Document:

exv10w21

Exhibit No. 10.21

DEVON ENERGY CORPORATION

2009 LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT

          THIS RESTRICTED STOCK AWARD AGREEMENT (the “Award Agreement”) is entered into as of
«Date» (the “Date of Grant”), by and between Devon Energy Corporation (the “Company”) and
«FirstName» «MiddleName» «Lastname» (the “Participant”);

WITNESSETH:

          WHEREAS, the Company has previously adopted the “Devon Energy Corporation 2009 Long-Term
Incentive Plan” (the “Plan”); and

          WHEREAS, in connection with the Participant’s employment with the Company, the Company desires
to award to the Participant «Shares» shares of the Company’s Common Stock under the Plan subject to
the terms and conditions of this Award Agreement; and

          NOW, THEREFORE, in consideration of the premises and the mutual promises and covenants herein
contained, the Participant and the Company agree as follows:

          1.
The Plan. The Plan, a copy of which is attached hereto, is hereby incorporated by
reference herein and made a part hereof for all purposes, and when taken with this Award Agreement
shall govern the rights of the Participant and the Company with respect to the Award.

          2.
Grant of Award. The Company hereby grants to the Participant an award (the
“Award”) of «Shares» shares of the Company’s Common Stock (the “Restricted Stock”), on the terms
and conditions set forth herein and in the Plan.

          3.
Terms of Award.

               
(a) Escrow of Shares. A certificate or book-entry registration representing the
Restricted Stock shall be issued in the name of the Participant and shall be escrowed with the
Secretary of the Company (the “Escrow Agent”) subject to removal of the restrictions placed thereon
or forfeiture pursuant to the terms of this Award Agreement.

               
(b) Vesting. Except as provided in this Section 3, if the Participant’s Date of
Termination has not occurred as of the vesting dates specified below (the “Vesting Dates”), then,
the Participant shall be entitled, subject to the applicable provisions of the Plan and this Award
Agreement having been satisfied, to receive on or within a reasonable time after the applicable
Vesting Dates the number of shares of Common Stock as described in the following schedule. Once
vested pursuant to the terms of this Award Agreement, the Restricted Stock shall be deemed “Vested
Stock.”

Vesting
Schedule

	 	 	 
	Vesting Dates	 	Shares Vesting
	 	 	 
	«VestDate1»

«VestDate2»

«VestDate3»

«VestDate4»	 	 

Page 1 of 8

 

 

The Participant shall forfeit the unvested portion of the Award (including the underlying
Restricted Stock and Accrued Dividends) upon the occurrence of the Participant’s Date of
Termination unless the Award becomes vested under the circumstances described in paragraphs (i),
(ii), (iii) or (iv) below.

          (i) The Restricted Stock shall become fully vested upon the occurrence of a Change of Control
Event that occurs (i) prior to the Participant’s Date of Termination or (ii) if the Participant has
retired prior to such Change of Control Event and is Post-Retirement Eligible, following the
Participant’s Date of Termination.

          (ii) If (A) the Participant’s Date of Termination occurs under circumstances in which the
Participant is entitled to a severance payment from the Company, a Subsidiary, or an Affiliated
Entity under (1) the Participant’s employment agreement or severance agreement with the Company due
to a termination of the Participant’s employment by the Company without “cause” or by the
Participant for “good reason” in accordance with the Participant’s employment agreement or
severance agreement or (2) the Devon Energy Corporation Severance Plan and (B) the Participant
signs and returns to the Company a release of claims against the Company in a form prepared by the
Company (the “Release”), the Restricted Stock shall become fully vested upon the date the Release
becomes effective and the Restricted Stock shall be released within a reasonable time after the
applicable Vesting Date. If the Participant fails to sign and return the Release to the Company or
revokes the Release prior to the date the Release becomes effective, the unvested shares of
Restricted Stock subject to this Award Agreement shall be forfeited.

          (iii) The Restricted Stock shall become fully vested upon the Participant’s Date of
Termination if the Participant’s Date of Termination occurs by reason of the Participant’s death.
The Committee may in its sole and absolute discretion, elect to vest all or a portion of the
unvested Restricted Stock upon the Participant’s Date of Termination if the Participant’s Date of
Termination occurs by reason of disability, Normal Retirement Date, Early Retirement Date, or other
special circumstances (as determined by the Committee).

          (iv) Notwithstanding any provision to the contrary in this Agreement, if the Participant is
Post-Retirement Eligible, the Participant shall, subject to the satisfaction of the conditions in
Section 14, be eligible to vest in accordance with the Vesting Schedule above in this Section 3, in
the installments of Restricted Stock that remain unvested on the Date of Termination as follows:

	 	 	 	 	 
	 	 	Percentage of Unvested Installments of Restricted Stock
	Age at Retirement	 	Eligible to be Earned by the Participant
	54 and earlier
	 	 	0	%
	55
	 	 	60	%
	56
	 	 	65	%
	57
	 	 	70	%
	58
	 	 	75	%
	59
	 	 	80	%
	60 and beyond
	 	 	100	%

               
(c) Voting Rights and Dividends. The Participant shall have all of the voting rights
attributable to the shares of Restricted Stock. Regular quarterly cash dividends declared and paid
by the Company with respect to the shares of Restricted Stock shall be paid to the Participant.
Any extraordinary dividends declared and paid by the Company with respect to shares of Restricted
Stock (the “Accrued Dividends”) shall not be paid to the Participant until such Restricted Stock
becomes Vested Stock. Accrued Dividends shall be held by the Company as a general obligation and
paid to the Participant at the time the underlying Restricted Stock becomes Vested Stock.

Page 2 of 8

 

 

               
(d) Vested Stock — Removal of Restrictions. Upon Restricted Stock becoming Vested
Stock, all restrictions shall be removed from the certificates or book-entry registrations and the
Secretary of the Company shall deliver to the Participant certificates or a Direct Registration
Statement for the book-entry registration representing such Vested Stock free and clear of all
restrictions, except for any applicable securities laws restrictions, together with a check in the
amount of all Accrued Dividends attributed to such Vested Stock without interest thereon.

          
4. Legends. The shares of Restricted Stock which are the subject of this Award
Agreement shall be subject to the following legend:

“THE SHARES OF STOCK EVIDENCED BY THIS CERTIFICATE OR BOOK-ENTRY REGISTRATION ARE
SUBJECT TO AND ARE TRANSFERABLE ONLY IN ACCORDANCE WITH THAT CERTAIN AWARD AGREEMENT
DATED «GrantDate» FOR THE DEVON ENERGY CORPORATION 2009 LONG-TERM INCENTIVE PLAN.
ANY ATTEMPTED TRANSFER OF THE SHARES OF STOCK EVIDENCED BY THIS CERTIFICATE OR
BOOK-ENTRY REGISTRATION IN VIOLATION OF SUCH AWARD AGREEMENT SHALL BE NULL AND VOID
AND WITHOUT EFFECT. A COPY OF THE AWARD AGREEMENT MAY BE OBTAINED FROM THE
SECRETARY OF DEVON ENERGY CORPORATION.”

          
5. Delivery of Forfeited Shares. The Participant authorizes the Secretary to deliver
to the Company any and all shares of Restricted Stock that are forfeited under the provisions of
this Award Agreement. The Participant further authorizes the Company to hold as a general
obligation of the Company any Accrued Dividends and to pay the Accrued Dividends to the Participant
at the time the underlying Restricted Stock becomes Vested Stock.

          
6. Employment. Nothing in the Plan or in this Award Agreement shall confer upon the
Participant any right to continue in the employ of the Company or any of its Subsidiaries or
Affiliated Entities, or interfere in any way with the right to terminate the Participant’s
employment at any time.

          
7. Nontransferability of Award. The Participant shall not have the right to sell,
assign, transfer, convey, dispose, pledge, hypothecate, burden, encumber or charge any Restricted
Stock or any interest therein in any manner whatsoever.

          
8. Notices. All notices or other communications relating to the Plan and this Award
Agreement as it relates to the Participant shall be in writing and shall be delivered
electronically, personally or mailed (U.S. mail) by the Company to the Participant at the then
current address as maintained by the Company or such other address as the Participant may advise
the Company in writing.

          
9. Binding Effect and Governing Law. This Award Agreement shall be (i) binding upon
and inure to the benefit of the parties hereto and their respective heirs, successors and assigns
except as may be limited by the Plan, and (ii) governed and construed under the laws of the State
of Oklahoma.

          
10. Withholding. The Company and the Participant shall comply with all federal and
state laws and regulations respecting the required withholding, deposit and payment of any income,
employment or other taxes relating to the Award (including Accrued Dividends). The Company shall
withhold the employer’s minimum statutory withholding based upon minimum statutory withholding
rates for federal and state purposes, including payroll taxes, that are applicable to such
supplemental taxable income. Any payment of required withholding taxes by the Participant in the
form of Common Stock shall not be permitted if it would result in an accounting charge with respect
to such shares used to pay such taxes unless otherwise approved by the Committee.

Page 3 of 8

 

 

          11.
Award Subject to Claims of Creditors. The Participant shall not have any interest
in any particular assets of the Company, its parent, if applicable, or any Subsidiary or Affiliated
Entity by reason of the right to earn an Award (including Accrued Dividends) under the Plan and
this Award Agreement, and the Participant or any other person shall have only the rights of a
general unsecured creditor of the Company, its parent, if applicable, or a Subsidiary or Affiliated
Entity with respect to any rights under the Plan or this Award Agreement.

          12.
Captions. The captions of specific provisions of this Award Agreement are for
convenience and reference only, and in no way define, describe, extend or limit the scope of this
Award Agreement or the intent of any provision hereof.

          13.
Counterparts. This Award Agreement may be executed in any number of identical
counterparts, each of which shall be deemed an original for all purposes, but all of which taken
together shall form one agreement.

          14.
Conditions to Post-Retirement Vesting.

               (a)
Notice of and Conditions to Post-Retirement Vesting. If the Participant is
Post-Retirement Eligible, the Company shall, within a reasonable period of time prior to the
Participant’s Date of Termination, notify the Participant that the Participant has the right to
continue to vest following the Date of Termination in any unvested installments of Restricted Stock
(each such unvested installment, an “Installment”), provided that the Participant executes and
delivers to the Company, with respect to each such Installment, the following documentation: (i) a
non-disclosure letter agreement, in the form attached as Exhibit A, (a “Non-Disclosure Agreement”)
on or before January 1 of the year in which such Installment vests pursuant to the Vesting Schedule
(or, with respect to the calendar year in which the Date of Termination occurs, on or before the
Date of Termination), and (ii) a compliance certificate, in the form attached as Exhibit B, (a
“Compliance Certificate”) indicating the Participant’s full compliance with the Non-Disclosure
Agreement on or before November 1 of the year in which such Installment vests pursuant to the
Vesting Schedule.

               (b)
Consequences of Failure to Satisfy Vesting Conditions. In the event that, with
respect to any given Installment, the Participant fails to deliver either the respective
Non-Disclosure Agreement or Compliance Certificate for such Installment on or before the date
required for the delivery of such document (such failure, a “Non-Compliance Event”), the
Participant shall not be entitled to vest in any unvested Installments that would vest from and
after the date of the Non-Compliance Event and the Company shall be authorized to take any and all
such actions as are necessary to cause such unvested Restricted Stock to not vest and to terminate.
The only remedy of the Company for failure to deliver a Non-Disclosure Agreement or a Compliance
Certificate shall be the failure to vest in, and cancellation of, any unvested Installments then
held by the Participant.

          15.
Definitions. Words, terms or phrases used in this Award Agreement shall have the
meaning set forth in this Section 15. Capitalized terms used in this Award Agreement but not
defined herein shall have the meaning designated in the Plan.

          (a) “Accrued Dividends” has the meaning set forth in Section 3(c).

          (b) “Award” has the meaning set forth in Section 2.

          (c) “Award Agreement” has the meaning set forth in the preamble.

          (d) “Company has the meaning set forth on the Cover Page.

          (e) “Compliance Certificate” has the meaning set forth in Section 14(a).

          (f) “Date of Grant” has the meaning set forth in the preamble.

Page 4 of 8

 

 

          (g) “Date of Termination” means the first day occurring on or after the Date of Grant on which
the Participant is not employed by the Company, a Subsidiary, or an Affiliated Entity regardless of
the reason for the termination of employment; provided that a termination of employment shall not
be deemed to occur by reason of a transfer of the Participant between the Company, a Subsidiary,
and an Affiliated Entity or between two Subsidiaries or two Affiliated Entities. The Participant’s
employment shall not be considered terminated while the Participant is on a leave of absence from
the Company, a Subsidiary, or an Affiliated Entity approved by the Participant’s employer pursuant
to Company policies. If, as a result of a sale or other transaction, the Participant’s employer
ceases to be either a Subsidiary or an Affiliated Entity, and the Participant is not, at the end of
the 30-day period following the transaction, employed by the Company or an entity that is then a
Subsidiary or Affiliated Entity, then the date of occurrence of such transaction shall be treated
as the Participant’s Date of Termination.

          (h) “Early Retirement Date” means the first day of the month coinciding with or next following
the date the Participant (i) attains age 55 and (ii) earns at least 10 Years of Service.

          (i) “Escrow Agent” has the meaning set forth in Section 3(a).

          (j) “Installment” has the meaning set forth in Section 14(a).

          (k) “Non-Compliance Event” has the meaning set forth in Section 14(b).

          (l) “Non-Disclosure Agreement” has the meaning set forth in Section 14(a).

          (m) “Normal Retirement Date” means the first day of the month coinciding with or next
following the date the Participant attains age 65.

          (n) “Participant” has the meaning set forth in the preamble.

          (o) “Plan” has the meaning set forth in the preamble.

          (p) “Post-Retirement Eligible” means the Participant’s Date of Termination occurs (i) by
reason of the Participant’s retirement and (ii) on or after the Participant has attained age
fifty-five (55) with ten (10) or more Years of Service.

          (q) “Restricted Stock” has the meaning set forth in Section 2.

          (r) “Vested Stock” has the meaning set forth in Section 3(b).

          (s) “Vesting Date” has the meaning set forth in Section 3(b).

          (t) “Year of Service” shall mean a calendar year in which the Participant is employed with the
Company, a Subsidiary or Affiliated Entity for at least nine months of a calendar year. When
calculating Years of Service hereunder, Participant’s first hire date with the Company, a
Subsidiary or Affiliated Entity shall be used.

	 	 	 
	“COMPANY”

	 	DEVON ENERGY CORPORATION
	 

	 	a Delaware corporation
	 
	 	 
	“PARTICIPANT”

	 	«FirstName» «MiddleName» «LastName»
	 

	 	«Address1»
	 

	 	«City», «State», «Zip»
	 

	 	ID «ID»

Page 5 of 8

 

 

EXHIBIT A

Form of Non-Disclosure Agreement

[Insert Date]

Devon Energy Corporation

20 North Broadway

Oklahoma City, OK 73102

          Re: Non-Disclosure Agreement

Ladies and Gentlemen:

     This letter agreement is entered between Devon Energy Corporation (together with its
subsidiaries and affiliates, the “Company”) and the undersigned (the “Participant”) in
connection with that certain Amendment to Restricted Stock Award Agreements (the
“Agreement”) dated                     , 2009 between the Company and the Participant. All
capitalized terms used in this letter agreement shall have the same meaning ascribed to
them in the Agreement unless specifically denoted otherwise.

     The Participant acknowledges that, during the course of and in connection with the
employment relationship between the Participant and the Company, the Company provided and
the Participant accepted access to the Company’s trade secrets and confidential and
proprietary information, which included, without limitation, information pertaining to the
Company’s finances, oil and gas properties and prospects, compensation structures, business
and litigation strategies and future business plans and other information or material that
is of special and unique value to the Company and that the Company maintains as
confidential and does not disclose to the general public, whether through its annual report
and/or filings with the Securities and Exchange Commission or otherwise (the “Confidential
Information”).

     The Participant acknowledges that his position with the Company was one of trust and
confidence because of the access to the Confidential Information, requiring the
Participant’s best efforts and utmost diligence to protect and maintain the confidentiality
of the Confidential Information. Unless required by the Company or with the Company’s
express written consent, the Participant will not, during the term of this letter
agreement, directly or indirectly, disclose to others or use for his own benefit or the
benefit of another any of the Confidential Information, whether or not the Confidential
Information is acquired, learned, attained or developed by the Participant alone or in
conjunction with others.

     The Participant agrees that, due to his access to the Confidential Information, the
Participant would inevitably use and/or disclose that Confidential Information in breach of
his confidentiality and non-disclosure obligations if the Participant worked in certain
capacities or engaged in certain activities for a period of time following his employment
with the Company, specifically in a position that involves (i) responsibility and
decision-making authority or input at the executive level regarding any subject or
responsibility, (ii) decision-making responsibility or input at any management level in the
Participant’s individual area of assignment with the Company, or (iii) responsibility and
decision-making authority or input that otherwise allows the use of the Confidential
Information (collectively referred to as the “Restricted Occupation”). Therefore, except
with the prior written consent of the Company, during the term of this letter agreement,
the Participant agrees not to be employed by, consult for or otherwise act on behalf of any
person or entity in any capacity in which he would be involved, directly or indirectly, in
a Restricted Occupation. The Participant acknowledges that this

Page 6 of 8

 

 

commitment is intended to protect the Confidential Information and is not intended to
be applied or interpreted as a covenant against competition.

     The Participant further agrees that during the term of this letter agreement, the
Participant will not, directly or indirectly on behalf of a person or entity or otherwise,
(i) solicit any of the established customers of the Company or attempt to induce any of the
established customers of the Company to cease doing business with the Company, or (ii)
solicit any of the employees of the Company to cease employment with the Company.

     This letter agreement shall become effective upon execution by the Participant and the
Company and shall terminate on December 31, 200__. [Note: Insert date that is the end of the
calendar year of the letter agreement.]

     If you agree to the above terms and conditions, please execute a copy of this letter
agreement below and return a copy to me.

	 	 	 	 	 
	 	“PARTICIPANT”

 	 
	 	  	
 	 
	 	 	[Name of Participant] 	 
	 	 	 	 
	 

THE UNDERSIGNED HEREBY ACCEPTS AND AGREES TO THE TERMS SET FORTH ABOVE AS OF THIS
           DAY OF
                    ,           .

	 	 	 	 	 
	 	“COMPANY”

DEVON ENERGY CORPORATION

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Page 7 of 8

 

 

EXHIBIT B

Form of Compliance Certificate

     I hereby certify that I am in full compliance with the covenants contained in that certain
letter agreement (the “Agreement”) dated as of                     ,            between Devon Energy Corporation
and me and have been in full compliance with such covenants at all times during the period ending
October 31,           .

	 	 	 	 	 
	 	 	 
	 	  	
 	 
	 	 	[Name of Participant] 	 
	 	 	 	 
	 

Dated:

                                

Page 8 of 8exv10w22

Exhibit No. 10.22

DEVON ENERGY CORPORATION

2009 LONG-TERM INCENTIVE PLAN

NON-MANAGEMENT DIRECTOR

RESTRICTED STOCK AWARD AGREEMENT

     THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) entered into as of
%%OPTION_DATE%-% (the “Date of Grant”), by and between Devon Energy Corporation (the “Company”) and
%%FIRST_NAME%-% %%MIDDLE_NAME%-% %%LAST_NAME%-% (the “Participant”);

WITNESSETH:

     WHEREAS, the Company has previously adopted the “Devon Energy Corporation 2009 Long-Term
Incentive Plan” (the “Plan”); and

     WHEREAS, the Participant is a nonemployee director of the Company and it is important to the
Company that the Participant be encouraged to remain a director of the Company; and

     WHEREAS, in recognition of such facts, the Company desires to award to the Participant
%%TOTAL_SHARES_GRANTED%-% shares of the Company Common Stock under the Plan subject to the terms
and conditions of this Agreement; and

     NOW, THEREFORE, in consideration of the premises and the mutual promises and covenants herein
contained, the Participant and the Company agree as follows:

     1. The Plan. The Plan, a copy of which is attached hereto, is hereby incorporated by
reference herein and made a part hereof for all purposes, and when taken with this Agreement shall
govern the rights of the Participant and the Company with respect to the Award (as defined below).

     2. Grant of Award. The Company hereby grants to the Participant an award (the
“Award”) of %%TOTAL_SHARES_GRANTED%-% shares of the Company Common Stock (the “Restricted Stock”),
on the terms and conditions set forth herein and in the Plan.

     3. Terms of Award.

     (a) Escrow of Shares. A certificate or book-entry registration representing the
Restricted Stock shall be issued in the name of the Participant and shall be escrowed with the
Secretary of the Company (the “Escrow Agent”) subject to removal of the restrictions placed thereon
or forfeiture pursuant to the terms of this Agreement.

     (b) Vesting. If the Participant’s Date of Termination has not occurred as of the
vesting dates specified below (the “Vesting Dates”), then, the Participant shall be entitled,
subject to the applicable provisions of the Plan and this Agreement having been satisfied, to
receive on or within a reasonable time after the applicable Vesting Dates, the number of shares of
Common Stock as described in the following schedule. Once vested pursuant to the terms of this
Agreement, the Restricted Stock shall be deemed “Vested Stock”.

Vesting
Schedule

	 	 	 
	Vesting Dates	 	Shares Vesting
	 
	 	 
	%%VEST_DATE_PERIOD1%-%

	 	%%SHARES_PERIOD1%-%
	%%VEST_DATE_PERIOD2%-%

	 	%%SHARES_PERIOD2%-%
	%%VEST_DATE_PERIOD3%-%

	 	%%SHARES_PERIOD3%-%
	%%VEST_DATE_PERIOD4%-%

	 	%%SHARES_PERIOD4%-%

Page 1 of 4

 

     The Participant shall forfeit the unvested portion of the Award (including the underlying
Restricted Stock and “Accrued Dividends,” as such term is hereinafter defined) upon the occurrence
of the Participant’s Date of Termination unless the Award becomes vested under the circumstances
described in paragraphs (i), (ii) or (iii) below.

          (i) The Award shall become fully vested upon the occurrence of a Change of Control Event which
occurs prior to the Participant’s Date of Termination.

          (ii) The Award shall become fully vested upon the Participant’s Date of Termination if the
Participant’s Date of Termination occurs by reason of the Participant’s death. The Committee may,
in its sole discretion, elect to accelerate vesting of all or any portion of the Award if the Date
of Termination occurs by reason of the Participant’s disability or occurs under other special
circumstances (as determined by the Committee).

          (iii) The Award shall become fully vested upon the Participant’s Date of Termination if the
Participant’s Date of Termination occurs by reason of the Participant’s Mandatory Retirement.

     (c) Voting Rights and Dividends. The Participant shall have all of the voting rights
attributable to the shares of Restricted Stock. Regular quarterly cash dividends declared and paid
by the Company with respect to the shares of Restricted Stock shall be paid to the Participant.
Any extraordinary dividends declared and paid by the Company with respect to shares of Restricted
Stock (“Accrued Dividends”) shall not be paid to the Participant until such Restricted Stock
becomes Vested Stock. Accrued Dividends shall be held by the Company as a general obligation and
paid to the Participant at the time the underlying Restricted Stock becomes Vested Stock.

     (d) Vested Stock — Removal of Restrictions. Upon Restricted Stock becoming Vested
Stock, all restrictions shall be removed from the certificates or book-entry registrations and the
Secretary of the Company shall deliver to the Participant certificates or a Direct Registration
Statement for the book-entry registration, representing such Vested Stock free and clear of all
restrictions, except for any applicable securities laws restrictions, together with a check in the
amount of all Accrued Dividends attributed to such Vested Stock without interest thereon.

     4. Legends. The shares of Restricted Stock which are the subject of the Award shall
be subject to the following legend:

“THE SHARES OF STOCK EVIDENCED BY THIS CERTIFICATE OR BOOK-ENTRY REGISTRATION ARE SUBJECT TO
AND ARE TRANSFERRABLE ONLY IN ACCORDANCE WITH THAT CERTAIN RESTRICTED STOCK AWARD AGREEMENT
DATED %%OPTION_DATE%-% FOR THE DEVON ENERGY CORPORATION 2009 LONG-TERM INCENTIVE PLAN. ANY
ATTEMPTED TRANSFER OF THE SHARES OF STOCK EVIDENCED BY THIS CERTIFICATE OR BOOK-ENTRY
REGISTRATION IN VIOLATION OF SUCH AGREEMENT SHALL BE NULL AND VOID AND WITHOUT EFFECT. A
COPY OF THE AGREEMENT MAY BE OBTAINED FROM THE SECRETARY OF DEVON ENERGY CORPORATION.”

     5. Delivery of Forfeited Shares. The Participant authorizes the Secretary to deliver
to the Company any and all shares of Restricted Stock that are forfeited under the provisions of
this Agreement. The Participant further authorizes the Company to hold as a general obligation of
the Company any Accrued Dividends and to pay such dividends to the Participant at the time the
underlying Restricted Stock becomes Vested Stock.

     6. Nontransferability of Award. The Participant shall not have the right to sell,
assign, transfer, convey, dispose, pledge, hypothecate, burden, encumber or charge the Award or any
Restricted Stock or any interest therein in any manner whatsoever.

Page 2 of 4

 

     7. Notices. All notices or other communications relating to the Plan and this
Agreement as it relates to the Participant shall be in writing and shall be delivered
electronically, personally or mailed (U.S. mail) by the Company to the Participant at the then
current address as maintained by the Company or such other address as the Participant may advise
the Company in writing.

     8. Binding Effect and Governing Law. This agreement shall be (i) binding upon and
inure to the benefit of the parties hereto and their respective heirs, successors and assigns
except as may be limited by the Plan, and (ii) governed and construed under the laws of the State
of Oklahoma.

     9. Award Subject to Claims of Creditors. The Participant shall not have any interest
in any particular assets of the Company, its parent, if applicable, or any Subsidiary or Affiliated
Entity by reason of the right to earn an Award (including Accrued Dividends) under the Plan and
this Agreement, and the Participant or any other person shall have only the rights of a general
unsecured creditor of the Company, its parent, if applicable, or a Subsidiary or Affiliated Entity
with respect to any rights under the Plan or this Agreement.

     10. Captions. The captions of specific provisions of this Agreement are for
convenience and reference only, and in no way define, describe, extend or limit the scope of this
Agreement or the intent of any provision hereof.

     11. Counterparts. This Agreement may be executed in any number of identical
counterparts, each of which shall be deemed an original for all purposes, but all of which taken
together shall form one agreement.

     12. Definitions. Words, terms, or phrases used in this Agreement shall have the
meaning set forth in this Section 12. Capitalized terms used in this Agreement but not defined
herein shall have the meaning designated in the Plan.

          (a) “Accrued Dividends” has the meaning set forth in Section 3(c).

          (b) “Agreement” has the meaning set forth in the preamble.

          (c) “Award” has the meaning set forth in Section 2.

          (d) “Company” has the meaning set forth on the Cover Page.

          (e) “Date of Grant” has the meaning set forth in the preamble.

          (f) “Date of Termination” means the first day occurring on or after the Date of Grant on which
the Participant is not a member of the Board.

          (g) “Escrow Agent” has the meaning set forth in Section 3(a).

          (h) “Mandatory Retirement” means the Participant’s mandatory retirement from the Board of
Directors at the next annual meeting of shareholders following the date the Participant reaches his
73rd birthday.

          (i) “Restricted Stock” has the meaning set forth in Section 2.

          (i) “Vested Stock” has the meaning set forth in Section 3(b).

          (k) “Vesting Date” has the meaning set forth in Section 3(b).

Page 3 of 4

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first
above written.

	 	 	 
	“COMPANY”

	 	DEVON ENERGY CORPORATION
	 

	 	a Delaware corporation
	 
	 	 
	“PARTICIPANT”

	 	%%FIRST_NAME%-% %%MIDDLE_NAME%-%
	%LAST_NAME%-% 

	 	%%ADDRESS_LINE_1%-%
	 

	 	%%ADDRESS_LINE_2%-%
	 

	 	%%CITY%-%, %%STATE%-%, %%ZIPCODE%-%
	 

	 	ID %%EMPLOYEE_IDENTIFIER%-%

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