Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of January 7, 2021, is by and among Devon Energy
Corporation, a Delaware corporation (the “Company”), Felix Investments Holdings II, LLC, a Delaware limited liability company (the “Investor”), and the other Holders (as defined below) from time to time parties
hereto. 
 RECITALS: 

WHEREAS, the Investor, the other Holders from time to time parties thereto and WPX Energy, Inc., a Delaware corporation
(“East” and together with the Investor and the other Holders from time to time parties thereto, the “East RRA Parties”) are party to that certain Registration Rights Agreement, dated as of March 6, 2020 (the
“East Registration Rights Agreement”), pursuant to which, among other things, East provided certain registration rights to the Holders of East Common Stock (as defined below) issued to the Investor pursuant to the terms of that
certain Securities Purchase Agreement, dated as of December 15, 2019, between East and the Investor; 
 WHEREAS, the Company and
East have entered into that certain Agreement and Plan of Merger, dated as of September 26, 2020, (as it may be amended or supplemented from time to time, the “Merger Agreement”), by and among the Company, East Merger Sub,
Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“Merger Sub”), and East, pursuant to which, among other things, on the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will
merge with and into East (the “Merger”), which will survive as a wholly-owned subsidiary of the Company, and the shares of East Common Stock will be converted into shares of common stock, par value $0.10 per share, of the Company
(the “Common Stock”); 
 WHEREAS, in connection with, and effective upon, the date of the closing of the Merger (the
“Closing Date”), the Company has issued to the Investor the Issued Shares (as defined below) and all of Investor’s shares of East Common Stock were canceled in accordance with the terms of the Merger Agreement; 

WHEREAS, in connection with the closing of the Merger, the Company is granting to the Investor and the other Holders from time to time
parties hereto, certain registration rights with respect to the Issued Shares, as set forth in this Agreement; and 
 WHEREAS, in
connection with, and effective upon, entering into this Agreement, the East RRA Parties are entering into that certain termination agreement, dated the date hereof, pursuant to which the East RRA Parties agreed to terminate the East Registration
Rights Agreement. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows: 

 ARTICLE I 

DEFINITIONS 
 As
used herein, the following terms shall have the following respective meanings: 
 “Adoption Agreement” means an Adoption
Agreement in the form attached hereto as Exhibit A. 
 “Affiliate” means (a) as to any
Person, other than an individual Holder, any other Person who directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Person and (b) as to any individual, (i) any Relative
of such individual, (ii) any trust whose primary beneficiaries are one or more of such individual and such individual’s Relatives, (iii) the legal representative or guardian of such individual or any of such individual’s
Relatives if one has been appointed and (iv) any Person controlled by one or more of such individual or any Person referred to in clauses (i), (ii) or (iii) above. As used in this Agreement, the term “control,”
including the correlative terms “controlling,” “controlled by” and “under common control with,” means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether
through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a Person. 

“Agreement” has the meaning set forth in the introductory paragraph. 

“ASR Filing” has the meaning set forth in Section 2.1(a). 

“Board” means the board of directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday, any federal holiday or any other day on which banking
institutions in the State of Texas or the State of New York are authorized or required to be closed by law or governmental action. 

“Closing Date” has the meaning set forth in the recitals. 

“Commission” means the Securities and Exchange Commission or any successor governmental agency. 

“Common Stock” has the meaning set forth in the recitals. 

“Company” has the meaning set forth in the introductory paragraph. 

“Company Securities” has the meaning set forth in Section 2.4(c)(i). 

“East” has the meaning set forth in the recitals. 

“East Common Stock” means the common stock of East, $0.01 par value per share. 

“East Registration Rights Agreement” has the meaning set forth in the recitals. 

“East RRA Parties” has the meaning set forth in the recitals. 

  
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 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or
any successor federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 

“Felix Closing Date” means March 6, 2020. 

“Holder” means any record holder of Registrable Securities. 

“Holders Securities” has the meaning set forth in Section 2.2(c)(i). 

“Indemnified Party” has the meaning set forth in Section 3.3. 

“Indemnifying Party” has the meaning set forth in Section 3.3. 

“Investor” has the meaning set forth in the introductory paragraph. 

“Issued Shares” means the number of shares of Common Stock issued to the Investor pursuant to the terms of the Merger
Agreement. 
 “Losses” has the meaning set forth in Section 3.1. 

“Majority Holders” shall mean, at any time, the Holder or Holders of more than fifty percent (50%) of the Registrable
Securities at such time. 
 “Managing Underwriter” means, with respect to any Underwritten Offering, the lead book-running
manager(s) of such Underwritten Offering. 
 “Merger Agreement” has the meaning set forth in the recitals. 

“Opt-Out Notice” has the meaning set forth in
Section 2.4(b). 
 “Permitted Transferee” of a Holder means (i) any Affiliate of the Holder
or (ii) any direct or indirect partner, shareholder or member of the Holder or any trust, family partnership or family limited liability company, the sole direct or indirect beneficiaries, partners or members of which are the Holder or
Relatives of the Holder. 
 “Person” means any individual, corporation, partnership, limited liability company, firm,
association, trust, government, governmental agency or other entity, whether acting in an individual, fiduciary or other capacity. 

“Piggyback Underwritten Offering” has the meaning set forth in Section 2.4(a). 

“Piggybacking Holder” has the meaning set forth in Section 2.4(a). 

“Proceeding” shall mean an action, claim, suit, arbitration or proceeding (including, without limitation, an investigation or
partial proceeding, such as a deposition), whether commenced or threatened. 

  
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 “Registrable Securities” shall mean (a) the Issued Shares and
(b) any securities issued or issuable with respect to the Issued Shares by way of distribution or in connection with any reorganization or other recapitalization, merger, consolidation or otherwise; provided, however, that a Registrable
Security shall cease to be a Registrable Security when (i) such share has been disposed of pursuant to an effective Registration Statement, (ii) such share has been disposed of under Rule 144 or any other exemption from the
registration requirements of the Securities Act as a result of which the Transferee thereof does not receive “restricted securities” as defined in Rule 144 under the Securities Act or (iii) such shares are freely tradeable by the
Holder thereof without volume or other limitations or requirements under Rule 144 and such Holder and its Affiliates collectively hold less than 5% of the outstanding shares of Common Stock. 

“Registration Expenses” means all expenses incurred by the Company in complying with Article II,
including, without limitation, all registration and filing fees, printing expenses, road show expenses, fees and disbursements of counsel and independent public accountants and independent petroleum engineers for the Company, fees and expenses
(including counsel fees) incurred in connection with complying with state securities or “blue sky” laws, fees of the Financial Industry Regulatory Authority, Inc., fees of transfer agents and registrars, and the reasonable fees and
disbursements of one special legal counsel to represent the Investor in an applicable Shelf Underwritten Offering or Piggyback Underwritten Offering not to exceed $25,000 per Shelf Underwritten Offering or Piggyback Underwritten Offering, but
excluding any Selling Expenses. 
 “Registration Statement” means any registration statement of the Company filed or to be
filed with the Commission under the Securities Act, including the related prospectus, amendments and supplements to such registration statement, and including pre- and post-effective amendments, and all
exhibits and all material incorporated by reference in such registration statement. 
 “Relative” means, with respect to
any natural person: (a) such natural person’s spouse, (b) any lineal descendant, parent, grandparent, great grandparent or sibling or any lineal descendant of such sibling (in each case whether by blood or legal adoption), and
(c) the spouse of a natural person described in clause (b) of this definition. 
 “Requesting Holder” has
the meaning set forth in Section 2.2(a). 
 “Required Shelf Filing Date” means the 10th Business Day after the date of this Agreement. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

“Section 2.2 Maximum Number of Shares” has the meaning set forth in
Section 2.2(c). 
 “Securities Act” means the Securities Act of 1933, as amended, or any
successor federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. References to any rule under the Securities Act shall be deemed to refer to any similar or successor
rule or regulation. 

  
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 “Selling Expenses” means all (a) underwriting fees, discounts and
selling commissions allocable to the sale of Registrable Securities, (b) transfer taxes allocable to the sale of the Registrable Securities and (c) costs or expenses related to any roadshows conducted in connection with the marketing of
any Shelf Underwritten Offering. 
 “Selling Holder” means a Holder selling Registrable Securities pursuant to a
Registration Statement. 
 “Shelf Piggybacking Holder” has the meaning set forth in
Section 2.2(b). 
 “Shelf Registration Statement” has the meaning set forth in
Section 2.1(a). 
 “Shelf Underwritten Offering” has the meaning set forth in
Section 2.2(a). 
 “Shelf Underwritten Offering Request” has the meaning set forth in
Section 2.2(a). 
 “Suspension Period” has the meaning set forth in
Section 2.3. 
 “Transfer” means any offer, sale, pledge, encumbrance, hypothecation, entry into
any contract to sell, grant of an option to purchase, short sale, assignment, transfer, exchange, gift, bequest or other disposition, direct or indirect, in whole or in part, by operation of law or otherwise. “Transfer,” when used
as a verb, and “Transferee” and “Transferor” have correlative meanings. 
 “Underwritten
Offering” means an offering (including an offering pursuant to a Shelf Registration Statement) in which shares of Common Stock are sold to an underwriter for reoffer. 

“Underwritten Offering Filing” means (a) with respect to a Shelf Underwritten Offering, a preliminary prospectus
supplement (or prospectus supplement if no preliminary prospectus supplement is used) to the Shelf Registration Statement relating to such Shelf Underwritten Offering, and (b) with respect to a Piggyback Underwritten Offering, (i) a
preliminary prospectus supplement (or prospectus supplement if no preliminary prospectus supplement is used) to an effective Shelf Registration Statement (other than the Shelf Registration Statement) or (ii) a Registration Statement, in each
case relating to such Piggyback Underwritten Offering. 
 “WKSI” means a well-known seasoned issuer (as defined in
Rule 405 under the Securities Act). 
 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.1 Shelf Registration. 

(a) As soon as practicable, and in any event on or prior to the Required Shelf Filing Date, the Company shall prepare and file a
“shelf” registration statement under the Securities Act to permit the resale of the Registrable Securities from time to time as permitted by Rule 415 under the Securities Act (or any similar provision adopted by the Commission then in
effect) (the “Shelf Registration Statement”). If at the time of such filing, the Company is a WKSI, 

  
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the Registration Statement shall be an automatic shelf registration statement that becomes effective upon filing with the Commission in accordance with Rule 462(e) under the Securities
Act (an “ASR Filing”). If the Shelf Registration Statement does not qualify as an ASR Filing, the Company shall use its commercially reasonable efforts to cause such Registration Statement to become or be declared effective as soon
as practicable after the filing thereof and, in any event, within 45 days after the date of this Agreement in the case of a Shelf Registration Statement on Form S-3 or 90 days after the date of this Agreement
in the case of a Shelf Registration Statement on Form S-1. Following the effective date of the Shelf Registration Statement that is not an ASR Filing, the Company shall notify the Holders of the effectiveness
of such Registration Statement. 
 (b) The Shelf Registration Statement shall be on Form S-3
or, if Form S-3 is not then available to the Company, on Form S-1 or such other form of registration statement as is then available to effect a registration
for resale of such Registrable Securities and shall contain a prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar rule adopted by
the Commission then in effect) at any time beginning on the effective date for such Registration Statement. The Shelf Registration Statement shall provide for the distribution or resale pursuant to any method or combination of methods legally
available to the Holders. 
 (c) The Company shall use its commercially reasonable efforts to cause the Shelf Registration Statement to
remain effective, and to be supplemented and amended as promptly as practicable to the extent necessary to ensure that the Shelf Registration Statement is available or, if not available, that another Registration Statement is available (which
Registration Statement shall also be referred to herein as the Shelf Registration Statement), for the resale of all the Registrable Securities until all of the Registrable Securities have ceased to be Registrable Securities or the earlier
termination of this Agreement (as to all Holders). 
 (d) When effective, the Shelf Registration Statement (including the documents
incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus contained in the Shelf Registration Statement, in the light of the circumstances under which such statements are made). 

Section 2.2 Underwritten Shelf Offering Requests. 

(a) In the event that any Holder or group of Holders elects to dispose of Registrable Securities under a Registration Statement pursuant to an
Underwritten Offering and reasonably expects gross proceeds of at least $100 million from such Underwritten Offering (including proceeds attributable to any Registrable Securities included in such Underwritten Offering by any Shelf Piggybacking
Holders), the Company shall, at the request (a “Shelf Underwritten Offering Request”) of such Holder or Holders (in such capacity, a “Requesting Holder”), enter into an underwriting agreement in a form as is
customary in Underwritten Offerings of securities by the Company with the underwriter or underwriters selected by the Requesting Holders holding a majority of the shares of Common Stock expected to be sold in such Underwritten Offering (and
reasonably acceptable to the Company) and shall take all such other reasonable actions as are requested by the Managing Underwriter of such Underwritten Offering 

  
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and/or the Requesting Holders in order to expedite or facilitate the disposition of such Registrable Securities and, subject to Section 2.2(c), the Registrable
Securities requested to be included by any Shelf Piggybacking Holder (a “Shelf Underwritten Offering”); provided, however, that the Company shall have no obligation to facilitate or participate (i) in more than two Shelf
Underwritten Offerings that are initiated by a Holder pursuant to this Section 2.2 during any 12-month period (and no more than one Shelf Underwritten Offering in any 120-day period) or (ii) in any Shelf Underwritten Offering if the Company has conducted a Shelf Underwritten Offering in the preceding 120-day period in which such
Requesting Holder was eligible to exercise piggyback registration rights pursuant to Section 2.4 and was not subject to cutback pursuant to Section 2.4(c) to the number of Registrable Securities
that the Requesting Holder had requested be included in the Piggyback Underwritten Offering. 
 (b) If the Company receives a Shelf
Underwritten Offering Request, it will give written notice of such proposed Shelf Underwritten Offering to each Holder (other than the Requesting Holder), which notice shall include the anticipated filing date of the related Underwritten Offering
Filing and, if known, the number of shares of Common Stock that are proposed to be included in such Shelf Underwritten Offering, and of such Holders’ rights under this Section 2.2(b). Such notice shall be given
promptly (and in any event not later than two Business Day following receipt of the Shelf Underwritten Offering Request); provided, that if the Shelf Underwritten Offering is a bought or overnight Underwritten Offering and the Managing
Underwriter advises the Company and the Requesting Holder that the giving of notice pursuant to this Section 2.2(b) would adversely affect the offering, no such notice shall be required (and such Holders shall have no
right to include Registrable Securities in such bought or overnight Underwritten Offering); and provided further, that the Company shall not so notify any such other Holder that has notified the Company (and not revoked such notice)
requesting that such Holder not receive notice from the Company of any proposed Shelf Underwritten Offering. If such notice is delivered pursuant to this Section 2.2(b), each such Holder shall then have three Business Days
(or one Business Day in the case of a bought or overnight Underwritten Offering) after the date on which the Holders received notice pursuant to this Section 2.2(b) to request inclusion of Registrable Securities in the
Shelf Underwritten Offering (which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Holder and such other information as is reasonably required to effect the inclusion of such Registrable
Securities) (any such Holder making such request, a “Shelf Piggybacking Holder”). If no request for inclusion from a Holder is received within such period, such Holder shall have no further right to participate in such Shelf
Underwritten Offering. 
 (c) If the Managing Underwriter of the Shelf Underwritten Offering shall inform the Requesting Holder of its
belief that the number of Registrable Securities requested to be included in such Shelf Underwritten Offering by the Holders (and any other shares of Common Stock requested to be included by any other Persons having registration rights with respect
to such offering) would materially adversely affect such offering, then the Company shall include in the applicable Underwritten Offering Filing, to the extent of the total number of Registrable Securities that the Company is so advised can be sold
in such Shelf Underwritten Offering without so materially adversely affecting such offering (the “Section 2.2 Maximum Number of Shares”), Registrable Securities in the following priority: 

(i) First, all Registrable Securities that the Holders requested to be included therein (the “Holders
Securities”) (pro rata among the Holders based on the number of Registrable Securities each requested to be included), and 

  
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 (ii) Second, to the extent that the number of Holders Securities is less
than the Section 2.2 Maximum Number of Shares, the shares of Common Stock requested to be included by any other Persons having registration rights with respect to such offering, pro rata among such other Persons
based on the number of shares of Common Stock each requested to be included. 
 (d) The Requesting Holders shall determine the pricing of
the Registrable Securities offered pursuant to any Shelf Underwritten Offering and the applicable underwriting discounts and commissions and determine the timing of any such Shelf Underwritten Offering, subject to
Section 2.3. 
 (e) Each Holder shall have the right to withdraw their Registrable Securities from the Shelf
Underwritten Offering at any time prior to the execution of an underwriting agreement with respect thereto by giving written notice to the Company of its request to withdraw. 

Section 2.3 Delay and Suspension Rights. Notwithstanding any other provision of this Agreement, the Company may (i) delay
effecting a Shelf Underwritten Offering or (ii) suspend the Holders’ use of any prospectus that is a part of a Shelf Registration Statement upon written notice to each Holder whose Registrable Securities are included in such Shelf
Registration Statement (provided that in no event shall such notice contain any material non-public information regarding the Company) (in which event such Holder shall discontinue sales of Registrable
Securities pursuant to such Registration Statement but may settle any then-contracted sales of Registrable Securities), in each case for a period of up to 40 consecutive days, if the Board determines (A) that such delay or suspension is in the
best interest of the Company and its stockholders generally due to a pending financing or other transaction involving the Company, (B) that such registration or offering would render the Company unable to comply with applicable securities laws
or (C) that such registration or offering would require disclosure of material information that the Company has a bona fide business purpose for preserving as confidential (any such period, a “Suspension Period”);
provided, however, that in no event shall any Suspension Periods collectively exceed an aggregate of 60 days in any 180-day period or exceed an aggregate of 90 days in any
12-month period; provided, further, that the number of days that the Company may so delay or suspend in accordance with this Section 2.3 in the
180-day period and 12-month period immediately following the Closing Date shall be reduced by the number of days after the Required Shelf Filing Date that the Shelf
Registration Statement is declared or otherwise becomes effective. 
 Section 2.4 Piggyback Registration Rights. 

(a) Subject to Section 2.4(c), if the Company at any time proposes to file an Underwritten Offering Filing for an
Underwritten Offering of shares of Common Stock for its own account or for the account of any other Persons who have or have been granted registration rights, other than the Holders (a “Piggyback Underwritten Offering”), it will
give written notice of such Piggyback Underwritten Offering to each Holder, which notice shall include the anticipated filing date of the Underwritten Offering Filing and, if known, the number of shares of Common Stock

  
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that are proposed to be included in such Piggyback Underwritten Offering, and of such Holders’ rights under this Section 2.4(a). Such notice shall be given promptly
(and in any event at least five Business Days before the filing of the Underwritten Offering Filing or two Business Days before the filing of the Underwritten Offering Filing in connection with a bought or overnight Underwritten Offering). If such
notice is delivered to pursuant to this Section 2.4(a), each such Holder shall then have four Business Days (or one Business Day in the case of a bought or overnight Underwritten Offering) after the date on which the
Holders received notice pursuant to this Section 2.4(a) to request inclusion of Registrable Securities in the Piggyback Underwritten Offering (which request shall specify the maximum number of Registrable Securities
intended to be disposed of by such Holder and such other information as is reasonably required to effect the inclusion of such Registrable Securities) (any such Holder making such request, a “Piggybacking Holder”). If no request for
inclusion from a Holder is received within such period, such Holder shall have no further right to participate in such Piggyback Underwritten Offering. Subject to Section 2.4(c), the Company shall use its commercially
reasonable efforts to include in the Piggyback Underwritten Offering all Registrable Securities that the Company has been so requested to include by the Piggybacking Holders; provided, however, that if, at any time after giving written notice
of a proposed Piggyback Underwritten Offering pursuant to this Section 2.4(a) and prior to the execution of an underwriting agreement with respect thereto, the Company or such other Persons who have or have been
granted registration rights, as applicable, shall determine for any reason not to proceed with or to delay such Piggyback Underwritten Offering, the Company shall give written notice of such determination to the Piggybacking Holders and (i) in
the case of a determination not to proceed, shall be relieved of its obligation to include any Registrable Securities in such Piggyback Underwritten Offering (but not from any obligation of the Company to pay the Registration Expenses in connection
therewith), and (ii) in the case of a determination to delay, shall be permitted to delay inclusion of any Registrable Securities for the same period as the delay in including the shares of Common Stock to be sold for the Company’s account
or for the account of such other Persons who have or have been granted registration rights, as applicable. 
 (b) Each Holder shall have the
right to withdraw its request for inclusion of its Registrable Securities in any Piggyback Underwritten Offering at any time prior to the execution of an underwriting agreement with respect thereto by giving written notice to the Company of its
request to withdraw. Any Holder may deliver written notice (an “Opt-Out Notice”) to the Company requesting that such Holder not receive notice from the Company of any proposed Piggyback
Underwritten Offering; provided, however, that such Holder may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from a
Holder (unless subsequently revoked), the Company shall not, and shall not be required to, deliver any notice to such Holder pursuant to this Section 2.4 and such Holder shall no longer be entitled to participate in any
Piggyback Underwritten Offering. 
 (c) If the Managing Underwriter of the Piggyback Underwritten Offering shall inform the Company of its
belief that the number of Registrable Securities requested to be included in such Piggyback Underwritten Offering, when added to the number of shares of Common Stock proposed to be offered by the Company or such other Persons who have or have been
granted registration rights (and any other shares of Common Stock requested to be included by any other Persons having registration rights on parity with the Piggybacking Holders with respect to such offering), would materially adversely affect such
offering, then the Company shall include in such 

  
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Piggyback Underwritten Offering, to the extent of the total number of securities which the Company is so advised can be sold in such offering without so materially adversely affecting such
offering, shares of Common Stock in the following priority: 
 (i) if the Piggyback Underwritten Offering is for the account
of the Company, first, all shares of Common Stock that the Company proposes to include for its own account (the “Company Securities”), second, the shares of Common Stock that the Piggybacking Holders propose to include (pro
rata among the Piggybacking Holders based on the number of shares of Common Stock each requested to be included), and third, the shares of Common Stock that other Persons who have or have been granted registration rights propose to include
(pro rata among such other Persons based on the number of shares of Common Stock each requested to be included); 

(ii) if the notice of a Piggyback Underwritten Offering pursuant to Section 2.4(a) is given on or
prior to the third (3rd) anniversary of the Felix Closing Date, the Piggyback Underwritten Offering is for the account of any other Persons who have or have been granted registration rights,
first, all shares of Common Stock that the Piggybacking Holders propose to include (pro rata among the Piggybacking Holders based on the number of shares of Common Stock each requested to be included), second, the shares of Common Stock that
such other Persons propose to include (pro rata among such other Persons based on the number of shares of Common Stock each requested to be included), and third, the Company Securities; or 

(iii) if the notice of a Piggyback Underwritten Offering pursuant to Section 2.4(a) is given after
the third (3rd) anniversary of the Felix Closing Date, the Piggyback Underwritten Offering is for the account of any other Persons who have or have been granted registration rights, first, the
shares of Common Stock that such other Persons propose to include (pro rata among such other Persons based on the number of shares of Common Stock each requested to be included), second, all shares of Common Stock that the Piggybacking
Holders propose to include (pro rata among the Piggybacking Holders based on the number of shares of Common Stock each requested to be included), and third, the Company Securities. 

Section 2.5 Participation in Underwritten Offerings. 

(a) In connection with any Underwritten Offering contemplated by Section 2.2 or
Section 2.4, the underwriting agreement into which each Selling Holder and the Company shall enter into shall contain such representations, covenants, indemnities (subject to Article III) and other
rights and obligations as are customary in Underwritten Offerings of securities by the Company, and the Company shall be entitled to designate counsel for the underwriters. No Selling Holder shall be required to make any representations or
warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Selling Holder’s authority to enter into such underwriting agreement and to sell, and its ownership of, the
securities being registered on its behalf, its intended method of distribution and any other representation required by law. 

  
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 (b) Any participation by the Piggybacking Holders in a Piggyback Underwritten Offering shall
be in accordance with the plan of distribution of the Company or the other Persons who have registration rights, as applicable. 
 (c) In
connection with any Piggyback Underwritten Offering in which any Piggybacking Holder includes Registrable Securities pursuant to Section 2.4, such Piggybacking Holder agrees (A) to supply any information reasonably
requested by the Company in connection with the preparation of a Registration Statement and/or any other documents relating to such registered offering and (B) to execute and deliver any agreements and instruments being executed by all holders
on substantially the same terms reasonably requested by the Company or the Managing Underwriter, as applicable, to effectuate such registered offering, including, without limitation, underwriting agreements (subject to
Section 2.5(a)), custody agreements, powers of attorney, questionnaires, and lock-ups or “hold back” agreements pursuant to which such Piggybacking Holder agrees with the
Managing Underwriter not to sell or purchase any securities of the Company for the shorter of (i) the same period of time following the registered offering as is agreed to by the Company and the other participating holders (not to exceed the
shortest number of days that any director of the Company, “executive officer” (as defined under Section 16 of the Exchange Act) of the Company or any stockholder of the Company (other than a Holder or director or employee of, or
consultant to, the Company) who owns 10% or more of the outstanding shares contractually agrees with the underwriters of such Piggyback Underwritten Offering not to sell any securities of the Company following such Piggyback Underwritten Offering)
and (ii) 60 days from the date of the execution of the underwriting agreement with respect to such Piggyback Underwritten Offering. 

Section 2.6 Registration Procedures. 

(a) In connection with its obligations under this Article II, the Company will take all reasonably necessary action
to facilitate and effect the transactions contemplated thereby, including, but not limited to, the following: 
 (i) promptly
prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions
of the Securities Act with respect to the disposition of all securities covered by such Registration Statement until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the Selling
Holder or Selling Holder thereof set forth in such Registration Statement; 
 (ii) furnish to each Selling Holder, without
charge, such number of conformed copies of such Registration Statement and of each such amendment and supplement thereto (in each case including, without limitation, all exhibits), such number of copies of the prospectus contained in such
Registration Statement (including without limitation each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and
such other documents, as such Selling Holder may reasonably request; 

  
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 (iii) if applicable, use its commercially reasonable efforts to register or
qualify all Registrable Securities and other securities covered by such Registration Statement under such other securities or blue sky laws of such jurisdictions as each Selling Holder thereof shall reasonably request, to keep such registration or
qualification in effect for so long as such Registration Statement remains in effect, and to take any other action which may be reasonably necessary or advisable to enable such Selling Holder to consummate the disposition in such jurisdictions of
the securities owned by such Selling Holder, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this
clause (iii) be obligated to be so qualified or to consent to general service of process in any such jurisdiction; 

(iv) use its commercially reasonable efforts to provide to each Selling Holder and any underwriters a copy of any customary
auditor “comfort” letters, legal opinions or reports of the independent petroleum engineers of the Company relating to the oil and gas reserves of the Company; 

(v) promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the
Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and at the request of any such Selling Holder promptly prepare and file or furnish to such
Selling Holder a reasonable number of copies of a supplement or post-effective amendment to the Registration Statement or a supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference, or file
any other required document as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 

(vi) otherwise comply with all applicable rules and regulations of the Commission, and make available to its security
holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act, and shall furnish to each such Selling Holder at least the Business Day prior
to the filing thereof a copy of any amendment or supplement to such Registration Statement or prospectus; 
 (vii) provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(viii) in connection with the preparation and filing of any Registration Statement or any sale of Registrable Securities in
connection therewith, the Company will give the Holders offering and selling thereunder, any underwriters and their respective counsels the opportunity to review and provide comments on such Registration Statement,

  
 12 

 
each prospectus included therein or filed with the Commission, and each amendment thereof or supplement thereto (other than amendments or supplements that do not make any material change in the
information related to the Company) (provided that the Company shall not file any such Registration Statement including Registrable Securities or an amendment thereto or any related prospectus or any supplement thereto to which such Holders or any
underwriter shall reasonably object in writing), and give each of them, together with any underwriter, broker, dealer or sales agent involved therewith, such access to its books and records and such opportunities to discuss the business of the
Company and its subsidiaries with its officers, its counsel, the independent public accountants who have certified its financial statements, and the independent petroleum engineers of the Company as shall be necessary, in the opinion of the
Holder’s and such underwriters’ (or broker’s, dealer’s or sales agent’s, as the case may be) respective counsel, to conduct a reasonable due diligence investigation within the meaning of the Securities Act; 

(ix) use its commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of the
Registration Statement, and, if any such order suspending the effectiveness of such Registration Statement is issued, shall promptly use its commercially reasonable efforts to obtain the withdrawal of such order at the earliest possible moment; 

(x) promptly notify the Holders (i) of the issuance by the Commission of any stop order suspending the effectiveness of
the Registration Statement or the initiation or threat of any proceedings for that purpose, (ii) of any delisting or pending delisting of the Common Stock by any national securities exchange or market on which the Common Stock are then listed
or quoted, and (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction or the
initiation of any proceeding for such purpose; 
 (xi) cause all Registrable Securities covered by such Registration
Statement to be listed on any securities exchange on which the Common Stock is then listed; 
 (xii) enter into such
customary agreements, including but not limited to lock-up agreements by the Company (and, if reasonably requested by the Managing Underwriter(s), the Company’s directors and “executive
officers” (as defined under Section 16 of the Exchange Act)) that extend through 60 days following the entrance into the corresponding underwriting agreement, and to take such other actions as the Holder or Holders shall reasonably request
in order to expedite or facilitate the disposition of such Registrable Securities; and 
 (xiii) cause its officers to use
their commercially reasonable efforts to support the marketing of the Registrable Securities covered by the Registration Statement (including, without limitation, participation in electronic or telephonic “road shows”). 

  
 13 

 (b) Each Holder agrees by acquisition of such Registrable Securities that upon receipt of
any notice from the Company of the happening of any event of the kind described in Section 2.6(a)(v), such Holder will forthwith discontinue such Holder’s disposition of Registrable Securities pursuant to the
Registration Statement until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.6(a)(v) as filed with the Commission or until it is advised in writing by the
Company that the use of such Registration Statement may be resumed, and, if so directed by the Company, will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession
of the prospectus relating to such Registrable Securities current at the time of receipt of such notice. The Company may provide appropriate stop orders to enforce the provisions of this Section 2.6(b). 

Section 2.7 Cooperation by Holders. The Company shall have no obligation to include Registrable Securities of a Holder in any
Registration Statement or Underwritten Offering if such Holder has failed to timely furnish such information as the Company may, from time to time, reasonably request in writing regarding such Holder and the distribution of such Registrable
Securities that the Company determines, after consultation with its counsel, is reasonably required in order for any registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 

Section 2.8 Expenses. The Company shall be responsible for all Registration Expenses incident to its performance of or compliance
with its obligations under this Article II. Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable Securities hereunder. 

Section 2.9 Additional Rights. The Company is not currently a party to and shall not hereafter enter into any agreement with
respect to its securities that in any way violates or subordinates rights granted to the Holders by this Agreement without the prior written consent of the Majority Holders. 

ARTICLE III 

INDEMNIFICATION AND CONTRIBUTION 

Section 3.1 Indemnification by the Company. The Company will indemnify and hold harmless each Holder, its officers and directors
and each Person (if any) that controls such Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages, liabilities, costs (including costs of
preparation and attorneys’ fees and any legal or other fees or expenses incurred by such Person in connection with any investigation or Proceeding), expenses, judgments, fines, penalties, charges and amounts paid in settlement
(“Losses”) as incurred, caused by, arising out of or based upon, resulting from or related to any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or prospectus relating to the
Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus, any filing made in connection with the qualifications of the offering under the securities
or other blue sky laws of any jurisdiction in which Registrable Securities are offered, or any other offering document (including any related notification, or the like) incident to any such registration, qualification, or compliance, or based on any
or any omission or alleged omission to state therein a material fact required to be stated therein or 

  
 14 

 
necessary to make the statements therein not misleading (in the case of any prospectus, in the light of the circumstances under which such statement is made), or any violation by the Company of
this Agreement, the Securities Act or the Exchange Act, or any rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification, or
compliance, provided, however, that such indemnity shall not apply to that portion of such Losses caused by, or arising out of, any untrue statement, or alleged untrue statement or any such omission or alleged omission, to the extent such
statement or omission was made in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of such Holder expressly for use therein. 

Section 3.2 Indemnification by the Holders. Each Holder agrees to indemnify and hold harmless the Company, its officers and
directors and each Person (if any) that controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all Losses caused by, arising out of, resulting from or
related to any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or prospectus relating to Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or
supplements thereto) or any preliminary prospectus, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus, in the
light of the circumstances under which such statement is made), only to the extent such statement or omission was made in reliance upon and in conformity with information furnished in writing by or on behalf of such Holder expressly for use therein.

 Section 3.3 Indemnification Procedures. In case any Proceeding (including any governmental investigation) shall be instituted
involving any Person in respect of which indemnity may be sought pursuant to Section 3.1 or Section 3.2, such Person (the “Indemnified Party”) shall promptly notify the Person
against whom such indemnity may be sought (the “Indemnifying Party”) in writing (provided that the failure of the Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under
this Article III, except to the extent the Indemnifying Party is actually and materially prejudiced by such failure to give notice), and the Indemnifying Party shall be entitled to participate in such Proceeding and, unless
in the reasonable opinion of outside counsel to the Indemnified Party a conflict of interest between the Indemnified Party and Indemnifying Party may exist in respect of such claim, to assume the defense thereof jointly with any other Indemnifying
Party similarly notified, to the extent that it chooses, with counsel reasonably satisfactory to such Indemnified Party, and after notice from the Indemnifying Party to such Indemnified Party that it so chooses, the Indemnifying Party shall not be
liable to such Indemnified Party for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that (i) if
the Indemnifying Party fails to assume the defense or employ counsel reasonably satisfactory to the Indemnified Party, (ii) if such Indemnified Party who is a defendant in any action or Proceeding that is also brought against the Indemnifying
Party reasonably shall have concluded that there may be one or more legal defenses available to such Indemnified Party that are not available to the Indemnifying Party or (iii) if representation of both parties by the same counsel is otherwise
inappropriate under applicable standards of professional conduct then, in any such case, the Indemnified Party shall have the right to assume or continue its own defense as set forth above (but with no more than one firm of counsel for all
Indemnified Parties in each jurisdiction, except to the extent any Indemnified Party or Parties reasonably shall 

  
 15 

 
have concluded that there may be legal defenses available to such party or parties that are not available to the other Indemnified Parties or to the extent representation of all Indemnified
Parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct) and the Indemnifying Party shall be liable for any expenses therefor. No Indemnifying Party shall, without the written consent of the
Indemnified Party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not
the Indemnified Party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional release of the Indemnified Party from all liability arising out of such action or claim
and (B) does not include a statement as to, or an admission of, fault, culpability or a failure to act, by or on behalf of any Indemnified Party. 

Section 3.4 Contribution. 

(a) If the indemnification provided for in this Article III is unavailable to an Indemnified Party in respect of any
Losses in respect of which indemnity is to be provided hereunder, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall to the fullest extent permitted by law contribute to the amount paid or payable by such Indemnified
Party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of such party in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations.
The relative fault of the Company (on the one hand) and a Holder (on the other hand) shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by such party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(b) The Company and each Holder agree that it would not be just and equitable if contribution pursuant to this
Article III were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 3.4(a). The amount paid or
payable by an Indemnified Party as a result of the losses, claims, damages or liabilities referred to in Section 3.4(a) shall be deemed to include, subject to the limitations set forth above, any legal or other
expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Article III, no Holder shall be liable for
indemnification or contribution pursuant to this Article III for any amount in excess of the net proceeds of the offering received by such Holder, less the amount of any damages that such Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation. 

  
 16 

 ARTICLE IV 

RULE 144; ASSISTANCE WITH TRANSFERS. 

Section 4.1 Rule 144. 

(a) With a view to making available the benefits of certain rules and regulations of the Commission that may permit the resale of the
Registrable Securities without registration, the Company agrees to use its commercially reasonable efforts to: 
 (i) make
and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times from and after the date hereof; 

(ii) file with the Commission in a timely manner all reports and other documents required of the Company under the Securities
Act and the Exchange Act at all times from and after the date hereof; and 
 (iii) so long as a Holder owns any Registrable
Securities, furnish (i) to the extent accurate, forthwith upon request, a written statement of the Company that it has complied with the reporting requirements of Rule 144 under the Securities Act and (ii) unless otherwise available
via the Commission’s EDGAR filing system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such Holder may reasonably request in availing
itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration. 

Section 4.2 Assistance with Transfers . In connection with any sale or transfer of Registrable Securities by any Holder, including
any sale or transfer pursuant to Rule 144 and other rules and regulations of the Commission that may at any time permit a Holder of Registrable Securities to sell securities of the Company to the public without registration, the Company
shall, to the extent allowed by law, take any and all action necessary or reasonably requested by such Holder in order to permit or facilitate such sale or transfer, including, without limitation, at the sole expense of the Company, by
(i) issuing such directions to any transfer agent, registrar or depositary, as applicable, (ii) delivering such opinions to the transfer agent, registrar or depositary as are customary for the transaction of this type and are reasonably
requested by the same, and (iii) taking or causing to be taken such other actions as are reasonably necessary (in each case on a timely basis) in order to cause any legends, notations or similar designations restricting transferability of the
Registrable Securities held by such Holder to be removed and to rescind any transfer restrictions with respect to such Registrable Securities; provided, however, that such Holder shall deliver to the Company, in form and substance reasonably
satisfactory to the Company, representation letters regarding such Holder’s compliance with such rules and regulations, as may be applicable. In addition, the Company, at its sole expense, shall use commercially reasonable efforts to
remove any restrictive legend on any shares of Common Stock that are Registrable Securities upon request by the Holder if (A) such shares of Common Stock are sold pursuant to an effective registration statement or (B) a registration
statement covering the resale of such shares of Common Stock is effective under the Securities Act and the applicable Holder delivers to the Company a representation letter agreeing that such shares of Common Stock will be sold under such effective
registration statement. 

  
 17 

 ARTICLE V 

TRANSFER OR ASSIGNMENT OF RIGHTS 

The rights to cause the Company to register Registrable Securities under Article II of this Agreement may be
transferred or assigned by each Holder to one or more Transferees or assignees of Registrable Securities if such Transferee is (i) a Permitted Transferee or (ii) acquiring at least $100 million of Registrable Securities as determined
by reference to the volume weighted average price for such Registrable Securities on any securities exchange or market on which the Common Stock are then listed or quoted for the five trading days immediately preceding the applicable determination
date (the “5-Day VWAP”) and such Transferee has delivered to the Company a duly executed Adoption Agreement; provided, that a Holder’s rights under
Section 2.2 and Section 2.4 may only be transferred if such Transferee is (i) an Affiliate of the Investor; or (ii) is acquiring at least $100 million of Registrable Securities as
determined by the 5-Day VWAP. 
 ARTICLE VI 

MISCELLANEOUS 

Section 6.1 Termination. This Agreement shall terminate as to any Holder, when such Holder no longer owns any shares of Common
Stock that constitute Registrable Securities; provided, however, that Article III shall survive any termination hereof. 

Section 6.2 Severability. If any provision of this Agreement shall be determined to be illegal and unenforceable by any court of
law, the remaining provisions shall be severable and enforceable in accordance with their terms. 
 Section 6.3 Remedies. In the
event of actual or potential breach by the Company of any of its obligations under this Agreement, each Holder, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be
entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and
further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 

Section 6.4 Governing Law; Waiver of Jury Trial. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of
conflicts of laws that would direct the application of the laws of another jurisdiction. 
 (b) THE PARTIES HEREBY WAIVE TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY PARTY AGAINST ANOTHER IN ANY MATTER WHATSOEVER ARISING OUT OF OR IN RELATION TO OR IN CONNECTION WITH THIS AGREEMENT. FURTHER, NOTHING HEREIN SHALL DIVEST A COURT OF COMPETENT JURISDICTION OF THE
RIGHT AND POWER TO GRANT A TEMPORARY RESTRAINING ORDER, TO GRANT TEMPORARY INJUNCTIVE RELIEF, OR TO COMPEL SPECIFIC PERFORMANCE OF ANY DECISION OF AN ARBITRAL TRIBUNAL MADE PURSUANT TO THIS PROVISION. 

  
 18 

 Section 6.5 Adjustments Affecting Registrable Securities. The provisions of this
Agreement shall apply to any and all shares of capital stock of the Company or any successor or assignee of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in
substitution for the Registrable Securities, by reason of any stock dividend, split, reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise in such a manner and with such appropriate adjustments as to
reflect the intent and meaning of the provisions hereof and so that the rights, privileges, duties and obligations hereunder shall continue with respect to the capital stock of the Company as so changed. 

Section 6.6 Binding Effects; Benefits of Agreement. This Agreement shall be binding upon and inure to the benefit of the Company
and its successors and assigns and each Holder and its successors and assigns. Except as provided in Article V, neither this Agreement nor any of the rights, benefits or obligations hereunder may be assigned or transferred,
by operation of law or otherwise, by any Holder without the prior written consent of the Company. 
 Section 6.7 Notices. All
notices or other communications that are required or permitted hereunder shall be in writing and shall be deemed to have been given if (i) personally delivered, (ii) sent by nationally recognized overnight courier, (iii) sent by
registered or certified mail, postage prepaid, return receipt requested or (iv) email, addressed as follows: 
 (a) If to the Company,
to: 
 Devon Energy Corporation 

333 West Sheridan Avenue 

Oklahoma City, Oklahoma 73102 

Attention: Jeffrey L. Ritenour; Lyndon C. Taylor; Edward Highberger 

Email: Jeff.Ritenour@dvn.com; lyndon.taylor@dvn.com; Edward.Highberger@dvn.com 

with copies to (which shall not constitute notice): 

Skadden, Arps, Slate, Meagher & Flom LLP 

1000 Louisiana Street 
 Suite
6800 
 Houston, Texas 77002 

Attention: Frank Ed Bayouth II 

Email: Frank.Bayouth@skadden.com 

  
 19 

 (b) If to the Investor, to 

Felix Investments Holdings II, LLC 

1530 16th Street 

Suite 500 
 Denver,
Colorado 80202 
 Attention: John D. McCready 

Email: johnm@felix-energy.com 

with copies to (which shall not constitute notice): 

Vinson & Elkins L.L.P. 

1001 Fannin, Suite 2500 

Houston, Texas 77002 

Attention: Douglas E. McWilliams and W. Matthew Strock 

E-mail: dmcwilliams@velaw.com; mstrock@velaw.com 

(c) If to any other Holders, to their respective addresses set forth on the applicable Adoption Agreement; 

or to such other address as the party to whom notice is to be given may have furnished to such other party in writing in accordance herewith. Any such
communication shall be deemed to have been received (i) when delivered, if personally delivered, (ii) on the date sent if delivered by e-mail on a Business Day, or if not sent on a Business Day, on
the first Business Day thereafter, (iii) the next Business Day after delivery, if sent by nationally recognized overnight courier, and (iv) on the third (3rd) Business Day following the date on which the piece of mail containing such
communication is posted, if sent by first-class mail. 
 Section 6.8 Modification; Waiver. This Agreement may be amended,
modified or supplemented only by a written instrument duly executed by the Company and the Majority Holders. No course of dealing between the Company and the Holders (or any of them) or any delay in exercising any rights hereunder will operate as a
waiver of any rights of any party to this Agreement. The failure of any party to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such party thereafter to
enforce each and every provision of this Agreement in accordance with its terms. 
 Section 6.9 Entire Agreement. Except as
otherwise expressly provided herein, this Agreement constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings of the parties in connection
therewith. 
 Section 6.10 Counterparts. This Agreement may be executed in any number of counterparts, and each such counterpart
shall be deemed to be an original instrument, but all such counterparts taken together shall constitute but one agreement. 

[signature page follows] 

  
 20 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed by its
undersigned duly authorized representative as of the date first written above. 
  

			
	DEVON ENERGY CORPORATION
		
	By:	 	/s/ Jeffrey L. Ritenour
		 	Name: Jeffrey L. Ritenour
		 	Title:   Executive Vice President and Chief Financial Officer

  
 SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT 

 
			
	FELIX INVESTMENTS HOLDINGS II, LLC
		
	By:	 	/s/ John D. McCready
		 	Name: John D. McCready
		 	Title: Chief Executive Officer

 SIGNATURE PAGE TO REGISTRATION
RIGHTS AGREEMENT 

 EXHIBIT A 

ADOPTION AGREEMENT 
 This
Adoption Agreement (“Adoption Agreement”) is executed by the undersigned transferee (“Transferee”) pursuant to the terms of the Registration Rights Agreement, dated as of January 7, 2021, among Devon Energy
Corporation (the “Company”), Felix Investment Holdings II, LLC and the Holders party thereto (as amended from time to time, the “Registration Rights Agreement”). Terms used and not otherwise defined in this Adoption
Agreement have the meanings set forth in the Registration Rights Agreement. 
 By the execution of this Adoption Agreement, the Transferee
agrees as follows: 
  

	1.	 Acknowledgement. Transferee acknowledges that Transferee is acquiring certain shares of Common Stock of
the Company, subject to the terms and conditions of Registration Rights Agreement, among the Company and the Holders party thereto. 

  

	2.	 Agreement. Transferee (i) agrees that the shares of Common Stock of the Company acquired by
Transferee shall be bound by and subject to the terms of the Registration Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Registration Rights Agreement with the same force and effect as if he, she or it were
originally a party thereto. 

  

	3.	 Notice. Any notice required as permitted by the Registration Rights Agreement shall be given to
Transferee at the address listed beside Transferee’s signature below. 

  

	4.	 Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption Agreement to
acknowledge its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the shares of Common Stock and other securities referred to above and in the Registration Rights Agreement, to
the terms of the Registration Rights Agreement. 

 Signature: 

 

			
	 	  	
		
	 	  	

 Address: 
 Contact Person: 

Telephone No: 
 Email:EX-10.3

 Exhibit 10.3 

Execution Version 
 EMPLOYMENT
AGREEMENT 
 This Employment Agreement (this “Agreement”) by and between Devon Energy Corporation (the
“Company”) and Richard E. Muncrief (the “Executive”). 
 WHEREAS, the Executive is presently the Chairman
and Chief Executive Officer of WPX Energy, Inc. (“WPX”); 
 WHEREAS, the Company, East Merger Sub, Inc., a wholly-owned
subsidiary of the Company, and WPX entered into an Agreement and Plan of Merger, dated as of September 26, 2020 (as it may be amended from time to time, the “Merger Agreement”); 

WHEREAS, pursuant to the Merger Agreement, Merger Sub will merge with and into WPX, with WPX surviving the merger as a wholly-owned, direct
subsidiary of the Company (such merger the “Merger” and the date of the consummation of the Merger the “Effective Date”); 

WHEREAS, the Executive and WPX are party to an Amended and Restated
Change-in-Control Severance Agreement, dated as of September 26, 2020 (the “WPX CIC Severance Agreement”); 

WHEREAS, the Executive and the Company entered into an employment letter agreement on September 26, 2020 (the “Letter
Agreement”) relating to the terms of the Executive’s employment to become effective as of immediately following the closing of the Merger; and 

WHEREAS, the Company and the Executive wish to enter into this Agreement to supersede any and all prior agreements relating to the subject
matter hereof, including without limit the Letter Agreement (with the exception of the third paragraph thereof relating to the Executive’s annual base salary and target annual bonus and long-term incentive opportunity) and the WPX CIC Severance
Agreement. 
 NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 

1. Term of Agreement; Defined Terms. 

(a) Term of Agreement. This Agreement shall become effective as of the Effective Date and shall cease to be of any force or effect if
the Merger Agreement is terminated before consummation of the Merger. Subject to the foregoing sentence, this Agreement shall not have any specific duration and shall continue in full force and effect unless and until (i) the Executive’s
employment is terminated by either party in accordance with Section 3, and (ii) all obligations and liabilities of the parties arising in connection with such termination or otherwise accruing under this Agreement have
been fully satisfied. Notwithstanding any contrary provision in this Agreement, nothing in this Agreement constitutes a guarantee of continued employment but instead provides for certain rights and benefits during the Executive’s employment
with the Company and if such employment terminates. 
 (b) Defined Terms. Capitalized terms used throughout this Agreement have the
meaning ascribed to such terms in Exhibit “A” attached hereto. 

  
 1 

 2. Terms, Conditions, and Benefits of Employment. 

(a) Position and Duties. The Executive shall serve as President and Chief Executive Officer of the Company or in such other
substantially equivalent position(s) requested by the Board with the appropriate authority, duties, and responsibilities attendant to such position(s). The Executive shall devote his full working time, best efforts, abilities, knowledge, and
experience to the Company’s business and affairs as necessary to faithfully perform his duties, responsibilities, and authorities under this Agreement. The Executive may, without violating this Agreement, (i) serve on corporate, civic,
charitable, or industry boards or committees, (ii) deliver lectures, fulfill speaking engagements, or teach at educational institutions, or (iii) manage personal investments, so long as such activities do not significantly interfere with
the Executive’s obligations under this Agreement; provided, however, that the Executive shall not serve on the board of any business, hold any other position with any business, or otherwise engage in any business activity, without the
prior written consent of the Board. If the Executive conducted any such activities as of the Effective Date, then the continuation of such activities (or similar activities for the same organization) after the Effective Date shall be permitted. 

(b) Annual Base Salary. The Executive shall receive an Annual Base Salary, which may be increased from time to time in the
Company’s discretion but shall not be reduced unless the Company reduces the salaries of similarly situated executives, in which case the Annual Base Salary may be reduced by the same percentage and shall be restored to its prior level when,
and to the same extent as, the Company restores the salaries of such similarly situated executives. Any increase in Annual Base Salary shall not limit or reduce any other obligation owed to the Executive under this Agreement.

(c) Annual Bonus. The Executive shall be eligible to participate in a program in which he may receive an Annual Bonus. If the
Compensation Committee establishes a target for the Annual Bonus as a percentage of the Annual Base Salary, then such target shall not be less than the targets for similarly situated executives of the Company. Unless otherwise payable under
Sections 4(b)(i)(B) or 4(c), the Executive must be actively employed for the entire year upon which the Annual Bonus is based (or, for the year in which the Effective Date occurs, the entirety of the year following
Effective Date) to be eligible to receive such Annual Bonus. 
 (d) Incentive Awards. In the Compensation Committee’s
discretion, the Company may provide the Executive with annual equity grants, or cash awards in lieu of such grants, which shall be comparable to the grants or awards made to similarly situated executives of the Company. 

(e) Disability. The Company shall provide the same disability insurance coverage benefits to the Executive as provided to similarly
situated executives of the Company. If, during his employment with the Company, the Executive receives Short-Term Disability Payments, then the Company shall pay the Executive the difference between the Short-Term Disability Payments and the portion
of his then-current Annual Base Salary the Company would have paid him while receiving Short-Term Disability Payments. If the Executive is Disabled during his employment with the Company and otherwise entitled to receive salary and bonus payments
under this Agreement, then any such salary and bonus payments (or such payments in lieu of salary and bonus payments) shall be reduced by the amount of any Short-Term Disability Payments received by the Executive for the period of short-term
disability and any benefits paid for the same period under the Company-provided disability insurance coverage. 
 (f) Expenses. The
Company shall reimburse the Executive for all reasonable business-related expenses incurred and accounted for in accordance with its standard policies and procedures for expense reimbursements and deductibles under Section 162 of the Code. 

  
 2 

 (g) Other Employee Benefits. During the term of this Agreement, the Executive shall
be entitled to participate in all employee benefit, welfare, and other plans, practices, policies, and programs applicable to similarly situated executives of the Company, subject to the terms of such plans, practices, policies, and programs as they
may be amended from time to time. During any CIC Period, the Company shall continue to provide the Executive (and the Executive’s dependents, if applicable) with the same level of health (including dental), disability, and life (including
accidental death/dismemberment) insurance benefits as were provided to the Executive (and the Executive’s dependents, if applicable) immediately before the Change in Control upon terms and conditions that are not materially less favorable to
the Executive than as in effect immediately before the Change in Control with respect to each of such health, disability, and life insurance coverages. Beginning on a Change in Control and continuing at all times thereafter, the Company shall not
modify the requirements for eligibility for coverage or the benefits under the Retiree Medical Benefit Plan to adversely affect the Executive’s right to coverage or benefits for the Executive and the Executive’s dependents, if applicable.

 (h) Fringe Benefits. To the extent not otherwise covered under this Agreement, the Company shall provide the Executive with fringe
benefits and perquisites to the same extent and on the same terms as those benefits are provided by the Company from time to time to similarly situated executives of the Company. 

3. Termination of Employment; Suspensions; Change in Control. 

(a) Termination Upon Death. The Executive’s employment with the Company shall terminate immediately upon the Executive’s
death. 
 (b) Reassignment of Duties and Termination Due to the Executive Becoming Disabled. 

(i) Reassignment. Whether or not the Executive is Disabled, the Company may reassign his duties during any time he has become
physically or mentally incapable of performing his essential job functions with or without reasonable accommodation or job protection as required by law and no such reassignment shall be deemed Good Reason for the Executive to terminate his
employment under Section 3(d).  
 (ii) Termination. If the Executive becomes Disabled, then the
Company may give the Executive written notice of its intent to terminate his employment, in which case such employment shall terminate effective on the thirtieth (30th) day after receipt of such notice as long as the Executive has not been medically
released and returned to full-time duty before such thirtieth (30th) day. 
 (c) Termination by the Company; Cause. The Company may
terminate the Executive’s employment with the Company at any time whether with or without Cause. If the Company terminates the Executive’s employment for Cause, then such termination shall not be effective unless and until the Board
(i) provides reasonable notice and an opportunity to the Executive and his counsel (if applicable) to be heard at a meeting called to discuss the Executive’s employment and (ii) subsequently provides the Executive with a copy of a
resolution duly adopted by at least a two-thirds (2/3) majority of the Board specifying that the Board has determined in good faith that Cause exists for terminating the Executive’s employment. 

  
 3 

 (d) Termination by the Executive; Good Reason. The Executive may terminate his
employment with the Company at any time whether with or without Good Reason. If the Executive believes Good Reason exists for terminating his employment, then he shall give the Company written notice of the acts or omissions constituting Good Reason
within thirty (30) days after learning of such acts or omissions constituting Good Reason (the “Good Reason Notice”). No termination of employment for Good Reason shall be effective unless (i) within thirty (30) days after
receiving the Good Reason Notice, the Company fails to either cure such acts or omissions or notify the Executive of the intended method of cure, and (ii) the Executive delivers a Notice of Termination to the Company and subsequently resigns
within thirty (30) days after the Company’s deadline in Section 3(d)(i) expires. Notwithstanding the previous sentence and at the Company’s request, the Executive shall provide services consistent with his
then-current authority, duties, and responsibilities for up to ninety (90) days after having provided the Good Reason Notice to the Company. Without limiting Section 14 or the definition of “Good Reason”
below, the Executive acknowledges and agrees that nothing in this Agreement shall constitute “Good Reason” pursuant to the WPX CIC Severance Agreement or constitute grounds for “good reason” pursuant to the terms and conditions
of any of WPX equity incentive compensation awards (including as they may be converted into Company equity incentive compensation awards) or any other compensation plan or arrangement of the Company or WPX or any of their respective affiliates. 

(e) Paid Suspensions. Notwithstanding any contrary provision in this Agreement, the Company may suspend the Executive with pay for up
to thirty (30) days pending an investigation authorized by the Company or the Board, or pursued by, or at the request of, a governmental authority, to determine whether the Executive has engaged in acts or omissions constituting Cause. Any such
paid suspension shall not constitute Good Reason for the Executive to terminate his employment under Section 3(d). The Executive shall cooperate with the Company in connection with any such investigation. If the
Executive’s employment is subsequently terminated for Cause in connection with such investigation, then the Executive shall repay any amounts paid by the Company to the Executive during such paid suspension. 

(f) Effect of a Change in Control on Timing of Termination Date. If the Company terminates the Executive’s employment other than
for Cause or the Executive becoming Disabled and a Change in Control occurs following the Termination Date, then such Change in Control shall be deemed to have occurred immediately prior to the Termination Date if either (i) the Termination
Date occurs following the execution of an agreement that provides for a transaction or transactions that, if consummated, constitutes such Change in Control, or (ii) the Executive reasonably demonstrates that such termination was either
(A) requested by a third party who had indicated an intention or taken steps reasonably calculated to effect the Change in Control or who effectuates such Change in Control, or (B) was otherwise in connection with, or in anticipation of,
such Change in Control. 
 (g) Notice of Termination. Any termination of the Executive’s employment by the Company or by the
Executive shall be effective only when communicated by a Notice of Termination given to the other party in accordance with Section 15(d). In the event of a termination by the Executive for Good Reason, a Notice of
Termination shall be effective only if given within the time limit established by Section 3(d). 
 (h) Effect
of Termination and Duties Upon Termination. If, on the Termination Date, the Executive is a member of the board of directors (or any similar governing body) or an officer of the Company or any Affiliate, or holds any other position with the
Company or an Affiliate, then the Executive shall resign and be deemed to have resigned from all such positions as of the Termination Date. Between the date a Notice of Termination is delivered and the Termination Date, the Executive shall continue
to perform his duties under this Agreement and such services for the Company as are necessary and 

  
 4 

 
appropriate for a smooth transition to the Executive’s replacement, if any. Notwithstanding the foregoing sentence, the Company may relieve the Executive from further duties under this
Agreement after receiving a Notice of Termination; provided, however, that prior to the Termination Date, the Executive shall continue to be treated as a Company employee for other purposes and the Executive’s rights to compensation or
benefits shall not be reduced by reason of the relief. Upon the Termination Date, the Executive shall return to the Company any keys, credit cards, passes, confidential documents or material, or other property belonging to the Company, and all
writings, files, records, correspondence, notebooks, notes, and other documents and things (including any copies thereof) containing any Confidential Information. 

4. Obligations of the Company Upon Termination. 

(a) Accrued Obligations. Upon any termination of the Executive’s employment for any reason, the Company shall pay the Executive
(i) his accrued Annual Base Salary and accrued, unused vacation through the Termination Date in a lump sum in cash within thirty (30) days after the Termination Date, and (ii) if the Executive is actively employed during the entire
year upon which such Annual Bonus is based under Section 2(c) before the Termination Date (or for 2021, the portion of the year following the Effective Date), the Annual Bonus at the same time as such bonuses are paid to
similarly situated executives of the Company but in no event later than two and one-half (21⁄2) months after the end of
the taxable year in which any substantial risk of forfeiture with respect to such bonus lapses (the payments in (i) and (ii) shall be referred to as the “Accrued Obligations”). 

(b) Good Reason; Other Than for Cause, Death, or Becoming Disabled. If (x) the Company terminates the Executive’s employment
other than for Cause, the Executive’s death, or the Executive becoming Disabled, or (y) the Executive terminates his employment for Good Reason, then the Company shall, in addition to the payment of the Accrued Obligations, have the
following obligations to the Executive: 
 (i) the Company shall pay the Executive within thirty (30) days after the Termination Date

 (A) a lump sum in cash equal to three (3) times the sum of: 

(1) the greater of (x) the Executive’s then-current Annual Base Salary, or (y) the Executive’s Annual Base Salary at any
time during the two (2) years before the Termination Date; and 
 (2) the highest Annual Bonus received by the Executive within three
(3) years before the Termination Date (or, if termination occurs during the CIC Period, the greater of (x) the highest Annual Bonus received by the Executive within three (3) years before the Termination Date, and (y) the highest
Annual Bonus received by the Executive within three (3) years before the Change in Control); provided, however, if the Executive’s employment began in the same calendar year as the termination of such employment, then the Annual
Bonus amount used for calculating the lump sum payment due shall be determined by the Compensation Committee in its discretion; and 
 (B)
any applicable Prorated Annual Bonus; and
 (ii) the Company shall provide the Executive 

  
 5 

 (A) for the period allowed under Section 4980B of the Code, with the same level of
health and dental insurance benefits for the Executive (and his dependents, if applicable) upon substantially similar terms and conditions (including contributions required by the Executive for such benefits) as existed immediately before the
Termination Date (or, if more favorable to the Executive, as such benefits and terms and conditions existed immediately before the Change in Control, if applicable); provided, however, if the Executive is not eligible to continue
participating in the Company plans providing such benefits (including the Retiree Medical Benefit Plan), then the Company shall otherwise provide such benefits on the same after-tax basis as if continued
participation had been permitted. The Company’s obligations under this subparagraph (A) shall apply against its coverage obligations under COBRA. Notwithstanding the foregoing, if the Executive becomes eligible to receive health and dental
insurance benefits through subsequent employment, then the Executive shall ensure that a coordination of benefits occurs so that the medical and dental plan of the Executive’s new employer shall be responsible for such medical and dental
benefits that are available under the new employer’s plans before any medical and dental benefits are provided pursuant to this subparagraph (A). This subparagraph (A) shall not limit the ability of the Company or an Affiliate to
modify the terms of the Retiree Medical Benefit Plan for all participants who are similarly situated as the Executive, subject to the restrictions imposed by the plan; 

(B) for three (3) years following the Termination Date, with the same level of life insurance benefits upon substantially similar terms
and conditions (including contributions required by the Executive for such benefits) as existed immediately before the Termination Date (or, if more favorable to the Executive, as such benefits and terms and conditions existed immediately before the
Change in Control); provided, however, if the Executive is not eligible to continue participating in the Company plans providing such life insurance benefits, then the Company shall otherwise provide such benefits on the same after-tax death benefit basis as if continued participation had been permitted; and 
 (C) within thirty
(30) days after the Termination Date, with a payment in an amount equal to eighteen (18) times the monthly COBRA premium that applies to the Executive (and his dependents if such dependents are then covered by the Company’s medical
plans on the Termination Date); and 
 (iii) the Company shall pay, or reimburse the Executive, for a reasonable amount of outplacement
services from a mutually agreeable service provider for twelve (12) months following the Termination Date. The amount of such outplacement services shall be commensurate with the Executive’s title and position with the Company and other
executives similarly situated in other companies within the Company’s peer industry group. Any reimbursement of such expenses shall be made by December 31 of the Executive’s taxable year following the year the expenses were incurred;
and 
 (iv) if the Termination Date occurs during the CIC Period, then the Executive shall be deemed, for purposes of the Retiree Medical
Benefit Plan, (i) to have earned three (3) years of service in addition to the Executive’s actual service at the Termination Date, and (ii) to be three (3) years older than his actual age on the Termination Date;
provided, however, that the additional deemed service and age shall not be construed to reduce the Executive’s right to benefits under the Retiree Medical Benefit Plan that may otherwise be reduced by reason of such additional service or
age. This paragraph (iv) shall not limit the ability of the Company or an Affiliate to modify the Retiree Medical Benefit Plan for all participants who are similarly situated as the Executive, subject to the restrictions imposed by the plan and
Section 2(g). 

  
 6 

 (c) Death or Disabled. If the Executive’s employment terminates due to death or
because he is Disabled, then this Agreement shall terminate without further obligations to the Executive or his legal representatives, as applicable, under this Agreement, other than the obligation to pay, within thirty (30) days after the
Termination Date, (i) the Accrued Obligations, and (ii) any applicable Prorated Annual Bonus. 
 (d) Cause; Other than for Good
Reason. If the Executive’s employment is terminated for Cause or the Executive terminates his employment without Good Reason, then this Agreement shall terminate without further obligations to the Executive under this Agreement other than
for payment of the Accrued Obligations. 
 (e) Application of Section 409A of the Code. Notwithstanding the above
paragraphs of this Section 4, if the Company determines that (i) the Executive is a “specified employee” within the meaning of Section 409A of the Code (“Section 409A”) as of the date of
his “separation from service” as defined by Section 409A (“Separation from Service”), and (ii) any amount of any payment to be made under this Section 4 is subject to Section 409A, then
such amount shall not be paid to the Executive until six (6) months after the date of his Separation from Service (or, if earlier, the date of his death). In such case, the portion of the payment so delayed shall be paid in a single lump sum in
cash on the first (1st) day of the seventh (7th) month following the Executive’s Separation from Service (or, if earlier, upon his death). 

(f) General Release. The Company’s obligation to make the payments described under Section 4(b) shall be
conditioned on the Executive signing and not revoking the general form of release attached as Exhibit “B” or such other form acceptable to the Company within the time periods provided in such release. The
Company shall not be required to make any payment under Section 4(b) until the period for the Executive to revoke the release has expired. 

5. Non-Exclusivity of Rights. Except as specifically provided in
Sections 4(b)(ii)(A) and 4(b)(iv), nothing in this Agreement shall prevent or limit the Executive’s right to participate in any plan, program, policy, or practice provided by the Company or any Affiliate and for
which the Executive may qualify, nor shall anything in this Agreement limit or otherwise affect such rights as the Executive may have under any other contract or agreement with the Company or any Affiliate. Amounts that are vested benefits or that
the Executive is otherwise entitled to receive under any plan, policy, practice, or program of, or any contract or agreement with, the Company or any Affiliate at or after the Termination Date shall be payable in accordance with such plan, policy,
practice, program, contract, or agreement, except as explicitly modified by this Agreement; provided, however, that the Executive shall not be eligible for severance benefits under any other severance program, policy, practice, or plan of the
Company or any Affiliate providing benefits upon involuntary termination of employment. 
 6. Full Settlement. The Company’s
payment and other obligations under this Agreement shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right, or action against the Executive or others. The Executive shall
have no obligation to seek employment or otherwise mitigate his damages under this Agreement and amounts payable to the Executive under this Agreement shall not be reduced whether or not the Executive obtains other employment, except as provided in
Section 4(b)(ii) of this Agreement. 

  
 7 

 7. Section 4999 of the Code Excise Tax; Cap on Payments. 

(a) Cap on Payments. If any payment, benefit or distribution by the Company, any Affiliate or a trust established by the Company or any
Affiliate to or for the benefit of the Executive (whether pursuant to this Agreement or otherwise) (each, a “Payment” or, collectively, the “Payments”) is subject to an excise tax imposed by the Code, including pursuant to
Section 4999 of the Code, or the Executive incurs any interest or penalties with respect to such an excise tax (such excise tax and any such interest and penalties shall be referred to as the “Excise Tax”), the Payments under
Section 4 of this Agreement (the “Agreement Payments”) shall be reduced (but not below zero) to an amount that maximizes the aggregate present value (determined in accordance with Section 280G(d)(4) of the
Code) of the Payments without causing any Payment to be subject to the limitation of deduction under Section 280G of the Code or the imposition of any Excise Tax, with such reduction being made (i) on a nondiscretionary basis so as to
minimize the reduction in the economic value to the Executive, (ii) in a manner consistent with the requirements of Section 409A, and (iii) on a pro-rata basis where more than one Agreement
Payment has the same present value for this purpose and they are payable at different times; provided, however, if the net amount retained by the Executive from all the Payments after the reductions described above in this
Section 7(a) would be less than the net amount retained by the Executive from all the Payments after the Executive’s payment of any Excise Tax, the Agreement Payments shall not be reduced as set forth in this
Section 7(a). 
 (b) Determinations. All determinations to be made under this
Section 7 shall be made by a nationally recognized certified public accounting firm designated by the Company immediately prior to the Change in Control (the “Accounting Firm”). The Accounting Firm shall provide
its determinations and any supporting calculations to the Company and the Executive within ten (10) days of the termination date or Change in Control, as applicable. Any such determination by the Accounting Firm shall be binding upon the
Company and the Executive. All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section 7 shall be borne solely by the Company. 

8. Confidential Information and Non-Solicitation. 

(a) Confidential Information. Given his position and employment with the Company, the Executive acknowledges that he will be using,
acquiring, and adding to Confidential Information of a special and unique nature and value to the Company and its strategic plan and financial operations. The Executive further acknowledges that all Confidential Information belongs exclusively to
the Company, is material and proprietary, and is critical to the Company’s success. Accordingly, the Executive shall use Confidential Information only to the Company’s benefit and shall not at any time during or after his employment with
the Company directly or indirectly disclose any Confidential Information to any person or use any Confidential Information for the Executive’s own benefit, for the benefit of others, or to the Company’s detriment,. 

(b) Legally Required Disclosure. If any court or agency requests the Executive to disclose Confidential Information, then the Executive
shall promptly notify the Company and take reasonable steps to prevent such disclosure until the Company receives such notice and has an opportunity to respond to such court or agency. If the Executive obtains information that may be subject to the
attorney-client privilege of the Company or any Affiliate, then the Executive shall take reasonable steps to maintain the confidentiality of such information and to preserve such privilege. 

(c) Exceptions. Confidential Information shall not include knowledge that was acquired during the course of the Executive’s
employment under this Agreement that is generally known to persons of the Executive’s experience in other companies in the same industry. 

  
 8 

 (d) Legal Proceedings. This Section 8 shall not
unreasonably restrict the Executive’s ability to disclose Confidential Information in any legal proceeding involving any claim for breach or enforcement of this Agreement. If the parties dispute whether information may be disclosed in
accordance with this Section 8(d), then the matter shall be considered an Employment Matter and decided in accordance with Section 10. 

(e) Other Obligations. This Agreement supplements, rather than supplants, the Executive’s obligations under any Company policy
relating to confidential information and any agreement of the Executive relating to confidentiality, inventions, copyrightable material, business and/or technical information, trade secrets, solicitation of employees, interference with business
relationships, competition, and other similar matters that protect the business and operations of the Company or its Affiliates. 
 (f) Non-Solicitation. During his employment with the Company and for thirty-six (36) months following the date such employment terminates, regardless of the reason for
such termination, the Executive shall not directly or indirectly hire, employ, solicit for employment, attempt to solicit for employment, or communicate with about changing employment, any person who was an employee of the Company or its Affiliate
within six (6) months of such hiring, employing, soliciting, or communicating (the “Non-Solicitation Obligation”); provided, however, that the
Non-Solicitation Obligation shall be modified as follows: 
 (i) if the Termination Date occurs
during the CIC Period, then the Non-Solicitation Obligation shall expire on the Termination Date; and 

(ii) if the Executive terminates his employment with the Company without Good Reason, then the
Non-Solicitation Obligation shall expire twelve (12) months following the Termination Date. 

(g) Remedies. The Executive acknowledges and agrees that the Company will have no adequate remedy at law and could be irreparably
harmed if the Executive breaches or threatens to breach his obligations under this Section 8. The Company shall be entitled to equitable and/or injunctive relief to prevent any such breach or threatened breach and to
specific performance in addition to any other available legal or equitable remedies. The Executive shall not, in any equity proceeding relating to the enforcement of this Section 8, raise the defense that the Company has an
adequate remedy at law. 
 (h) Survival. The Executive’s obligations under this Section 8 shall
survive any termination of the Executive’s employment or of this Agreement. 
 9. Assignment; Successors. 

(a) Assignment. The Company’s rights and obligations under this Agreement may not be assigned to any entity other than an
Affiliate without the Executive’s consent. The Executive’s duties, responsibilities, authorities, compensation, and benefits are personal to the Executive and may not be assigned to any person or entity without written consent from the
Company other than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 

  
 9 

 (b) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns. 
 (c) Assumption. The Company shall require any successor or assignee
(whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform if no such succession or assignment had taken place. 
 10. Dispute Resolution and Guarantees of
Payment. 
 (a) Mandatory Arbitration. Subject to Section 10(b), any Employment Matter shall be
finally settled by arbitration in Oklahoma City, Oklahoma administered by the AAA under its Employment Arbitration Rules then in effect; provided, however, that the AAA’s Employment Arbitration Rules shall be modified as follows:
(i) each arbitrator shall agree to treat as confidential evidence and other information presented, and (ii) there shall be no authority to award punitive damages or liquidated or indirect damages unless such damages could be awarded by a
court of competent jurisdiction. The decision of the arbitrator(s) shall be enforceable in any court of competent jurisdiction. 
 (b)
Injunctions and Enforcement of Arbitration Awards. Either party may bring an action or special proceeding in a state or federal court of competent jurisdiction in Oklahoma City, Oklahoma to enforce any arbitration award under
Section 10(a). The Company also may bring such an action or proceeding, in addition to its rights under Section 10(a) and whether or not an arbitration proceeding has been or is ever initiated, to
temporarily, preliminarily, or permanently enforce Sections 8 or 11. The Executive agrees that (i) violating Sections 8 or 11 would damage the Company in ways that cannot be
measured or repaired, (ii) the Company shall be entitled to an injunction, restraining order, or other equitable relief restraining any actual or threatened violation of Sections 8 or 11, (iii) the Company
shall not be required to post a bond or prove actual damages when seeking such an injunction, restraining order, or other equitable relief, and (iv) remedies at law for such violations would be inadequate. 

(c) Waiver of Jury Trial. To the extent permitted by law, the parties waive any and all rights to a jury trial with respect to any
Employment Matter. 
 (d) Attorney Fees. 

(i) If (A) a claim for arbitration or a lawsuit in connection with an Employment Matter (an “Employment Matter Claim”) is filed
by either of the parties, and (B) the Executive is ultimately successful in respect of one or more material claims or defenses brought, raised or pursued in connection with such Employment Matter Claim, then the Company shall reimburse the
Executive for all legal fees and expenses reasonably incurred in connection with such Employment Matter Claim, provided that such legal fees are reasonable and are calculated on an hourly rather than a contingency fee basis, as well as all costs and
expenses reasonably incurred in connection with pursuing or defending any such Employment Matter Claim. Except as provided in Section 10(d)(ii) below, the Company shall make such reimbursement to the Executive as soon as
practicable following final resolution of the Employment Matter Claim, but no later than December 31 of the year immediately following the year of such resolution, provided that the Company receives appropriate documentation of such
attorneys’ fees, costs, and expenses, which shall be provided by the Executive no later than the later of (x) December 31 of the year in which resolution occurs, or (y) sixty (60) days following the resolution of the Employment
Matter Claim. 

  
 10 

 (ii) If an Employment Matter Claim is filed by either of the parties during the CIC Period,
or (B) an Employment Matter Claim has been filed prior to a Change in Control but has not been resolved as of the effective date of a Change in Control, then the Executive may submit his request for reimbursement of attorneys’ fees, costs
and expenses on a monthly basis during the pendency of such Employment Matter Claim. Within sixty (60) days following the Company’s receipt of each such monthly request and appropriate documentation supporting such request for
reimbursement of attorneys’ fees, costs and expenses, the Company shall reimburse the Executive (or pay directly to the Executive’s attorney) the Executive’s attorneys’ fees, costs and expenses that the Company is obligated,
pursuant to Section 10(d)(i) above, to reimburse with respect to such Employment Matter Claim. In the event the Executive ultimately fails to be successful with respect to at least one of the Executive’s material
claims or defenses brought, raised or pursued in connection with such contest or dispute, the Executive shall repay the Company the amount of any such reimbursement received in connection with such dispute in accordance with this
Section 10(d) (without interest) as soon as practicable following the final resolution of such matter. 
 (e)
Secondary Liability for Payment. If any Affiliate is not otherwise obligated to provide benefits to the Executive by this Agreement, then the Company shall take, and cause each such Affiliate (the “Guarantors”) to take, such actions
as are necessary to cause the Guarantors to jointly and severally guarantee the payment of benefits otherwise due to the Executive under this Agreement if the Company fails to pay such benefit within thirty (30) days of the due date for such
payment; provided, however, that no entity organized under the laws of any jurisdiction outside the United States shall have an obligation to enter into such guarantee. Each of the Guarantors shall be subrogated to the Executive’s rights
under this Agreement to the extent of any payments by each such Guarantor to or on account of the Executive under this Section 10(e). 

11. Non-Disparagement. The Executive shall not make any negative or disparaging comments
regarding the Company or its Representatives or its or their respective performance, operations, or business practices, or otherwise take any action that could reasonably be expected to adversely affect the Company or such Representatives or their
personal or professional reputations. The Executive may truthfully respond to inquiries by government agencies or to inquiries by any person through a subpoena or other valid judicial process without violating this
Section 11, provided that the Executive delivers written notice of such required disclosure to the Company promptly before making such disclosure, unless such notice to the Company is prohibited by applicable law, court
order, subpoena, process, or governmental decree. 
 12. Indemnification and Insurance. 

(a) Indemnity. The Company shall, to the maximum extent permitted by law, defend, indemnify, and hold harmless the Executive and the
Executive’s heirs, estate, executors, and administrators against any costs, losses, claims, suits, proceedings, damages, or liabilities to which they may become subject to arising from, based on, or relating to the Executive’s employment
by the Company (and any predecessor of the Company), or the Executive’s service as an officer or member of the board of directors (or any similar governing body) of the Company (or any predecessor of the Company) or any Affiliate, including
without limitation reimbursement for any legal or other expenses reasonably incurred by the Executive in connection with investigation and defending against any such costs, losses, claims, suits, proceedings, damages, or liabilities. 

  
 11 

 (b) Insurance. The Company shall maintain directors and officers liability insurance
in commercially reasonable amounts (as reasonably determined by the Board), and the Executive shall be covered under such insurance to the same extent as other similarly situated executives of the Company; provided, however, that the Company
shall not be required to maintain such insurance coverage if the Board determines that it is unavailable at reasonable cost, provided that the Executive is given written notice of any such determination promptly after it is made. 

(c) Gross-Up. If the value of any benefits or payment provided under
Section 12(a) is subject to income taxes, then the Company shall make an additional payment (a “Gross-Up Payment”) to the Executive, by December 31 of the year next
following the Executive’s taxable year in which the income taxes were incurred, in an amount equal to 75% of the federal, state, and local income taxes imposed upon such benefits or payment. All determinations to be made under this
Section 12(c) (including whether and when a Gross-Up Payment is required) shall be (i) made within thirty (30) days of receipt by the Company of the Executive’s request
for the Gross-Up Payment, (ii) made by a nationally recognized certified public accounting firm designated by the Company, and (iii) binding upon the Company and the Executive. All of the fees and
expenses of the accounting firm in performing such determinations shall be borne solely by the Company. 
 13. Executive to Provide Assistance
with Claims. During his employment with the Company and following the termination of such employment, regardless of the reason for such termination, the Executive shall assist the Company in defending any claims that may be made against the
Company, and shall assist the Company in prosecuting any claims that may be made by the Company, to the extent that such claims may relate to the Executive’s services for the Company. The Executive shall promptly inform the Company if he learns
of any lawsuits involving such claims that may be filed against the Company. The Company shall reimburse the Executive for all reasonable out-of-pocket expenses
associated with such assistance, including travel expenses, incurred and accounted for in accordance with its standard policies and procedures for expense reimbursements and deductibles under Section 162 of the Code. For periods after the
Termination Date, the Company shall provide reasonable compensation to the Executive for such assistance at a rate to be determined by the Company in its discretion. The Executive shall promptly inform the Company if asked to assist in any
investigation of the Company that may relate to the Executive’s services for the Company, regardless of whether a lawsuit has then been filed against the Company with respect to such investigation. For purposes of this
Section 13, the term “Company” shall include the Company and its Affiliates. 
 14. Entire
Agreement. Except as provided in Section 3(d) or Section 8(e), this Agreement constitutes the entire agreement among the parties with respect to its subject matters and supersedes any and
all prior or contemporaneous oral and written agreements and understandings with respect to such subject matters, including without limit all prior agreements relating to employment, severance, or change in control and, for the avoidance of doubt,
including the Letter Agreement (with the exception of the third paragraph thereof relating to the Executive’s annual base salary and target annual bonus and long-term incentive opportunity) and the WPX CIC Severance Agreement; provided,
however, that this Agreement shall not adversely affect the Executive’s rights under the terms of any option on stock of the Company or any other award based on the stock of the Company. 

  
 12 

 15. Miscellaneous. 

(a) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Oklahoma, without
reference to its conflict-of-laws principles. 
 (b)
Captions. The captions of this Agreement are not part of this Agreement and shall have no force or effect. 
 (c) Amendment.
This Agreement may not be amended or modified except by a written agreement executed by the parties or their respective successors and legal representatives. 

(d) Notices. All notices and other communications under this Agreement shall be in writing and sent to the other party by either hand
delivery, pre-paid overnight carrier, or registered or certified U.S. mail (return receipt requested) postage prepaid, addressed as follows: 

If to the Executive: 
 Richard
E. Muncrief 
 Devon Energy Corporation 

333 West Sheridan Avenue 

Oklahoma City, Oklahoma 73102-5015 

If to the Company: 
 Devon
Energy Corporation 
 C/O Senior Vice President – Human Resources 

333 West Sheridan Avenue 

Oklahoma City, Oklahoma 73102-5015 

With a copy to: 
 Devon Energy
Corporation 
 C/O Executive Vice President & General Counsel 

333 West Sheridan Avenue 

Oklahoma City, Oklahoma 73102-5015 
 or to such
other address as either party shall have furnished to the other in writing. Such notice shall be deemed given (i) in the case of hand delivery, the day of delivery; (ii) in the case of overnight delivery, the next business day or the day
designated for delivery; and (iii) in the case of certified or registered U.S. mail, five (5) days after deposit in the U.S. mail; provided, however, that in no event shall any such notices be deemed to be given later than the date
they are actually received. 
 (e) Severability. The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement, and this Agreement shall be construed as if such invalid or unenforceable provisions were omitted (but only to the extent such provision cannot be appropriately reformed
or modified). If any such provision may be made enforceable by limitation, then such provision shall be deemed to be so limited and shall be enforceable to the maximum extent permitted by applicable law. 

  
 13 

 (f) Withholdings. The Company may withhold from any amounts payable under this
Agreement all amounts authorized by the Executive or required to be withheld under any applicable federal, state, local, or foreign law or regulation. 

(g) Waiver. The waiver by either party of a breach of any term or provision of this Agreement shall not operate or be construed as a
waiver of a subsequent breach of the same term or provision by either party or of the breach of any other term or provision of this Agreement. 

(h) Representations and Warranties. The Executive represents and warrants that (i) he is not, and shall not become, a party to any
agreement, contract, arrangement, or understanding, whether of employment or otherwise, that would in any way restrict or prohibit him from undertaking or performing the duties required by this Agreement or that would in any way restrict or prohibit
his ability to be employed by the Company in accordance with this Agreement; (ii) his employment by the Company does not and shall not violate the terms of any policy of, or any agreement with, any prior employer regarding confidentiality or
competition; and (iii) his position with the Company shall not require him to improperly use any trade secrets or confidential information of any prior employer or any other person or entity for whom he has performed services. 

(i) Section 409A Compliance. This Agreement is intended to comply with Section 409A and its corresponding
regulations, or an exemption therefrom, and payments may only be made under this Agreement upon an event and in a manner permitted by Section 409A, to the extent applicable. All payments to be made upon a termination of employment under this
Agreement may only be made upon a Separation from Service under Section 409A. For purposes of Section 409A, the right to a series of payments under this Agreement shall be treated as a right to a series of separate payments. In no event
may the Executive, directly or indirectly, designate the calendar year of a payment, including as a result of the timing of the Executive’s execution of the release of claims. Notwithstanding anything to the contrary herein, if a payment that
is subject to execution of the release could be made in more than one taxable year, payment shall be made in the later taxable year. 

[SIGNATURES APPEAR ON FOLLOWING PAGE] 

  
 14 

 IN WITNESS WHEREOF, the Company and the Executive have executed this Employment Agreement as
of the Effective Date. 
  

	
	
	/s/ Richard E. Muncrief
	Richard E. Muncrief
	
	Devon Energy Corporation
	
	/s/ Tana K. Cashion
	Tana K. Cashion
	Sr. Vice President – Human Resources

  
 15 

 Exhibit A 

Definitions 
 Definitions. The
following terms, when used throughout this Agreement, shall have the following meanings: 
  

	1.	 “AAA” means the American Arbitration Association. 

 

	2.	 “Accounting Firm” has the meaning ascribed to such term in
Section 7(b). 

  

	3.	 “Accrued Obligations” has the meaning ascribed to such term in
Section 4(a). 

  

	4.	 “Act” means the Securities Exchange of Act of 1934, as amended from time to time.

  

	5.	 “Affiliate” means, with respect to the Company, any person that directly, or indirectly
through one or more intermediaries, controls, is controlled by, or is under common control with, the Company; provided, however, that a natural person shall not be considered an Affiliate. 

 

	6.	 “Agreement” has the meaning set forth in the preamble. 

 

	7.	 “Agreement Payments” has the meaning ascribed to such term in
Section 7(a). 

  

	8.	 “Annual Base Salary” means the annual base salary of the Executive as in effect from time to
time. 

  

	9.	 “Annual Bonus” means, with respect to any given year, the annual bonus payable to the
Executive with respect to that year, as determined by the Compensation Committee in its discretion. 

  

	10.	 “Board” means, at any given time, the Company’s Board of Directors at that time.

  

	11.	 “Cause” means any of the following: 

 

	 	(a)	 the willful failure by the Executive to substantially perform the Executive’s duties for the Company or an
Affiliate (other than due to physical or mental incapacity) within thirty (30) days after receiving a written demand for substantial performance from the Board; 

 

	 	(b)	 the willful engaging by the Executive in illegal or dishonest conduct or gross misconduct that is materially
and demonstrably injurious to the Company or an Affiliate; or 

  

	 	(c)	 the conviction of the Executive of a felony or any crime of moral turpitude, a guilty or nolo contendere plea
by the Executive with respect to a felony or any crime of moral turpitude, or the deferred adjudication or unadjudicated probation of the Executive with respect to a felony or any crime of moral turpitude; 

provided, however, that (x) an act or omission by the Executive shall be considered “willful” only if it was not in good faith
and was without reasonable belief that it was in the Company’s best interests, and (y) any act or omission by the Executive based upon authority granted by resolution duly adopted by the Board or the advice of counsel for the Company shall
be conclusively presumed to be in good faith and in the Company’s best interests. 

  
 1 

	12.	 “Change in Control” means the occurrence of any one of the following events: 

 

	 	(a)	 The Incumbent Directors cease for any reason to constitute at least a majority of the Board;

  

	 	(b)	 any person is or becomes a “beneficial owner” (as defined in Rule
13d-3 under the Act), directly or indirectly, of Company securities representing 30% or more of either (x) the Company’s outstanding shares of common stock or (y) the combined voting power of
the Company’s then outstanding securities eligible to vote in the election of directors (each, “Company Securities”); provided, however, that the event described in this paragraph (b) shall not be deemed to be a
Change in Control by virtue of any of the following acquisitions or transactions: (A) by the Company or any subsidiary, (B) by any employee benefit plan (or related trust) sponsored or maintained by the Company or any subsidiary,
(C) by an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) pursuant to a Non-Qualifying Transaction; 

 

	 	(c)	 the consummation of a merger, consolidation, statutory share exchange, or similar form of corporate transaction
involving the Company or any of its subsidiaries that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Reorganization”), or the sale or other
disposition of all or substantially all of the Company’s assets to an entity that is not an Affiliate (a “Sale”), unless: 

  

	 	(i)	 the holders of the Company’s shares of common stock either receive in such Reorganization or Sale, or hold
immediately following the consummation of the Reorganization or Sale, more than 50% of each of the outstanding common stock and the total voting power of securities eligible to vote in the election of directors of (x) the corporation resulting
from such Reorganization or the corporation that has acquired all or substantially all of the assets of the Company in connection with a Sale (in either case, the “Surviving Corporation”), or (y) if applicable, the ultimate
parent corporation that directly or indirectly has beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), 

 

	 	(ii)	 no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving
Corporation or the Parent Corporation) is or becomes, as a result of the Reorganization or Sale, the beneficial owner, directly or indirectly, of 30% or more of the outstanding shares of common stock or the total voting power of the outstanding
voting securities eligible to vote in the election of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation), and 

 

	 	(iii)	 at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no
Parent Corporation, the Surviving Corporation) following the consummation of the Reorganization or Sale were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization or
Sale; 

  
 2 

 (any Reorganization or Sale that satisfies all of the criteria specified in (i), (ii) and
(iii) above shall be deemed to be a “Non-Qualifying Transaction”); or 
  

	 	(d)	 the Company’s stockholders approve a plan of complete liquidation or dissolution of the Company.

 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any person acquires
beneficial ownership of more than 30% of Company Securities due to the Company’s acquisition of Company Securities that reduces the number of Company Securities outstanding; provided, however, if, following such acquisition by the
Company, such person becomes the beneficial owner of additional Company Securities that increases the percentage of outstanding Company Securities beneficially owned by such person, a Change in Control shall then occur. In addition, if a Change in
Control occurs pursuant to paragraph 13(b) above, then no additional Change in Control shall be deemed to occur pursuant to paragraph 13(b) by reason of subsequent changes in holdings by such
person (except if the holdings by such person are reduced below 30% and thereafter increase to 30% or above). 
  

	13.	 “CIC Period” means the two-year period following a
Change in Control. 

  

	14.	 “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended from time
to time. 

  

	15.	 “Code” means Internal Revenue Code of 1986, as amended from time to time.

  

	16.	 “Company” means the Devon Energy Corporation, as set forth in the preamble to this Agreement,
and any successor to or assignee of its business and/or assets that assumes and agrees to perform this Agreement by operation of law or otherwise. 

  

	17.	 “Compensation Committee” means, at any given time, the Compensation Committee of the Board at
that time. 

  

	18.	 “Confidential Information” means non-public
information (including, without limitation, information regarding litigation and pending litigation) concerning the Company and its Affiliates that was acquired by or disclosed to the Executive during his employment with the Company and following
the Termination Date. 

  

	19.	 “Disabled” means, with respect to the Executive, that (a) he has received disability
payments under the Company’s long-term disability plan for a period of three (3) months or more, or (b) based upon the written report (prepared after a complete physical examination of the Executive) of a mutually agreeable qualified
physician designated by the Company and the Executive or his representative, the Compensation Committee determines, in accordance with Section 409A of the Code, that the Executive has become physically or mentally incapable of performing his
essential job functions with or without reasonable accommodation or job protection as required by law for a continuous period expected to last for a continuous period of not less than twelve (12) months. 

  
 3 

	20.	 “Effective Date” has the meaning set forth in the preamble to this Agreement.

  

	21.	 “Employment Matter” means any dispute, controversy, or claim between the parties arising out
of, relating to, or concerning this Agreement, the Executive’s employment with the Company, or the termination of that employment. 

  

	22.	 “Employment Matter Claim” has the meaning ascribed to such term in
Section 10(d)(i). 

  

	23.	 “Excise Tax” has the meaning ascribed to such term in Section 7(a).

  

	24.	 “Executive” has the meaning set forth in the preamble to this Agreement.

  

	25.	 “Good Reason” means any of the following events, unless the Executive has consented in writing
to such events: 

  

	 	(a)	 the assignment of any duties materially inconsistent with the Executive’s position (including status,
offices, titles, and reporting requirements), authority, duties, or responsibilities under this Agreement, other than an isolated, insubstantial, or inadvertent action not taken in bad faith and which the Company remedies promptly after receipt of
notice from the Executive, provided that in any event whether Good Reason exists shall be determined by reference to changes in position, authority, duties or responsibilities as in effect immediately following the Merger; 

 

	 	(b)	 any material failure by the Company to comply with any provision of this Agreement, other than an isolated,
insubstantial, or inadvertent failure not occurring in bad faith and which and which the Company remedies promptly after receipt of notice from the Executive; 

 

	 	(c)	 any failure by the Company to comply with and satisfy Section 9(c); or

  

	 	(d)	 any relocation of the Executive’s principal office to a location more than fifty (50) miles from the
Executive’s principal office prior to such relocation. 

  

	26.	 “Good Reason Notice” has the meaning ascribed to such term in
Section 3(d). 

  

	27.	 “Gross-Up Payment” has the meaning ascribed to such
term in Section 12(c). 

  

	28.	 “Guarantors” has the meaning ascribed to such term in Section 10(e).

  

	29.	 “Incumbent Directors” means the members of the Board on the Effective Date; provided,
however, that (x) any person becoming a director and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy
statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be deemed an Incumbent Director, and (y) no individual initially elected or nominated as a director of the
Company as a result of an actual or threatened election contest (as described in Rule 14a-11 under the Act) or other actual or threatened solicitation of proxies or consents by or on behalf of any person (as
such term is used in Sections 13(d)(3) and 14(d)(2) of the Act) other than the Board, including by reason of any agreement intended to avoid or settle any such election contest or solicitation of proxies or consents, shall be deemed an
Incumbent Director. 

  
 4 

	30.	 “Non-Solicitation Obligation” has the meaning ascribed
to such term in Section 8(f). 

  

	31.	 “Notice of Termination” means a written notice that (i) indicates the specific
termination provision of Section 3 that is being relied upon, (ii) to the extent applicable, reasonably describes the facts and circumstances claimed to provide a basis for termination under the provision so indicated,
and (iii) specifies the Termination Date; provided, however, that the failure to describe in the Notice of Termination any fact or circumstance constituting Good Reason or Cause shall not waive any right of either party under this
Agreement or preclude either party from asserting such fact or circumstance in enforcing rights under this Agreement. 

  

	32.	 “Payment” has the meaning ascribed to such term in Section 7(a).

  

	33.	 A “person” shall have the meaning ascribed by Section 3(a)(9) of the Act and shall also mean a
natural person, company, government (and any political subdivision, agency, or instrumentality of a government), corporation, partnership, limited liability company, trust, unincorporated organization, or other entity. When two or more persons act
as a partnership, limited partnership, syndicate, or other group for the purposes of acquiring, holding, or disposing Company Securities, such partnership, limited partnership, syndicate, or other group shall be deemed a “person” for
purposes of this Agreement. 

  

	34.	 “Prorated Annual Bonus” means a prorated amount of an Annual Bonus payable under Sections
4(b)(i)(B) or 4(c). If the Executive’s employment began in a calendar year before the calendar year in which the Termination Date occurs, the Prorated Annual Bonus shall be calculated based on the prior year’s Annual Bonus (if
any) times the number of days worked in the year in which the Termination Date occurs divided by three hundred sixty five (365). If the Executive’s employment began in the calendar year in which the Termination Date occurs, then the
Prorated Annual Bonus shall be determined by the Compensation Committee in its discretion. 

  

	35.	 “Representatives” means, with respect to the Company, its Affiliates and any of their
respective past or present officers, directors, stockholders, partners, members, managers, agents, and employees. 

  

	36.	 “Retiree Medical Benefit Plan” means any retiree medical benefit plan applicable to the
Executive or that would be applicable to the Executive if his employment then terminated and he satisfied the applicable age and service requirements. 

  

	37.	 “Section 409A” has the meaning ascribed to such term in
Section 4(e). 

  

	38.	 “Separation from Service” has the meaning ascribed to such term in
Section 4(e). 

  

	39.	 “Short-Term Disability Payments” means disability payments under the Company’s short-term
disability policy or plan that are less than 100% of the then-current Annual Base Salary. 

  

	40.	 “Termination Date” means the Executive’s last day of employment by the Company or an
Affiliate (including any successor to the Company or such Affiliate as determined in accordance with Section 3). 

  
 5 

 EXHIBIT B 

GENERAL RELEASE 

NOTICE 
 Devon Energy
Corporation (the “Company”) is an equal opportunity employer. Various laws prohibit employment discrimination based on sex, race, color, national origin, religion, age, disability, eligibility for covered employee benefits, veteran
status, and other legally protected characteristics. You may also have rights under other federal, state, and/or municipal statutes, orders, or regulations pertaining to labor, employment, and/or employee benefits. These laws are enforced through
the United States Department of Labor (“DOL”), the Equal Employment Opportunity Commission (“EEOC”), and various other federal, state, and municipal labor departments, fair employment boards, human rights
commissions, similar agencies, and courts. 
 This General Release is being provided to you in connection with the Amended and Restated Severance
Agreement previously entered between you and the Company (the “Severance Agreement”). You have at least twenty-one (21) days from the date you receive this General Release, if you want
it, to consider whether you wish to sign this General Release and receive the payments and benefits (the “Severance Benefits”) available under the Severance Agreement for doing so. You have at least until the close of business twenty-one (21) days from the date you receive this General Release to make your decision. You may not, however, sign this General Release until, at the earliest, your last effective date of employment.

 BEFORE SIGNING THIS GENERAL RELEASE YOU SHOULD REVIEW IT CAREFULLY. YOU ALSO HAVE THE RIGHT TO CONSULT WITH AN ATTORNEY OF YOUR CHOICE. THE
COMPANY HEREBY ADVISES YOU TO CONSULT WITH AN ATTORNEY. 
 You may revoke this General Release within seven (7) days after you sign it and it
shall not become effective or enforceable until that revocation period has expired. If you do not timely sign and return this General Release, or if you exercise your right to revoke the General Release after signing it, then you will not be
eligible to receive the Severance Benefits. Any revocation must be in writing and must be received by the Company within the seven-day period following your execution of this General Release. 

GENERAL RELEASE 
 In consideration
of the Severance Benefits offered to me by the Company under the Severance Agreement, I hereby (i) release and discharge the Company and its predecessors, successors, affiliates, parent, subsidiaries, and partners and each of those
entities’ current and former employees, officers, directors, and agents (together, the “Released Parties”) from all claims, liabilities, demands, and causes of action, known or unknown, fixed or contingent, that I may have or
claim to have against them, including without limit any claims that result from or arise out of my past employment with the Company, the severance of that relationship and/or otherwise, or any contract or agreement with or relating to the Released
Parties, and (ii) waive any and all rights I may have with respect to and promise not to file a lawsuit to assert any such claims. 

  
 1 

 This General Release includes, but is not limited to, claims arising under the Age Discrimination in
Employment Act (“ADEA”) and any other federal, state, and/or municipal statutes, orders, or regulations pertaining to labor, employment, and/or employee benefits. This General Release also applies without limitation to any claims or
rights I may have growing out of any legal or equitable restrictions on the rights of the Released Parties not to continue an employment relationship with their employees, including any express or implied employment or other contracts, and to any
claims I may have against the Released Parties for fraudulent inducement or misrepresentation, defamation, wrongful termination, or other torts or retaliation claims in connection with workers’ compensation, any legally protected activity, or
alleged whistleblower status (to the fullest extent those claims may be released under applicable law), or on any other basis whatsoever. 
 It is
specifically agreed, however, that this General Release does not have any effect on any rights or claims I may have against the Company that arise after the date I execute this General Release, or on any vested rights I may have under any of the
Company’s qualified benefit plans or arrangements as of or after my last day of employment with the Company, or on any of the Company’s obligations under the Severance Agreement. 

REPORTS TO GOVERNMENT ENTITIES 

I understand that nothing in this Agreement, including the Limit on Disclosures or General Release clauses, restricts or prohibits me from initiating
communications directly with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible violations of law or regulation to, or from filing a claim or assisting with an investigation
directly with a self-regulatory authority or a government agency or entity, including the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and
Exchange Commission, the Congress, and any agency Inspector General (collectively, the “Regulators”), or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation.
However, to the maximum extent permitted by law, I am waiving my right to receive any individual monetary relief from the Company or any others covered by the General Release clause resulting from such claims or conduct, regardless of whether I or
another party has filed them, and in the event I obtain such monetary relief the Company will be entitled to an offset for the payments made pursuant to the Severance Agreement and this General Release. The Severance Agreement and this General
Release do not limit my right to receive an award from any Regulator that provides awards for providing information relating to a potential violation of law. I understand that I do not need the prior authorization of the Company to engage in conduct
protected by this paragraph, and that I do not need to notify the Company that I have engaged in such conduct. 
 I agree that this General Release
represents notice that federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose a trade secret to their attorney, a court, or a government official in certain,
confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a
suspected violation of the law. 

  
 2 

 MISCELLANEOUS 

By signing this General Release, I shall, and hereby do, resign from any corporate, board, and other offices and positions I may hold with the Company and its
affiliates as of the date my employment with the Company terminated. 
 I agree that (i) none of the Released Parties shall have any obligation to
employ or to hire or rehire me, to consider me for hire, or to deal with me in any respect with regard to potential future employment; (ii) I shall not ever apply for or otherwise seek employment with any of the Released Parties at any time in
the future; and (iii) my forbearance to seek future employment as just stated shall be construed as being purely contractual and in no way involuntary, discriminatory, or retaliatory. 

I agree not to disclose or cause to be disclosed the terms of the Severance Agreement or this General Release to any person (other than my spouse or
domestic/civil union partner, attorney and tax advisor), except pursuant to a lawful subpoena, as set forth in the Reports to Government Entities section above or as otherwise permitted by law. I understand that this provision is not
intended to restrict my legal right to discuss the terms and conditions of my employment. 
 I agree that nothing in this General Release is an
admission of any wrongdoing, liability or unlawful activity by me or by the Company. 
 I have carefully reviewed and fully understand all the provisions of
the Severance Agreement and General Release, including the foregoing Notice. I have not relied on any representation or statement, oral or written, relating to the Severance Agreement or this General Release by the Released Parties that are not set
forth in those documents. 
 The Severance Agreement and this General Release, including the foregoing Notice, set forth the entire agreement between me and
the Company with respect to payments and benefits payable to me due to the termination of my employment with the Company, and supersede all prior agreements and understandings, written and oral, between the parties with respect to such subject
matters. I understand that my receipt and retention of the Severance Benefits are contingent not only on my execution and non-revocation of this General Release, but also on my continued compliance with my
other obligations under the Severance Agreement. I acknowledge that the Company has given me at least twenty-one (21) days to consider whether I wish to accept or reject the Severance Benefits I am
otherwise eligible to receive under the Severance Agreement in exchange for signing and not revoking this General Release. I further acknowledge and understand that I shall have the right, within seven (7) days of signing this General Release,
to revoke this General Release. I hereby represent and state that I fully understand the effects and consequences of the Severance Agreement and the General Release prior to signing those documents. 

This General Release and the Company’s obligation to provide the Severance Benefits under the Severance Agreement shall be interpreted and construed to
comply with Section 409A of the Internal Revenue Code (the “Code”). The parties agree to cooperate and work together in good faith to take all actions reasonably necessary to effectuate the intent of this paragraph.
Notwithstanding the preceding sentence, I understand and acknowledge that I shall be solely responsible for any risk that the tax treatment of all or part of the Severance Benefits may be affected by Section 409A of the Code and impose
significant adverse tax consequences on me, including accelerated taxation, a 20% additional tax, and interest. Because of the potential tax consequences, I understand that I have the right, and am encouraged by this paragraph, to consult with a tax
advisor of my choice before signing this General Release. 

  
 3 

 This General Release shall be governed by the laws of the State of Oklahoma, without regard to any conflict-of-laws principles, and shall not be modified unless in a writing signed by both of the parties. 

 

							
	Dated this _____ day of ___________, 20___. 	 		 		 	 
	(Do Not Sign Before Termination Date)	 		 		 	[Name]
		 		 		 	

  
 4

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