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AI brief of an SEC Form 8-K · Devon Energy (DVN)

Devon Energy raises CEO Clay Gaspar's base salary to $1.5 million, grants $2.7 million stock

Neutral Impact 3 of 5 leadership Written later

Devon Energy's Compensation Committee approved a higher base salary and a new restricted stock award for CEO and President Clay M. Gaspar. The salary increase is retroactive to May 7, 2026, the closing date of the Coterra Energy merger, and the stock award is valued at $2.7 million. The filing reports compensation changes only and gives no financial results, so it does not indicate operating performance.

Key points

  • Base salary raised to an annualized rate of $1,500,000, effective retroactively to May 7, 2026
  • Restricted stock award valued at $2,700,000, based on the closing price on the September 10, 2026 grant date
  • Stock award vests in three annual installments from the grant date
  • Committee approved the changes on August 21, 2026, citing benchmarking data and its consultant's recommendation

The filing

CompanyDevon Energy (DVN)
Form8-K, current report
Filed with the SECAug 27, 2026, 4:17 PM ET
Accession number0001193125-26-371317

Items reported: 5.02 Director / Officer Change

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 27, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.