Document:

EX-4.1

 Exhibit 4.1 

DEVON ENERGY CORPORATION 
 To 

UMB BANK, NATIONAL ASSOCIATION, 

as Trustee 
  

 
 Supplemental
Indenture No. 5 
 Dated as of December 15, 2015 

To 
 Indenture 

Dated as of July 12, 2011 
  

 
 $850,000,000
5.850% Senior Notes due 2025 
 SUPPLEMENTAL INDENTURE NO. 5, dated as of December 15, 2015 (this “Supplemental Indenture”),
between DEVON ENERGY CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”), and UMB BANK, NATIONAL ASSOCIATION, a national banking association organized and existing
under the laws of the United States, as Trustee (herein called the “Trustee”). 
 RECITALS OF THE COMPANY 

The Company has heretofore delivered to the Trustee an Indenture, dated as of July 12, 2011 (the “Senior Indenture”), providing
for the issuance from time to time of Debt Securities of the Company. 
 Section 3.01 of the Senior Indenture provides that various
matters with respect to any series of Debt Securities issued under the Senior Indenture may be established in an indenture supplemental to the Senior Indenture. 

Section 12.01(f) of the Senior Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Senior
Indenture to establish the form or terms of Debt Securities of any series as contemplated by Sections 2.01 and 3.01 of the Senior Indenture. 

All the conditions and requirements necessary to make this Supplemental Indenture, when duly executed and delivered, a valid and legally
binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled. 

 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the series of Debt Securities provided for herein by the Holders thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the series of Debt Securities provided for herein, as follows: 

ARTICLE I 
 RELATION
TO SENIOR INDENTURE; DEFINITIONS; RULES OF CONSTRUCTION 
 SECTION 1.1 RELATION TO SENIOR INDENTURE. This Supplemental Indenture
constitutes an integral part of the Senior Indenture. 
 SECTION 1.2 DEFINITIONS. The following definitions applicable to the series of Debt
Securities provided for herein shall be in addition to those indicated in Section 1.01 of the Senior Indenture: 
 “Adjusted
Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity of the Optional Redemption Comparable Treasury Issue, calculated using a price for the Optional Redemption
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Optional Redemption Comparable Treasury Price for such Redemption Date. 

“Independent Investment Banker” means an independent investment banking institution of national standing appointed by the
Company. 
 “Interest Payment Date” shall have the meaning set forth in Section 2.4(a) of this Supplemental Indenture.

 “Notes” shall have the meaning set forth in Section 2.1 of this Supplemental Indenture. 

“Optional Redemption Reference Treasury Dealer” means each of Merrill Lynch, Pierce, Fenner & Smith Incorporated and
Morgan Stanley & Co. LLC and their respective successors; provided that if any of the foregoing ceases to be, and has no affiliate that is, a primary U.S. governmental securities dealer (each, a “Primary Treasury
Dealer”), the Company will substitute for it another Primary Treasury Dealer. 
 “Optional Redemption Comparable Treasury
Issue” means the U.S. Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed or, if, in the reasonable judgment of the Independent Investment Banker, there is no such
security, then the Optional Redemption Comparable Treasury Issue will mean the U.S. Treasury security or securities selected by the Independent Investment Banker as having an actual or interpolated maturity or maturities comparable to the remaining
term of the Notes to be redeemed. 

  
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 “Optional Redemption Comparable Treasury Price” means the average of the
Optional Redemption Reference Treasury Dealer Quotations for the applicable Redemption Date. 
 “Optional Redemption Reference
Treasury Dealer Quotations” means, with respect to each Optional Redemption Reference Treasury Dealer and any Redemption Date for the Notes, the average, as determined by the Independent Investment Banker, of the bid and asked prices for
the Optional Redemption Comparable Treasury Issue (expressed as a percentage of its principal amount) quoted in writing to the Independent Investment Banker and the Trustee at 5:00 p.m., New York City time, on the third Business Day preceding such
Redemption Date. 
 “Regular Record Date” shall have the meaning set forth in Section 2.4(a) of this Supplemental
Indenture. 
 SECTION 1.3 RULES OF CONSTRUCTION. For all purposes of this Supplemental Indenture, except as otherwise expressly provided for
or unless the context otherwise requires: 
 (a) capitalized terms used but not defined herein shall have the respective meanings assigned to
them in the Senior Indenture; and 
 (b) all references herein to Articles and Sections, unless otherwise specified, refer to the
corresponding Articles and Sections of this Supplemental Indenture. 
 ARTICLE II 

THE SERIES OF NOTES 

SECTION 2.1 TITLE OF THE DEBT SECURITIES; DENOMINATIONS. There is hereby created under the Senior Indenture a series of Debt Securities
designated 5.850% Senior Notes due 2025 (the “Notes”). The Notes shall be issued in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. 

SECTION 2.2 LIMITATIONS ON AGGREGATE PRINCIPAL AMOUNT. The aggregate principal amount of the Notes shall be initially limited to $850,000,000,
subject to the Company’s right to increase such limit following the original issuance of the Notes upon delivery to the Trustee of a Company Order specifying any higher limit. Except as provided in this Section, the Company shall not execute
and the Trustee shall not authenticate or deliver the Notes in excess of such aggregate principal amounts. 
 Nothing contained in this
Section 2.2 or elsewhere in this Supplemental Indenture, or in the Notes, is intended to or shall limit execution by the Company or authentication or delivery by the Trustee of the Notes under the circumstances contemplated in Sections 3.04,
3.05, 3.06, 4.06 and 12.05 of the Senior Indenture. 
 SECTION 2.3 MATURITY DATE. The Notes will mature on December 15, 2025. 

SECTION 2.4 INTEREST AND INTEREST RATE. (a) The Notes will bear interest at a rate of 5.850% per annum from December 15, 2015
or from the most recent Interest Payment Date to which interest has been paid or duly provided for, payable semiannually in 

  
 3 

 
arrears on June 15 and December 15 of each year, commencing June 15, 2016 (each an “Interest Payment Date”), to the Person in whose name such Note is registered at the
close of business on the June 1 or December 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date (each, a “Regular Record Date”). 

(b) Interest on the Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. The interest so payable on any
Note which is not punctually paid or duly provided for on any Interest Payment Date shall forthwith cease to be payable to the Person in whose name such Note is registered on the relevant Regular Record Date, and such defaulted interest shall
instead be payable to the Person in whose name such Note is registered on the Special Record Date or other specified date determined in accordance with Section 3.07 of the Senior Indenture. 

SECTION 2.5 OPTIONAL REDEMPTION. 

(a) The Notes shall be redeemable before their Stated Maturity in accordance with this Section 2.5 and otherwise in accordance with the
provisions of Article IV of the Senior Indenture. In the event of any conflict between this Section 2.5 (including the definitions of terms used herein) and Article IV of the Senior Indenture (including the definitions of terms used therein),
this Section 2.5 shall control. 
 (b) The Notes may be redeemed at any time at the option of the Company as set forth in the form of
Note attached as Exhibit A hereto. 
 SECTION 2.6 PLACES OF PAYMENT. The Places of Payment where the Notes may be presented or
surrendered for payment, where the Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes and the Senior Indenture may be served shall be at the Corporate Trust
Office of the Trustee initially located at 204 North Robinson Avenue, Oklahoma City, Oklahoma, 73102. 
 SECTION 2.7 METHOD OF PAYMENT.
Payment of the principal of, premium, if any, and interest on Notes in definitive form will be made at the office or agency of the Company maintained for that purpose in Kansas City, Missouri (which shall initially be an office or agency of the
Trustee), in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts; PROVIDED, HOWEVER, that at the option of the Company, payments of interest on the Notes may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Debt Security Register. Payment of the principal of, premium, if any, and interest on Notes represented by a Global Security shall be made in immediately
available funds to the Depositary or its nominee, as the case may be, as the Holder of such Global Security. 
 SECTION 2.8 CURRENCY.
Principal, premium, if any, and interest on the Notes shall be payable in Dollars. 
 SECTION 2.9 REGISTERED SECURITIES; GLOBAL FORM. The
Notes shall be issuable and transferable in fully registered form, without coupons. The Notes shall each be issued in the form of one or more permanent Global Securities. The Depositary for the Notes shall be The Depository Trust Company. The Notes
shall not be issuable in definitive form except as provided in Section 2.03 of the Senior Indenture. 

  
 4 

 SECTION 2.10 FORM OF NOTES. The Notes shall be substantially in the form attached as Exhibit
A hereto. 
 SECTION 2.11 REGISTRAR AND PAYING AGENT. The Trustee shall initially serve as Debt Security Registrar and Paying Agent for
the Notes. 
 SECTION 2.12 EVENTS OF DEFAULT. In addition to the Events of Default specified in Section 8.01 of the Senior Indenture,
the following shall constitute an Event of Default with respect to the Notes: any default by the Company in the payment of any principal of any Funded Debt of the Company outstanding in an aggregate principal amount in excess of $50,000,000 at the
final stated maturity thereof or the occurrence of any other default thereunder, the effect of which default is to cause such Funded Debt to become, or to be declared, due prior to its final stated maturity if (A) such default in payment is not
cured, by payment or otherwise, within 60 days after there has been given, by registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Notes,
a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” under the Senior Indenture (each, a “Notice of Default”), and the receipt by the Company of
such Notice of Default or (B) the acceleration is not rescinded or annulled or the default that caused the acceleration is not cured within 60 days after the receipt by the Company of such Notice of Default. 

ARTICLE III 

MISCELLANEOUS PROVISIONS 

SECTION 3.1 RATIFICATION AND INCORPORATION OF SENIOR INDENTURE. Except as expressly modified or amended hereby, the Senior Indenture continues
in full force and effect and is in all respects ratified, confirmed and preserved. The Senior Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

SECTION 3.2 GOVERNING LAW; WAIVER OF JURY TRIAL. This Supplemental Indenture and each Note shall be governed by and construed in accordance
with the laws of the State of New York. This Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended and shall, to the extent applicable, be governed by such provisions. If and to the extent that any
provision of this Supplemental Indenture limits, qualifies or conflicts with the duties imposed by, or another provision included in this Supplemental Indenture which is required to be included in this Supplemental Indenture by any of the provisions
of Sections 310 to 318, inclusive, of the Trust Indenture Act, such imposed duties or incorporated provision shall control. 
 EACH PARTY
HERETO, AND EACH HOLDER OF THE NOTES BY ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS SUPPLEMENTAL INDENTURE. 

  
 5 

 SECTION 3.3 COUNTERPARTS. This Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 3.4 RECITALS. The recitals contained herein shall be taken as statements of the Company, and the Trustee assumes no responsibility for
their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. 
 [signature page
follows] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed by their respective officers hereunto duly authorized, all as of the day and year first written above. 
  

			
	DEVON ENERGY CORPORATION
		
	By:	 	/s/ Jeffrey L. Ritenour
	Name:	 	Jeffrey L. Ritenour
	Title:	 	Senior Vice President, Corporate Finance and Treasurer
	
	UMB BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Janet Lambert
	Name:	 	Janet Lambert
	Title:	 	Vice President

 [Signature Page to Supplemental Indenture No. 5] 

 Exhibit A to 

Supplement Indenture No. 5. 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), 55 WATER STREET, NEW
YORK, NEW YORK TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

UNLESS AND UNTIL THIS SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR. 

DEVON ENERGY CORPORATION 
 5.850%
Senior Notes due 2025 
  

			
	Registered No.                     	  	PRINCIPAL AMOUNT
	CUSIP NO. 25179M AV5	  	$                                

 DEVON ENERGY CORPORATION, a Delaware corporation (herein referred to as the “Company,” which term
includes any successor entity under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
                    , or registered assigns, upon presentation, the principal sum of
$                     on December 15, 2025 (the “Stated Maturity Date”) and to pay interest thereon from December 15, 2015
or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears on June 15 and December 15 of each year (each, an “Interest Payment Date”), commencing June 15,
2016, at the rate of 5.850% per annum, until the principal hereof is paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Holder in whose name this Debt Security (or one or more Predecessor Debt Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the June 1 and December 1 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date at the office or agency of the Company maintained for such purpose; PROVIDED, HOWEVER, that such interest may be paid, at the Company’s option, by mailing a check to such
Holder at its registered address; PROVIDED, FURTHER, that if this Debt Security is a Global Security, such interest shall be paid in immediately available funds to the Depositary or its nominee, as the case may be, as the Holder of this Debt
Security. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Debt Security (or one or more Predecessor Debt

  
 A-1 

 
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Debt
Securities of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debt Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

The principal of this Debt Security payable on the Stated Maturity Date or the principal of, premium, if any, and, if the Redemption Date is
not an Interest Payment Date, interest on this Debt Security payable on the Redemption Date will be paid against presentation of this Debt Security at the office or agency of the Company maintained for that purpose in New York, New York in such coin
or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 

Interest payable on this Debt Security on any Interest Payment Date and on the Stated Maturity Date or Redemption Date, as the case may be,
will include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including December 15, 2015, if no interest has been paid on this Debt
Security) to but excluding such Interest Payment Date or the Stated Maturity Date or Redemption Date, as the case may be. If any Interest Payment Date or the Stated Maturity Date or Redemption Date falls on a day that is not a Business Day,
principal, premium, if any, and/or interest payable with respect to such Interest Payment Date or Stated Maturity Date or Redemption Date, as the case may be, will be paid on the next succeeding Business Day with the same force and effect as if it
were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Stated Maturity Date or Redemption Date, as the case may be. 

All payments of principal, premium, if any, and interest in respect of this Debt Security will be made by the Company in immediately available
funds. 
 Reference is hereby made to the further provisions of this Debt Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the Certificate of Authentication hereon has been
executed by the Trustee by manual signature of one of its authorized signatories, this Debt Security shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by one of its duly
authorized officers. 
 Dated: December 15, 2015 

 

					
	DEVON ENERGY CORPORATION
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

This is one of the Debt Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: December 15, 2015 
  

					
	UMB BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Name:	 	Janet Lambert
		 	Title:	 	Vice President

  
 A-3 

 [Reverse of Security] 

DEVON ENERGY CORPORATION 
 This
Debt Security is one of a duly authorized issue of securities of the Company (herein called the “Debt Securities”), issued and to be issued in one or more series under an Indenture, dated as of July 12, 2011, as supplemented by
Supplemental Indenture No. 5, dated as of December 15, 2015 (as so supplemented, herein called the “Indenture”), between the Company and UMB Bank, National Association, as Trustee (herein called the “Trustee,” which
term includes any successor trustee under the Indenture with respect to the series of which this Debt Security is a part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Debt Securities, and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered. This Debt Security is one of
the duly authorized series of Debt Securities designated on the face hereof, and the aggregate principal amount of the Debt Securities to be issued under such series is initially limited to $850,000,000, subject to the Company’s right to
increase such limit as provided in the Indenture (except for Debt Securities authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Debt Securities). All terms used in this Debt Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 
 If an Event of Default, as defined in the Indenture, with respect to
the Debt Securities of this series, shall occur and be continuing, the principal amount of the Debt Securities of this series and interest accrued thereon may be declared due and payable in the manner and with the effect provided in the Indenture.

 The Company may redeem this Debt Security prior to September 15, 2025 (the date that is three months before the Stated Maturity
Date), at any time, in whole or in part, at the Company’s option, at a redemption price equal to the greater of (1) 100% of the principal amount of this Debt Security then Outstanding to be redeemed or (2) the sum of the present
values of the remaining scheduled payments of principal and interest hereon (exclusive of interest accrued to the Redemption Date), calculated as if the Stated Maturity Date was September 15, 2025 (the date that is three months before the
Stated Maturity Date), computed by discounting such payments to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of 55 basis points plus the Adjusted Treasury Rate, as
determined by an Independent Investment Banker, on the third Business Day prior to the Redemption Date plus, in each case, accrued and unpaid interest, if any, up to, but not including, the Redemption Date. On or after September 15, 2025 (the
date that is three months before the Stated Maturity Date), the Company may redeem this Debt Security, at any time, in whole or in part, at the Company’s option at a redemption price equal to 100% of the principal amount of this Debt Security,
plus accrued and unpaid interest to, but not including, the Redemption Date. 
 Notice of redemption will be given by mail to Holders of
Debt Securities, not less than 30 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture. 

  
 A-4 

 This Debt Security may be redeemed in part only in multiples of $2,000 or any integral multiples
of $1,000 in excess of $2,000. In the event of redemption of this Debt Security in part only, a new Debt Security or Debt Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.

 The Indenture permits, with certain exceptions as provided therein, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Debt Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate principal amount of all Debt
Securities issued under the Indenture at the time Outstanding and directly affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate principal amount of the Outstanding Debt
Securities, on behalf of the Holders of all such securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the aggregate
principal amount, in certain instances, of the Outstanding Debt Securities of any series to waive, on behalf of all of the Holders of Debt Securities of such series, certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Debt Security shall be conclusive and binding upon such Holder and upon all future Holders of this Debt Security and other Debt Securities issued upon the registration of transfer hereof or in exchange herefor or in
lieu hereof, whether or not notation of such consent or waiver is made upon this Debt Security. 
 No reference herein to the Indenture and
no provision of this Debt Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Debt Security at the times, places and
rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein and herein
set forth, the transfer of this Debt Security is registrable in the Debt Security Register of the Company upon surrender of this Debt Security for registration of transfer at the office or agency of the Company in any place where the principal of,
premium, if any, and interest on this Debt Security are payable, duly endorsed by, or accompanied by a written instrument of transfer, in form satisfactory to the Company and the Debt Security Registrar, duly executed by the Holder hereof or by his
attorney duly authorized in writing, and thereupon one or more new Debt Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

As provided in the Indenture and subject to certain limitations therein and herein set forth, this Debt Security is exchangeable for a like
aggregate principal amount of Debt Securities of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same. 

The Debt Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples
of $1,000 in excess of $2,000. 

  
 A-5 

 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of this Debt Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Debt Security is registered as the owner hereof for all purposes,
whether or not this Debt Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

No recourse shall be had for the payment of the principal of or premium, if any, or the interest on this Debt Security, or for any claim based
hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any past, present or future stockholder, employee, officer or director, as such, of the Company or of any successor,
either directly or through the Company or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of
the consideration for the issue hereof, expressly waived and released. 
 The Indenture and the Debt Securities shall be governed by and
construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in such State. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused
“CUSIP” numbers to be printed on the Debt Securities of this series as a convenience to the Holders of such Debt Securities. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Debt
Securities, and reliance may be placed only on the other identification numbers printed hereon. 

  
 A-6 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

 
 (Please Print or Type Name and Address Including Zip
Code of Assignee) 
 the within Debt Security of Devon Energy Corporation and hereby does irrevocably constitute and appoint
                     Attorney to transfer said security on the books of the within-named Corporation with full power of substitution in the
premises. 
  
  

(Please Insert Social Security or Other Identifying Number of Assignee) 

Dated:                         
                
  

 
  

 
 SIGNATURE
OF GUARANTEE 
 Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions)
with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15. 
  

 
 Signature Guarantee 

  
 A-7ex10_1dhosmer.htm

EXHIBIT 10.1

COMPENSATION AGREEMENT

This Compensation Agreement is made by and entered into between Donald Hosmer (“Director”) and Royale Energy, Inc. ("Royale") (together, Director and Royale are each a "Party" and collectively, the "Parties"), who agree as follows:

1. In compensation for management services rendered to Royale, Royale agrees to issue to Director the sum of $173,250 through March 31, 2016.  Such compensation shall be paid according to Royale’s standard policies on compensation of employees, dates of payment, withholding, employment status, etc.

 

2. Director may, in his sole discretion, elect to receive all or any part of his compensation to be paid pursuant to this Agreement in shares of common stock issued by Royale Energy (the “Shares”).  In order to receive compensation payments in Shares, Director must notify the Company of the payment to be made in Shares, either as a dollar amount or as a percentage of the compensation to be paid for the period covered by the notice, using the form attached at the end of this Agreement.  The form must be received at least two business days prior to the date on which the payment is expected to be made.

 

3. The number of Shares to be delivered to Director as compensation for any payment period shall be determined by dividing the dollar amount of compensation for which the Director has elected to be paid in Shares by the closing price per share of the Company’s common stock on the NASDAQ Stock Market (or, if the Company’s stock is not traded on the NASDAQ Stock Market when it receives notice from the Director of payment to be made in Shares, the most recent market closing transaction price on the OTC Markets quotation system) preceding the payment date or in the case of deferred compensation, the notice date.

 

4. The amount to be paid to Director in Shares for any pay period may not exceed the gross amount of compensation due minus any amounts to be withheld by the Company pursuant to its standard practices for withholding taxes and other payments from compensation paid to employees and directors.

 

5. Director may, at his election, receive the shares either in certificated form or by DWAC transfer to a securities account designated by him. The Company will use its commercial best efforts to promptly instruct the Company’s transfer agent on the issuance and delivery of the shares as instructed by the Director.

 

6. Royale will file a registration statement on Form S-8 (or, if Form S-8 is unavailable, the form which is most appropriate for registration of such Shares) with the U.S. Securities and Exchange Commission (the "SEC") to register the Shares under the Securities Act of 1933.

 

7. The Parties agree that the services for which Director is being compensated were not rendered in connection with the offer or sale of securities in a capital raising transaction, and do not directly or indirectly promote or maintain a market for Royale's securities.

 

  

  

EXHIBIT 10.1

 

8. This Agreement is entered in the State of California, and it shall be construed and interpreted in accordance with the laws of the State of California.  The exclusive venue of any suit, claim or action arising under this Agreement shall lie exclusively with Superior Courts of San Diego County, California.

 

9. This Agreement may be executed in multiple counterparts which shall be construed together as one document.

 

10. Should any provision of this Agreement be declared or determined to be invalid or illegal, the validity of the remaining parts, terms or provisions shall not be affected thereby, and the illegal or invalid part, term or provision shall be deemed not to be a part of this Agreement.

 

11. The signatures hereto warrant that they have authority to bind the Party for whom they act.

 

12. This Agreement was approved by the Board of Directors of Royale Energy, Inc., on September 22, 2015.

 

In witness whereof, the Parties have executed this Agreement as of December 11, 2015.

	
Royale Energy, Inc.

 

 

	  	  
	
Name:

	
Harry Hosmer

	  	
Name:

	  
	
Title:

	
Chairman

	  	
                                          Donald Hosmer

  

  

  

EXHIBIT 10.1

DELIVERY OF COMPENSATION IN SHARES

	
Date

	  	  
	
Director’s Name

	  	  
	  	  	  
	
Pay Period Ending

	  	  
	  	  	  
	
Amount (expressed as one of the following):

	  	  
	
Amount in dollars

	  	
$

	
Percentage of total compensation due

	  	
%

	  	  	  
	  	  	  

I authorize and direct Royale Energy to pay the above amount of compensation due to me in shares of common stock issued by Royale Energy as stated above (the “Shares”) as provided in my compensation agreement with the Company.  I will cooperate with the Company providing for transfer and delivery of the shares and provision of any information and execution of any documents necessary for the transfer of the Shares and registration of the Shares with the Securities and Exchange Commission under the Securities Act of 1933.

____________________________

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