energy Inc. (''Coterra") and Cubs Merger Sub, Inc. (the ''Merger Agreement''), as of the effective time of the transactions contemplated thereby (the "Effective Time"), Coterra became a wholly owned subsidiary of Devon.

2. Pursuant to the Merger Agreement, at the Effective Time, each time-based Coterra restricted stock unit ("Coterra RSU") outstanding and unvested as of immediately prior to the Effective Time was converted into 0.7 Devon time-based restricted stock units ("Devon RSUs"), with each Devon RSU representing a contingent right to receive a share of Devon's common stock, par value $0.10 per share, subject to the same terms and conditions as were applicable to the corresponding Coterra RSU immediately prior to the Effective Time. The Coterra RSUs granted to the reporting person on February 24, 2026 were converted into 18,361 Devon RSUs, which will vest on January 31, 2029.

	/s/ Edward T. Highberger, attorney-in-fact	05/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Devon Energy (DVN) officer Gregory F. Conaway report on this Form 4?

Gregory F. Conaway reported an acquisition of 18,361 Devon Energy common shares via a grant/award. The shares represent time-based restricted stock units converted from Coterra RSUs in connection with the merger and are treated as compensation, not an open-market purchase.

Was the Devon Energy (DVN) Form 4 transaction a market buy or sell?

The Form 4 shows no market buy or sell by Gregory F. Conaway. Instead, he received 18,361 shares at a stated price of $0.00 per share as a grant/award, reflecting equity compensation rather than trading in the open market.

How is the Coterra merger related to Gregory F. Conaway’s Devon Energy (DVN) share award?

The award stems from Devon’s merger with Coterra, after which Coterra became a wholly owned Devon subsidiary. Each unvested Coterra RSU converted into 0.7 Devon time-based RSUs, resulting in Conaway receiving 18,361 Devon RSUs under the same vesting terms.

When will Gregory F. Conaway’s 18,361 Devon Energy (DVN) RSUs vest?

The 18,361 Devon restricted stock units granted to Gregory F. Conaway are scheduled to vest on January 31, 2029. Vesting means he will then be entitled to receive the underlying Devon common shares, assuming the award’s service and other conditions are satisfied.

How many Devon Energy (DVN) shares does Gregory F. Conaway hold after this Form 4 transaction?

After the reported grant/award, Gregory F. Conaway holds 18,361 Devon Energy common shares directly. This total reflects the newly acquired time-based restricted stock units associated with the Coterra-to-Devon RSU conversion described in the filing’s footnotes.