Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is effective April 19, 2017 (the “Effective Date”) by and
between Devon Energy Corporation (the “Company”) and Jeffrey L. Ritenour (the “Executive”). 
 WHEREAS,
the parties desire to enter into this Agreement relating to the Company’s employment of the Executive. 
 NOW, THEREFORE, IT IS HEREBY
AGREED AS FOLLOWS: 
 1. Term of Agreement; Defined Terms.  

(a) Term of Agreement. 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. 
 2. Terms, Conditions, and Benefits of
Employment. 
 (a) Position and Duties. The Executive shall serve as Executive Vice President and Chief Financial
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 his Supervisor. 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 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. 

(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. 

  
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 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. 

(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. 
 (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. 

  
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 (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 becomes 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 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, 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 (2
 1⁄2) 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: 

  
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 (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 

(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 

  
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 (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 (v) 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). 
 (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. 

  
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 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. 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. 

  
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 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, except as provided in Section 8(b), 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. Nothing in this Agreement, including the other subsections of
Section 8, Section 11, or the attached General Release, restricts or prohibits the Executive 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, or from making other disclosures that are protected under the
whistleblower provisions of state or federal law or regulation. The Executive does not need the prior authorization of the Company to engage in conduct protected by this subsection, and the Executive does not need to notify the Company that the
Executive has engaged in such conduct. 
 The Company hereby provides notice to the Executive 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. 

(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. 

(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. 

  
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 (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 (the “Prohibited Actions”), (i) any person who is an employee of the Company or its Affiliate or (ii) any person who was an employee of the Company or its Affiliate unless such person ceased
such employment more than six (6) months prior to such Prohibited Actions (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 rights and 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. 

(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. 

  
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 Nothing in this Agreement should be interpreted as restricting or prohibiting the Executive from filing a charge
or complaint with the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board, the Department of Labor, the Occupational Safety and Health Commission, or any other federal, state, or local administrative agency charged with
investigating and/or prosecuting complaints under any applicable federal, state or municipal law or regulation (except that the parties acknowledge that the Executive may not recover any monetary benefits in connection with any such claim, charge or
proceeding). A federal, state, or local agency would also be entitled to investigate the charge in accordance with applicable law. However, any dispute or claim that is covered by this Section 10 but not resolved through the federal, state, or
local agency proceedings must be submitted to arbitration in accordance with this Section 10. 
 (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. 

  
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 (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. Except as provided in Section 8(b)
above, 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 or such inquiries arise pursuant to Section 8(b) above. 
 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. 
 (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. 

  
 11 

 (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. Except as provided in
Section 8(b), 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 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; 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. 

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. 

  
 12 

 (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: 

Jeffrey L. Ritenour 
 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. 

(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. 

  
 13 

 (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. 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/ Jeffrey L. Ritenour

	Jeffrey L. Ritenour
	
	Devon Energy Corporation
	
	 /s/ Tana Cashion

	By: Tana Cashion
	Its: Senior 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.	“Act” means the Securities Exchange of Act of 1934, as amended from time to time. 

  

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

  

	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 Supervisor, the CEO, or 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, the instructions of the Supervisor, or the advice of counsel for the Company shall be conclusively presumed to be in good faith and in the Company’s best interests.

  
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	12.	“CEO” means, at any given time, the Chief Executive Officer of the Company at that time. 

  

	13.	“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 12(b) above, then no additional Change in Control shall be deemed to occur pursuant to paragraph 12(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). 
  

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

  

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

  

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

  

	17.	“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. 

  

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

  

	19.	“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. 

  

	20.	“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. 

  

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

  
 -3- 

	22.	“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. 

  

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

  

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

  

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

  

	26.	“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; 

  

	 	(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. 

 

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

  

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

  

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

  

	30.	“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. 

  

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

  
 -4- 

	32.	“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. 

 

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

  

	34.	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. 

 

	35.	“Prohibited Actions” has the meaning ascribed to such term in Section 8(f). 

  

	36.	“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. 

 

	37.	“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.

  

	38.	“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. 

  

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

  

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

  

	41.	“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.

  

	42.	“Supervisor” means, with respect to the Executive, the person to whom the Executive reports, as determined by the CEO or the CEO’s designee from time to time. 

 

	43.	“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 9). 

  
 -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 Employment Agreement previously
entered between you and the Company (the “Employment Agreement”). You have 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 Employment Agreement for doing so. You have 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 HAVE THE RIGHT TO, AND THE COMPANY HEREBY ADVISES YOU TO, CONSULT WITH AN ATTORNEY OF YOUR CHOICE. 

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 Employment 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, members, managers, 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. 

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 

  
 -1- 

 
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 Employment Agreement. 
 REPORTS TO GOVERNMENT ENTITIES 

I understand that nothing in the Employment Agreement or this General Release 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 Employment Agreement and this General Release. The Employment 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. 

MISCELLANEOUS 
 By signing this
General Release, I shall, and hereby do, resign from any offices, directorships, memberships, appointments and other positions I may hold with or on behalf of the Company and any Company affiliate, whether corporate, board, or otherwise. Unless
otherwise provided by the Company, I agree that the effective date of my resignation is the date my employment with the Company is terminated. 

  
 -2- 

 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 understand and agree that nothing in this General Release or the payment of Severance Benefits is an admission of liability or violation of any applicable
law, contract provisions or any rule or regulation, and as to which the Released Parties expressly deny liability or violation. The General Release shall not be admissible in any proceeding except an action to enforce its terms. 

I have carefully reviewed and fully understand all the provisions of the Employment Agreement and General Release, including the foregoing Notice. I have not
relied on any representation or statement, oral or written, relating to the Employment Agreement or this General Release by the Released Parties that are not set forth in those documents. 

The Employment 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 Employment Agreement. I acknowledge that the
Company has given me at least twenty-one (21) days from the date I receive this General Release to consider whether I wish to accept or reject the Severance Benefits I am otherwise eligible to receive under the Employment 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 Employment 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 Employment 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. 

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                     ,
201    	 	  

  
 -3- 

 (Do Not Sign Before Termination Date) 

  
 -4-Converted by EDGARwiz

CLEAN ENERGY TECHNOLOGIES, INC.

ESCROW FUNDING AGREEMENT

This ESCROW FUNDING AGREEMENT (this “Agreement”) dated as of November 1, 2016 is made

by and between Clean Energy Technologies, Inc., a Nevada corporation (the “Company”) and Red Dot

Investment, Inc., a California corporation (“Lender”).

RECITALS

WHEREAS on or about March 15, 2016 the Company and  Peak One Opportunity Fund, L.P., a

Delaware limited partnership (“Peak One”) entered into a Securities Purchase Agreement dated March

11, 2016 (the “SPA”).

WHEREAS  pursuant  to  the  SPA,  on  March  15,  2016  Peak  One  subscribed  for  and  purchased

from  the  Company  and  the  Company  issued  to  Peak  One  a  Convertible  Debenture  dated  March  15,

2016  in  the  original  stated  principal  amount  of  $75,000.00  (as  originally  issued  and  as  amended  as

provided herein, the “Convertible Debenture”).

WHEREAS,  concurrently  herewith,  the  Company  is  issuing  a  redemption  notice  to  Peak  One

relating  to  the  Convertible  Debenture,  pursuant  to  which  the  Company  elected  to  redeem  all  of  the

remaining  outstanding  balance  of  the  Convertible  Debenture  for  an  aggregate  redemption  price  of

$84,000.00.

WHEREAS,  prior  to  issuing  the  redemption  notice,  the  Company  did  not  have  the  funds  to

redeem the Convertible Debenture, but  Section 2(b)(iii) of the Convertible Debenture called for there

to be in escrow sufficient funds to effect a redemption of the Convertible  Debenture  prior to  the time

of issuing a redemption notice.

WHEREAS, in compliance with the terms of the Convertible Debenture, Lender is concurrently

herewith  depositing  in  escrow  with  Richardson  &  Maloney  LLP  (the  “Escrow  Holder”)  sufficient

funds to effect the redemption and pay any redemption related costs (the “Escrow”).

WHEREAS, as a condition to such deposit, and in accordance with the terms of the Convertible

Debenture  and  the  SPA,  the  Company  agrees  to  assign  to  Lender  all  of  the  Company’s  rights  to

repurchase the Convertible Debenture  through redemption, effective upon issuance of the redemption

notice.

WHEREAS,  pursuant  to  the  instructions  of  Lender  and  the  Company contained  herein,  Lender

and  the  Company  are  instructing  the  Escrow  Holder  to  disburse  funds  from  the  Escrow  to  fund  the

entirety  of  the  Company’s  redemption  of  the  Convertible  Debenture  and  all  costs,  expenses,  fees  or

other  charges  arising  in  connection  with  or  relating  to  the  redemption  of  the  Convertible  Debenture,

the assignment of the Company’s rights relating thereto, the amendment of the Convertible Debenture

once   acquired   by   Lender,   this   Agreement,   the   transactions   contemplated   herein,   including   the

Financing  Fee  (as  defined  below)  and  any  costs,  expenses,  or  other  fees  relating  to  the  Convertible

Debenture or its enforcement and collection, and any other expense for or on account of the Company

for  which  an  agent  of  the  Company  may  request  an  advance,  provided  such  advance  is  approved  by

the   Executive   Chairman   of   the   Company   or   the   Escrow   Holder   (collectively,   the   “Ancillary

Expenses”).

WHEREAS  Lender  has  agreed  that  Lender  will  only  acquire  the  rights  of  the  Company  with

respect to the Convertible Debenture and  that  Lender is acquiring the Convertible Debenture through

Escrow, including through subrogation to the rights of Peak One, and is not purchasing the Convertible

Debenture from the Company, and that, as a result, Lender is acquiring the Convertible Debenture as

a good faith purchaser for value and a holder in due course, but Lender does not acquire the Convertible

Debenture  with  any  representation  or  warranty  from  Peak  One  other  than  as  implied  by  Peak  One  to

the Company, as assignor, with respect to its ownership of the Convertible Debenture.

WHEREAS  Lender  and  the  Company  have  agreed  that  the  Convertible  Debenture  will  govern

the rights between Lender and the Company and they have agreed to amend the Convertible Debenture,

once  acquired  by  Lender  or  once  Lender  is  subrogated  to  the  rights  thereunder,  (a)  to  have  a  fixed

conversion price of $.005 per share, subject to limited potential adjustment, (b) to have a fixed interest

rate  of  ten  percent  (10%)  per  annum  with  respect  to  both  the  Peak  One  redemption  amount  and  any

Ancillary  Expenses  (in  each  case  with  a  minimum  10%  yield  in  the  event  of  payoff  or  conversion

within  the  first  year),  as  provided  herein,  all  such   expenses  to  be  for  the  account  of  and  the

responsibility  of  the  Company,  notwithstanding  that  Lender  may  advance  sums  to  pay  for  them,  the

amount of such Ancillary Expenses to constitute additional principal under the Convertible Debenture,

as amended, and (c) as otherwise provided herein.

AGREEMENT

NOW,  THEREFORE,   in   consideration   of   the   premises   and   for   other   good   and   valuable

consideration,  the  receipt  and  sufficiency  of  which  are  hereby  acknowledged,  the  parties  to  agree  as

follows:

1.

Recitals;  Terms.   The  foregoign  Recitals  are  incorproated  herin  by  refernce  as  if  set

forth fully herein and, in accodacne with Section 622 of the California Evidence Code, the facts recited

in the Recitals are conclusively presumed  to be true as between the parties hereto, or their successors

in interest.  Capitalized terms used but not defined in this Agreement shall have the meanings ascribed

thereto in the Convertible Debenture (including any terms incorproated by reference therein).

2.

Escrow Deposit; Debenture Assignment; Promise to Pay.

(a)

Upon  and  subject  to  the  terms  and  conditions  set  forth  in  this  Agreement,

Lender  has  designated  and  hereby  reaffirms  such  designation,  from  funds  on  deposit  in  the

Escrow  with  the  Escrow  Holder,  sufficient  funds  to  effect  the  redemption  and  pay  any

Ancillary Expenses.  The total of such amounts (the “Owed Principal Amount”) shall be as set

forth  in  a  schedule  (the  “Loan  Schedule”)  prepared and  updated  by  Lender  from  time to time

and that may be appended or re-appended by Lender to the Convertible  Debenture (or a copy

thereof if Lender does not receive the original of the Convertible Debenture).  The parties agree

that the Loan Schedule, as prepared by Lender from time to time and whether or not appended

to  the  Convertible  Debenture  (or  a  copy  thereof),  shall  conclusive  evidence  of  the  Owed

Principal Amount.

(b)

The Company represents and warrants to Lender that, currently with the above

the Company has issued the redemption notice for the Convertible Debenture.

(c)

As  a  condition  to  such  designation,  and  in  accordance  with  the  terms  of  the

Convertible  Debenture  and  the  SPA,  immediately after  the  issuance  of the  redemption  notice

2

as provided in Section 2(b) above, the Company hereby assign to Lender all of the Company’s

rights to repurchase the Convertible Debenture.

(d)

To  induce  Lender  to  acquire  the  Convertible  Debenture,  the  Company  agrees

to pay to Lender a fee of $10,000.00 (the “Financing Fee”), with the amount of the Financing

Fee to be included as an Ancillary Expenses.

(e)

In  consideration  of  the  foregoing,  the  Company  hereby  agrees  to  repay  to

Lender, in accordance with the terms and conditions of the Convertible Debenture as amended

hereby, the Owed Principal Amount, together with interest accrued thereon and other amounts

owing in connection therewith (including all Ancillary Expenses), as any such amounts be due

and owing and whether or not reflected in the Loan Schedule.

3.

Escrow  Instruction.    Lender  and  the  Company  hereby  jointly  instruct  the  Escrow

Holder  to  disburse  funds  from  the  Escrow  to  fund  the  entirety  of  the  Company’s  redemption  of  the

Convertible Debenture and to pay from the Escrow any and all Ancillary Expenses, inculding the legal

expenses incurred in connection with the preparation of this Agreement and the expenses of the Escrow

Holder.   At  the  request  of  the  Escrow  Holder,  Lender  shall  conifrm  in  writing  the  Escrow  Holder’s

payment  of  Ancillary  Expenses  and  Escrow  Holder’s  authortiy  threfor,  though  no  such  confirmation

shall  be required, it  being agreed  between the  parties  that  the  Escrow  Holder shall  have  the  authority

to pay such expenses as they are invoiced.

4.

Amendments  to  Convertible  Debenture.   Lender  and  the  Company agree  to  amend

the  Convertible  Debenture,  once  acquired  by  Lender  or  once  Lender  is  subrogated  to  the  rights

thereunder,  as  follows:    (a)  the  first  paragraph  of  the  Convertible  Debenture  is  amended  by  (i)

substituting  Lender  and  its  information  for  Peak  One  and  its  information,  (ii) changing the  definition

of  “Principal  Amount”  to  mean  the  Owed  Principal  Amount,  (iii)  deleting  the  second  sentence,  (iv)

deleting  all  of  the  third  sentence  but  keeping  the  definition  of  “Common  Stock,”  and  (v)  in  the  last

sentence,  deleting  all  words  between  the  word  “time”  and  the  period;  (b)  Section  2(a)  is  amended  to

provide  that  all  amounts  due  under  the  Convertible  Debenture,  including  the  Principal  Amount  and

interest  acrued  thereon,  shall  be  convertible  into  Common  Stock  at  a  fixed  conversion  price  of $.005

per   share,   subject   to   equitable   adjustments   resulting   from   any   stock   splits,   stock   dividends,

recapitalizations,  or  similar  events  or  events  with  similar  effect;  provided  that,  if  any  amount  of  any

Note  shall  be  convertible  into  Common  Stock  at  a  price  per  share  that  is  less  than  $0.002  per  share,

then, at  the election  of the Holder, the conversion  price  shall  be adjusted  to be  equal  the  lowest  price

at  which  any  such  amount  of  a  Note  shall  be  converted  into  Common  Stock  (subject  to  the  same

equitable adjustments), with any such adjustment to be for the benefit of the Holder and, at the Holder’s

election, one or more other holders of Common Stock as of November 1, 2016; (c) Section 2(b) of the

Convertible Debenture is deleted in its entirety; (d) Section 3 is deleted in its entirety and replaced with

the following “Any amount owed under this Debenture may be converted at the election of the Holder

prior to, at or after the Maturity Date.”; (e) the first four sentences of Section 9 are amended and restated

to provide that the Convertible Debenture shall be governed by the law of the State of Nevada and that

any dispute or other matter between the parties shall be submitted to expedited commerical arbitration

before  Pan  Pacific  Arbitration  in  accorance  with  Section  13  below;  (f)  interest  shall  acrue  from  the

date hereof on all Owed Principal Amount at a rate per annum equal to  ten percent (10%) per annum,

with  a  minimum  interest  accrual  of  10%  of  the  Principal  Amount  in  the  event  the  Convertible

Debenture  is  converted  or repaid  within  one  year,  and  (g)  the  Convertible  Debenture  shall  entitle  the

Holder  to  voite  on  all  matters  on  which  holders  of  Common  Stock  are  entitled  to  vote,  including  the

election  of directors,  on an  as-converted basis,  based  on the maximum  number  of shares  of Common

3

Stock  into  with  the  Convertible  Debenture  is  convertible,  applying  any  then-applicable  conversion

limitation.

5.

Events  of  Default.    In  addition  to  the  Events  of  Default  listed  in  the  Convertible

Debenture, the occurrence of any of the following shall also constitute an “Event of Default” under the

Convertible Debenture and this Agreement:

(a)

Failure  to  Pay.    The  Company  shall  fail  to  pay  when  due  any  outstanding

amount owed under the Convertible Debenture;

(b)

Cross  Default.   A  default  shall  occur  in  any  other  obligation  of  the  Company

to pay money or to perform an obligation when due;

(c)

Voluntary  Bankruptcy  or  Insolvency  Proceedings.    The  Company  shall  (i)

apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all

or  a  substantial  part  of  its  property,  (ii)  be  unable,  or  admit  in  writing  its  inability,  to  pay  its  debts

generally as  they mature, (iii) make  a  general  assignment  for  the  benefit  of its  or  any of its  creditors,

(iv) be dissolved or liquidated, (v) become insolvent (as such term may be defined or interpreted under

any  applicable  statute),  (vi)  commence  a  voluntary  case  or  other  proceeding  seeking  liquidation,

reorganization  or  other  relief  with  respect  to  itself  or  its  debts  under  any  bankruptcy,  insolvency  or

other  similar  law  now  or  hereafter  in  effect  or  consent  to  any  such  relief  or  to  the  appointment  of  or

taking possession of its property by any official in an involuntary case or other proceeding commenced

against it, or (vii) take any action for the purpose of effecting any of the foregoing; or

(d)

Involuntary  Bankruptcy   or   Insolvency   Proceedings.     Proceedings   for   the

appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a substantial part

of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization

or  other  relief with  respect  to  the  Company or  the  debts  thereof under  any bankruptcy,  insolvency or

other similar law now or hereafter in effect shall be commenced and an order for relief entered or such

proceeding shall not be dismissed or discharged within thirty (30) days of commencement.

6.

Rights of Lender upon Default.  In addition to any remedies listed in the Convertible

Debenture  or  available  at  law  or  in  equity,  upon  the  occurrence  and  during  the  continuance  of  any

Event  of  Default  (and  giving  effect  to  any  applicable  cure  periods)  and  at  any  time  thereafter  during

the  continuance  of  such  Event  of  Default,   Lender  may  declare  all  amounts  payable   under  the

Convertible Debenture to be and become immediately due and payable, whereupon such amounts shall

be immediately due and payable in full.  In addition to the foregoing remedies, upon the occurrence or

existence  of  any  Event  of  Default,  Lender  may  exercise  any  other  right  power  or  remedy  otherwise

permitted to it by law, either by suit in equity or by action at law, or both.

7.

No  Assignment  by  the  Company.    Neither  this  Agreement  nor  the  Convertible

Debenture nor any of the rights, interests, or obligations of the Company hereunder or thereunder may

be  assigned,  in  whole  or  in  part,  by  the  Company,  including  by  operaiton  of  law,  without  the  prior

written consent of Lender.

8.

Waiver  and  Amendment.    Any  provision  of  this  Agreement  may  be  amended,

waived, or modified upon the written consent of Company and the Lender.

4

9.

Notices.

All    notices,    requests,    demands,    consents,    instructions,    or    other

communications  required  or  permitted  hereunder  shall  be  in  writing  and  faxed,  emailed,  mailed,  or

delivered to each party at  the respective addresses of the parties  provided for  such purpose.   All such

notices and communications will be deemed given when sent to an address of the reciptient.  Any party

hereto may by notice so given change its address for future notice hereunder.

10.

Payment.  Payment shall be made in lawful tender of the United States.

11.

Expenses.  If action is instituted to collect  on the Convertible Debenture or to enforce

any right under this Agreement, the prevailing party shall pay all costs and expenses, including, without

limitation, attorneys’ fees and costs, incurred in connection  with such action.

12.

Governing Law.  All questions concerning the construction, validity, enforcement and

interpretation of this Agreement shall be governed by and construed and enforced in accordance with

the internal laws of the State of Nevada, without regard to the principles of conflicts of law thereof.

13.

Arbitration;  Waiver  of  Right  to  Trial  by  Jury.   Any dispute,  controversy  or  claim

arising  from  or  connected  with  this  Agreement,  including  one  regarding  the  existence,  validity  or

performance  of  this  Agreement  or  the  Convertible  Debenture  (a  “Dispute”)  shall  be  referred  to  and

finally  resolved  by  arbitration  under  the  expedited  commercial  arbitration  rules  of  Pan  Pacific

Arbitration.   TO THE FULLEST EXTENT PERMITTED BY APPLICABLE  LAW, EACH PARTY

HERETO HEREBY IRREVOCABLY  WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN

ANY  LEGAL  PROCEEDING  ARISING  OUT  OF  OR  RELATING  TO  THIS  AGREEMENT,  THE

CONVERTIBLE  DEBENTURE,  OR  THE  TRANSACTIONS  CONTEMPLATED  HEREBY  OR

THEREBY.

14.

Usury Limitations.  It is the intention of the Company and Lender to conform strictly

to applicable usury laws.  Accordingly, notwithstanding anything to the contrary in this  Agreement or

the Convertible Debenture, amounts deemed to constitute interest under applicable law and contracted

for, chargeable, or receivable under this Agreement or under the Convertible Debenture shall under no

circumstances,  together  with   any  other   interest,  late   charges,   or   other   amounts   which   may  be

interpreted to be interest contracted for, chargeable, or receivable hereunder or thereunder, exceed the

maximum  amount  of  interest  permitted  by  law,  and  in  the  event  any  amounts  were  to  exceed  the

maximum  amount  of  interest  permitted  by  law,  such  excess  amounts  shall  be  deemed  a  mistake  and

shall either be reduced immediately and automatically to the maximum amount permitted by law or, if

required to comply with applicable law, be canceled automatically and, if theretofore paid, at the option

of  Lender,  be  refunded  to  the  Company  or  credited  on  the  principal  amount  of  the  Convertible

Debenture then outstanding.

[Remainder of page intentionally left blank]

5

IN  WITNESS  WHEREOF,  the  Company  and  Lender  have  each  caused  this  Escrow  Funding

Agreement  to  signed  by  their  duly  appointed  and  authorized  officers  as  the  act  and  deed  of  such

company as of the date first written above.

CLEAN ENERGY TECHNOGIES, INC.,

a Nevada corporation

By:

Kambiz Mahdi

Chief Executive Officer

RED DOT INVESTMENT, INC.,

a California corporation

By:

Ted Hsu

Chief Executive Officer

6

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