Document:

EX-10.50

 EXHIBIT 10.50 
 EMPLOYMENT AGREEMENT (the “Agreement”) made December 23, 2011 effective as of August 1, 2011 (the “Effective Date”) between TIME WARNER INC., a Delaware corporation (the
“Company”), and OLAF OLAFSSON (“You”). 
 You are currently employed by the Company pursuant to an
Employment Agreement made and effective August 1, 2008, which replaced an agreement made and effective May 19, 2005 (the “Prior Agreements”). The Company wishes to amend and restate the terms of your employment with the Company
and to secure your services on a full-time basis for the period to and including July 31, 2014 on and subject to the terms and conditions set forth in this Agreement, and you are willing to provide such services on and subject to the terms and
conditions set forth in this Agreement. You and the Company therefore agree as follows: 
 1. Term of Employment. Your
“term of employment” as this phrase is used throughout this Agreement shall be for the period beginning on the Effective Date and ending on July 31, 2014 (the “Term Date”), subject, however, to earlier termination as set
forth in this Agreement. 
 2. Employment. During the term of employment, you shall serve as Executive Vice President,
International and Corporate Strategy of the Company and you shall have the authority, functions, duties, powers and responsibilities normally associated with such position and such additional authority, functions, duties, powers and responsibilities
as may be assigned to you from time to time by the Company consistent with your senior position with the Company . During the term of employment, (i) your services shall be rendered on a substantially full-time, exclusive basis and you will
apply on a full-time basis all of your skill and experience to the performance of your duties, (ii) you shall have no other employment and, without the prior written consent of the Chief Executive Officer or other more senior officer of the
Company in your reporting line, no outside business activities which require the devotion of substantial amounts of your time and (iii) the place for the performance of your services shall be the principal executive offices of the Company in
the New York City metropolitan area, subject to such reasonable travel as may be required in the performance of your duties. You shall report to one of the following officers of the Company: a Chief Operating Officer; the President; or the Chief
Executive Officer. The foregoing shall be subject to the Company’s written policies, as in effect from time to time, regarding vacations, holidays, illness and the like. 

 The foregoing shall be subject to the Company’s written policies, as in effect from
time to time, regarding vacations, holidays, illness and the like. 
 3. Compensation. 

3.1 Base Salary. The Company shall pay you a base salary at the rate of not less than $800,000 per annum during the term of
employment (“Base Salary”). The Company may increase, but not decrease, your Base Salary during the term of employment. Base Salary shall be paid in accordance with the Company’s customary payroll practices. 

3.2 Bonus. In addition to Base Salary, the Company typically pays its executives an annual cash bonus (“Bonus”).
Although your Bonus is fully discretionary, for 2011 your target annual Bonus as a percentage of Base Salary will be pro-rated as follows: 100% of $750,000 for the period from January 1, 2011 through June 30, 2011 and 150% of $800,000 for
the period from July 1, 2011 through December 31, 2011. After 2011 your target annual Bonus will be 150% of your Base Salary. The Company may increase, but not decrease without your consent, your target annual Bonus during the term of
employment. Each year, your personal performance will be considered in the context of your executive duties and any individual goals set for you, and your actual Bonus will be determined based on your personal performance and the Company’s
performance. Your Bonus amount, if any, will be paid to you between January 1 and March 15 of the calendar year immediately following the performance year in respect of which such Bonus is earned. 

3.3 Long Term Incentive Compensation. So long as the term of employment has not terminated, the Company annually shall provide
you with long term incentive compensation with a target value of $1,300,000 (based on the valuation method used by the Company for its senior executives) through a combination of stock option grants, restricted stock units, performance shares or
other equity-based awards, cash-based long-term plans or other components as may be determined by the Compensation and Human Development Committee of the Company’s Board of Directors from time to time in its sole discretion 

3.4 Indemnification. You shall be entitled throughout the term of employment (and after the end of the term of employment, to the
extent relating to 

  
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service during the term of employment) to the benefit of the indemnification provisions contained on the date hereof in the Restated Certificate of Incorporation and By-laws of the Company (not
including any amendments or additions after the Effective Date that limit or narrow, but including any that add to or broaden, the protection afforded to you by those provisions). 

4. Termination. 
 4.1 Termination for Cause. The Company may terminate the term of employment and all of the Company’s obligations under this Agreement, other than its obligations set forth below in this
Section 4.1, for “cause”. Termination by the Company for “cause” shall mean termination because of your (a) conviction (treating a nolo contendere plea as a conviction) of a felony (whether or not any right to appeal
has been or may be exercised), (b) willful failure or refusal without proper cause to perform your duties with the Company, including your obligations under this Agreement (other than any such failure resulting from your incapacity due to
physical or mental impairment), (c) fraud, misappropriation, embezzlement or reckless or willful destruction of Company property, (d) material breach of any statutory or common law duty of loyalty to the Company, (e) intentional and
improper conduct materially prejudicial to the business of the Company or any of its affiliates, or (f) material breach of any of the covenants provided for in Section 9 hereof. Such termination shall be effected by written notice thereof
delivered by the Company to you and shall be effective as of the date of such notice; provided, however, that if (i) such termination is because of your willful failure or refusal without proper cause to perform any one or more of your
obligations under this Agreement, (ii) such notice is the first such notice of termination for any reason delivered by the Company to you under this Section 4.1, and (iii) within 30 days following the date of such notice you shall
cease your refusal and shall use your best efforts to perform such obligations, the termination shall not be effective. 
 In
the event of termination by the Company for cause, without prejudice to any other rights or remedies that the Company may have at law or in equity, the Company shall have no further obligation to you other than (i) to pay Base Salary through
the effective date of the termination of employment (the “Effective Termination Date”), (ii) to pay any Bonus for any year prior to the year in which such termination occurs that has been determined but not yet paid as of the
Effective Termination Date, and (iii) with respect to any rights you have pursuant to any insurance or other benefit plans or 

  
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arrangements of the Company. You hereby disclaim any right to receive a pro rata portion of any Bonus with respect to the year in which such termination occurs. 

4.2 Termination by You for Material Breach by the Company and Termination by the Company Without Cause. Unless previously
terminated pursuant to any other provision of this Agreement and unless a Disability Period shall be in effect, you shall have the right, exercisable by written notice to the Company, to terminate the term of employment under this Agreement with an
Effective Termination Date 30 days after the giving of such notice, if, at the time of the giving of such notice, the Company is in material breach of its obligations under this Agreement; provided, however, that, with the exception of clause
(i) below, this Agreement shall not so terminate if such notice is the first such notice of termination delivered by you pursuant to this Section 4.2 and within such 30-day period the Company shall have cured all such material breaches;
and provided further, that such notice is provided to the Company within 90 days after the occurrence of such material breach. A material breach by the Company shall include, but not be limited to, (i) the Company violating Section 2 with
respect to authority, reporting, duties, or place of employment or (ii) the Company failing to cause any successor to all or substantially all of the business and assets of the Company expressly to assume the obligations of the Company under
this Agreement. 
 The Company shall have the right, exercisable by written notice to you delivered before the date which is 60
days prior to the Term Date, to terminate your employment under this Agreement without cause, which notice shall specify the Effective Termination Date. If such notice is delivered on or after the date which is 60 days prior to the Term Date, the
provisions of Section 4.3 shall apply. 
 4.2.1 In the event of a termination of employment pursuant to this
Section 4.2 (a “termination without cause”), you shall receive Base Salary and a pro rata portion of your Average Annual Bonus (as defined below) through the Effective Termination Date. Your Average Annual Bonus shall be equal to the
average of the regular annual bonus amounts (excluding the amount of any special or spot bonuses) in respect of the two calendar years during the most recent three calendar years for which the annual bonus received by you from the Company was the
greatest. Your pro rata Average Annual Bonus pursuant to this Section 4.2.1 shall be paid to you at the times set forth in Section 4.6. 

  
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 4.2.2 After the Effective Termination Date, you shall continue to be treated as an employee
of the Company for a period ending on the date which is twenty-four months after the Effective Termination Date if the Effective Termination Date occurs prior to the Term Date and twelve months after the Effective Termination Date if
the Effective Termination Date occurs on or after the Term Date (such date, the “Severance Term Date”), and during such period you shall be entitled to receive, whether or not you become disabled during such period but
subject to Section 6, (a) Base Salary (on the Company’s normal payroll payment dates as in effect immediately prior to the Effective Termination Date) at an annual rate equal to your Base Salary in effect immediately prior to the
notice of termination, and (b) an annual Bonus in respect of each calendar year or portion thereof (in which case a pro rata portion of such Bonus will be payable) during such period equal to your Average Annual Bonus. Except as provided in the
next sentence, if you accept other full-time employment during such period or notify the Company in writing of your intention to terminate your status of being treated as an employee during such period, you shall cease to be treated as an employee
of the Company for purposes of your rights to receive certain post-termination benefits under Section 8.2 effective upon the commencement of such other employment or the date specified by you in such notice, whichever is applicable (the
“Equity Cessation Date”), and you shall receive the remaining payments of Base Salary and Bonus pursuant to this Section 4.2.2 at the times specified in Section 4.6 of the Agreement. Notwithstanding the foregoing, if you accept
employment with any not-for-profit entity or governmental entity, then you may continue to be treated as an employee of the Company for purposes of your rights to receive certain post-termination benefits pursuant to Section 8.2 and you will
continue to receive the payments as provided in the first sentence of this Section 4.2.2; and if you accept full-time employment with any affiliate of the Company, then the payments provided for in this Section 4.2.2 shall immediately
cease and you shall not be entitled to any further payments. For purposes of this Agreement, the term “affiliate” shall mean any entity which, directly or indirectly, controls, is controlled by, or is under common control with, the
Company. 
 4.3 After the Term Date. If at the Term Date, the term of employment shall not have been previously
terminated pursuant to the provisions of this Agreement, no Disability Period is then in effect and the parties shall not have agreed to an extension or renewal of this Agreement or on the terms of a new employment agreement, then the term of
employment shall continue on a month-to-month basis and you shall continue to be employed by the Company pursuant to the terms of this Agreement, subject 

  
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to termination by either party hereto on 60 days written notice delivered to the other party (which notice may be delivered by either party at any time on or after the date which is 60 days
prior to the Term Date). If the Company shall terminate the term of employment on or after the Term Date for any reason (other than for cause as defined in Section 4.1, in which case Section 4.1 shall apply), which the Company shall have
the right to do so long as no Disability Date (as defined in Section 5) has occurred prior to the delivery by the Company of written notice of termination, then such termination shall be deemed for all purposes of this Agreement to be a
“termination without cause” under Section 4.2; and the provisions of Sections 4.2.1 and 4.2.2 shall apply, except that the period for which you shall continue to be treated as
an employee following the Effective Termination Date will be twelve months.  
 4.4 Release. A
condition precedent to the Company’s obligation to make or continue the payments associated with a termination without cause shall be your execution and delivery of a release in the form attached hereto as Annex A, as such form may be updated
as required by law, within 60 days following your Effective Termination Date. If you shall fail to timely execute and deliver such release, or if you revoke such release as provided therein, then in lieu of continuing to receive the payments
provided for herein, you shall receive a severance payment determined in accordance with the Company’s policies relating to notice and severance reduced by the aggregate amount of severance payments paid pursuant to this Agreement, if any,
prior to the date of your refusal to deliver, or revocation of, such release. Any such severance payments shall be paid in the form of Base Salary continuation payments at the annual rate equal to your Base Salary in effect immediately prior to your
notice of termination, with such amounts paid until your severance benefit has been exhausted. 
 4.5 Mitigation. In the
event of a termination without cause under this Agreement, you shall not be required to take actions in order to mitigate your damages hereunder, unless Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), would
apply to any payments to you by the Company and your failure to mitigate would result in the Company losing tax deductions to which it would otherwise have been entitled. In such an event, Section 4.7.1 shall govern. With respect to the
preceding sentences, any payments or rights to which you are entitled by reason of the termination of employment without cause shall be considered as damages hereunder. Any obligation to mitigate your damages pursuant to this Section 4.5 shall
not be a defense or offset to the Company’s obligation to pay you in full the amounts provided in this Agreement upon the 

  
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occurrence of a termination without cause, at the time provided herein, or the timely and full performance of any of the Company’s other obligations under this Agreement. 

4.6 Payments. Payments of Base Salary and Bonus required to be made to you after any termination shall be made at the same times
as such payments otherwise would have been paid to you pursuant to Sections 3.1 and 3.2 if you had not been terminated, subject to Section 12.17. 
 4.7 Limitation on Certain Payments. Notwithstanding any other provision of this Agreement: 
 4.7.1. In the event the Company (or its successor) determines, based on the advice of an independent nationally recognized public accounting firm engaged by the Company, that part or all of the
consideration, compensation or benefits to be paid to you under this Agreement constitute “parachute payments” under Section 280G(b)(2) of the Code, then, if the aggregate present value of such parachute payments, singularly or
together with the aggregate present value of any consideration, compensation or benefits to be paid to you under any other plan, arrangement or agreement which constitute “parachute payments” (collectively, the “Parachute
Amount”) exceeds 2.99 times your “base amount”, as defined in Section 280G(b)(3) of the Code (the “Base Amount”), the amounts constituting “parachute payments” which would otherwise be payable to you or for
your benefit shall be reduced to the extent necessary so that the Parachute Amount is equal to 2.99 times the Base Amount (the “Reduced Amount”); provided that such amounts shall not be so reduced if the Company determines, based on the
advice of such public accounting firm, that without such reduction you would be entitled to receive and retain, on a net after tax basis (including, without limitation, any excise taxes payable under Section 4999 of the Code), an amount which
is greater than the amount, on a net after tax basis, that you would be entitled to retain upon receipt of the Reduced Amount. 

4.7.2. If the determination made pursuant to Section 4.7.1 results in a reduction of the payments that would otherwise be paid to
you except for the application of Section 4.7.1, such reduction in payments shall be first applied to reduce any cash severance payments that you would otherwise be entitled to receive hereunder and shall thereafter be applied to reduce other
payments and benefits in a manner that would not result in subjecting you to additional taxation under Section 409A of the Code, unless 

  
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you elect to have the reduction in payments applied in a different order. Within ten days following such determination, the Company shall pay or distribute to you or for your benefit such amounts
as are then due to you under this Agreement and shall promptly pay or distribute to you or for your benefit in the future such amounts as become due to you under this Agreement. 

4.7.3. As a result of the uncertainty in the application of Sections 280G and 4999 of the Code at the time of a determination hereunder,
it is possible that payments will be made by the Company that should not have been made under Section 4.7.1 (an “Overpayment”). In the event that there is a final determination by the Internal Revenue Service, or a final determination
by a court of competent jurisdiction, that an Overpayment has been made, the Company shall have no further liability or obligation to you for any excise taxes, interest or penalty that you are required to pay as a result of such final determination.

 4.8 Retirement. Notwithstanding the provisions of this Agreement relating to a termination without cause and
Disability, on the date you first become eligible for normal retirement as defined in any applicable retirement plan (i.e., age 65) of the Company or any subsidiary of the Company (the “Retirement Date”), then this Agreement shall
terminate automatically on such date and your employment with the Company shall thereafter be governed by the policies generally applicable to employees of the Company, and you shall not thereafter be entitled to the payments provided in this
Agreement to the extent not received by you on or prior to the Retirement Date. In addition, no benefits or payments provided in this Agreement relating to termination without cause and Disability shall include any period after the Retirement Date
and if the provision of benefits or calculation of payments provided in this Agreement with respect thereto would include any period subsequent to the Retirement Date, such provision of benefits shall end on the Retirement Date and the calculation
of payments shall cover only the period ending on the Retirement Date. 
 5. Disability. 

5.1 Disability Payments. If during the term of employment and prior to the delivery of any notice of termination without cause,
you become physically or mentally disabled, whether totally or partially, so that you are prevented from performing your usual duties for a period of six consecutive months, or for shorter periods aggregating

  
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six months in any twelve-month period, the Company shall, nevertheless, continue to pay your full compensation through the last day of the sixth consecutive month of disability or the date on
which the shorter periods of disability shall have equaled a total of six months in any twelve-month period (such last day or date being referred to herein as the “Disability Date”), subject to Section 12.17. If you have not resumed
your usual duties on or prior to the Disability Date, the Company shall pay you a pro rata Bonus (based on your Average Annual Bonus) for the year in which the Disability Date occurs and thereafter shall pay you disability benefits for the period
ending on the later of (i) the Term Date or (ii) the date which is twelve months after the Disability Date (in the case of either (i) or (ii), the “Disability Period”), in an annual amount equal to 75% of (a) your Base
Salary at the time you become disabled and (b) the Average Annual Bonus, in each case, subject to Section 12.17. 

5.2 Recovery from Disability. If during the Disability Period you shall fully recover from your disability, the Company shall
have the right (exercisable within 60 days after notice from you of such recovery), but not the obligation, to restore you to full-time service at full compensation. If the Company elects to restore you to full-time service, then this Agreement
shall continue in full force and effect in all respects and the Term Date shall not be extended by virtue of the occurrence of the Disability Period. If the Company elects not to restore you to full-time service, you shall be entitled to obtain
other employment, subject, however, to the following: (i) you shall perform advisory services during any balance of the Disability Period; and (ii) you shall comply with the provisions of Sections 9 and 10 during the Disability Period. The
advisory services referred to in clause (i) of the immediately preceding sentence shall consist of rendering advice concerning the business, affairs and management of the Company as requested by the Chief Executive Officer or other senior
officer of the Company but you shall not be required to devote more than five days (up to eight hours per day) each month to such services, which shall be performed at a time and place mutually convenient to both parties. Any income from such other
employment shall not be applied to reduce the Company’s obligations under this Agreement. 
 5.3 Other Disability
Provisions. The Company shall be entitled to deduct from all payments to be made to you during the Disability Period pursuant to this Section 5 an amount equal to all disability payments received by you during the Disability Period from
Worker’s Compensation, Social Security and disability insurance policies maintained by the Company; provided, however, that for so long as, and to the extent that, 

  
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proceeds paid to you from such disability insurance policies are not includible in your income for federal income tax purposes, the Company’s deduction with respect to such payments shall be
equal to the product of (i) such payments and (ii) a fraction, the numerator of which is one and the denominator of which is one less the maximum marginal rate of federal income taxes applicable to individuals at the time of receipt of
such payments. All payments made under this Section 5 after the Disability Date are intended to be disability payments, regardless of the manner in which they are computed. Except as otherwise provided in this Section 5, the term of
employment shall continue during the Disability Period and you shall be entitled to all of the rights and benefits provided for in this Agreement, except that Sections 4.2 and 4.3 shall not apply during the Disability Period, and unless the Company
has restored you to full-time service at full compensation prior to the end of the Disability Period, the term of employment shall end and you shall cease to be an employee of the Company at the end of the Disability Period and shall not be entitled
to notice and severance or to receive or be paid for any accrued vacation time or unused sabbatical. 
 6. Death. If you
die during the term of employment, this Agreement and all obligations of the Company to make any payments hereunder shall terminate except that your estate (or a designated beneficiary) shall be entitled to receive Base Salary to the last day of the
month in which your death occurs and Bonus compensation (at the time bonuses are normally paid) based on the Average Annual Bonus, but prorated according to the number of whole or partial months you were employed by the Company in such calendar
year. 
 7. Life Insurance. During your employment with the Company, the Company shall (i) provide you with $50,000
of group life insurance and (ii) pay you annually an amount equal to two times the premium you would have to pay to obtain life insurance under a standard group universal life insurance program in an amount equal to $3,000,000. The Company
shall pay you such amount no later than March 15 of the calendar year following any calendar year in which you are entitled to this amount. You shall be under no obligation to use the payments made by the Company pursuant to the preceding
sentence to purchase any additional life insurance. The payments made to you hereunder shall not be considered as “salary” or “compensation” or “bonus” in determining the amount of any payment under any retirement,
profit-sharing or other benefit plan of the Company or any subsidiary of the Company. 

  
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 8. Other Benefits. 

8.1 General Availability. To the extent that (a) you are eligible under the general provisions thereof (including without
limitation, any plan provision providing for participation to be limited to persons who were employees of the Company or certain of its subsidiaries prior to a specific point in time) and (b) the Company maintains such plan or program for the
benefit of its executives, during the term of your employment with the Company, you shall be eligible to participate in any savings plan, or similar plan or program and in any group life insurance, hospitalization, medical, dental, accident,
disability or similar plan or program of the Company now existing or established hereafter. 
 8.2 Benefits After a
Termination or Disability. After the Effective Termination Date of a termination of employment pursuant to Section 4.2 and prior to the Severance Term Date or during the Disability Period, you shall continue to be treated as an employee of
the Company for purposes of eligibility to participate in the Company’s health and welfare benefit plans other than disability programs and to receive the health and welfare benefits (other than disability programs) required to be provided to
you under this Agreement to the extent such health and welfare benefits are maintained in effect by the Company for its executives. After the Effective Termination Date of a termination of employment pursuant to Section 4 or during a Disability
Period, you shall not be entitled to any additional awards or grants under any stock option, restricted stock or other stock-based incentive plan and you shall not be entitled to continue elective deferrals in or accrue additional benefits under any
qualified or nonqualified retirement programs maintained by the Company. At the Severance Term Date, your rights to benefits and payments under any health and welfare benefit plans or any insurance or other death benefit plans or arrangements of the
Company shall be determined in accordance with the terms and provisions of such plans. At the Severance Term Date or, if earlier, the Equity Cessation Date, your rights to benefits and payments under any stock option, restricted stock, stock
appreciation right, bonus unit, management incentive or other long-term incentive plan of the Company shall be determined in accordance with the terms and provisions of such plans and any agreements under which such stock options, restricted stock
or other awards were granted. However, consistent with the terms of the Prior Agreements, notwithstanding the foregoing or any more restrictive provisions of any such plan or agreement, if your employment with the Company is terminated as a result
of a termination 

  
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pursuant to Section 4.2, then, (i) all stock options to purchase shares of Time Warner Common Stock shall continue to vest, and any such vested stock options shall remain exercisable
(but not beyond the term of such options) through the earlier of the Severance Term Date or the Equity Cessation Date; (ii) except if you shall then qualify for retirement under the terms of the applicable stock option agreement and would
receive more favorable treatment under the terms of the stock option agreement, (x) all stock options to purchase shares of Time Warner Common Stock granted to you on or after January 1, 2005 (the “Term Options”) that would have
vested on or before the Severance Term Date (or the comparable date under any employment agreement that amends, replaces or supersedes this Agreement) shall vest and become immediately exercisable upon the earlier of the Severance Term Date or the
Equity Cessation Date, and (y) all your vested Term Options shall remain exercisable for a period of three years after the earlier of the Severance Term Date or the Equity Cessation Date (but not beyond the term of such stock options);
(iii) all stock options granted to you after April 6, 2001 and before January 1, 2005 shall be governed by the terms of the applicable stock option plan and agreement under which such options were awarded; and (iv) the Company
shall not be permitted to determine that your employment was terminated for “unsatisfactory performance” within the meaning of any stock option agreement between you and the Company . With respect to awards of restricted stock units
(“RSUs”) held at the Effective Termination Date of a termination of employment pursuant to Section 4.2, subject to potential further delay in payment pursuant to Section 12.17, the treatment of the RSUs will be determined in
accordance with the terms of the applicable award agreement(s). 
 8.3 Payments in Lieu of Other Benefits. In the event
the term of employment and your employment with the Company is terminated pursuant to any section of this Agreement, you shall not be entitled to notice and severance under the Company’s general employee policies or to be paid for any accrued
vacation time or unused sabbatical, the payments provided for in such sections being in lieu thereof. 
 9. Protection of
Confidential Information; Non-Compete. 
 9.1 Confidentiality Covenant. You acknowledge that your employment by the
Company (which, for purposes of this Section 9 shall mean Time Warner Inc. and its affiliates) will, throughout the term of employment, bring you into 

  
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close contact with many confidential affairs of the Company, including information about costs, profits, markets, sales, products, key personnel, pricing policies, operational methods, technical
processes and other business affairs and methods and other information not readily available to the public, and plans for future development. You further acknowledge that the services to be performed under this Agreement are of a special, unique,
unusual, extraordinary and intellectual character. You further acknowledge that the business of the Company is international in scope, that its products and services are marketed throughout the world, that the Company competes in nearly all of its
business activities with other entities that are or could be located in nearly any part of the world and that the nature of your services, position and expertise are such that you are capable of competing with the Company from nearly any location in
the world. In recognition of the foregoing, you covenant and agree: 
 9.1.1 You shall keep secret all confidential matters of
the Company and shall not disclose such matters to anyone outside of the Company, or to anyone inside the Company who does not have a need to know or use such information, and shall not use such information for personal benefit or the benefit of a
third party, either during or after the term of employment, except with the Company’s written consent, provided that (i) you shall have no such obligation to the extent such matters are or become publicly known other than as a result of
your breach of your obligations hereunder and (ii) you may, after giving prior notice to the Company to the extent practicable under the circumstances, disclose such matters to the extent required by applicable laws or governmental regulations
or judicial or regulatory process; 
 9.1.2 You shall deliver promptly to the Company on termination of your employment, or at
any other time the Company may so request, all memoranda, notes, records, reports and other documents (and all copies thereof) relating to the Company’s business, which you obtained while employed by, or otherwise serving or acting on behalf
of, the Company and which you may then possess or have under your control; and 
 9.1.3 If the term of employment is terminated
pursuant to Section 4, for a period of one year after the Effective Termination Date, without the prior written consent of the Company, you shall not employ, and shall not cause any entity of which you are an affiliate to employ, any person who
was a full-time employee of the Company at the date of such termination or within six months prior thereto but such 

  
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prohibition shall not apply to your secretary or executive assistant or to any other employee eligible to receive overtime pay. 

9.2 Non-Compete. During the term of employment and for a period of twelve months after (i) the effective date of your
retirement or other voluntary termination of employment or (ii) the Effective Termination Date of a termination of employment pursuant to Section 4, you shall not, directly or indirectly, without the prior written consent of the Chief
Executive Officer or a Chief Operating Officer of the Company, render any services to, or act in any capacity for, any Competitive Entity, or acquire any interest of any type in any Competitive Entity; provided, however, that the foregoing shall not
be deemed to prohibit you from acquiring, (a) solely as an investment and through market purchases, securities of any Competitive Entity which are registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934 and which are
publicly traded, so long as you are not part of any control group of such Competitive Entity and such securities, including converted securities, do not constitute more than one percent (1%) of the outstanding voting power of that entity and
(b) securities of any Competitive Entity that are not publicly traded, so long as you are not part of any control group of such Competitive Entity and such securities, including converted securities, do not constitute more than three percent
(3%) of the outstanding voting power of that entity. For purposes of the foregoing, the following shall be deemed to be a Competitive Entity: (x) during the period that you are actively employed with the Company, during the Disability
Period, or prior to the Effective Termination Date in the event your employment is terminated pursuant to Section 4, any person or entity that engages in any line of business that is substantially the same as either (i) any line of
business which the Company engages in, conducts or, to your knowledge, has definitive plans to engage in or conduct or (ii) any operating business that is engaged in or conducted by the Company as to which, to your knowledge, the Company
covenants, in writing, not to compete with in connection with the disposition of such business, and (y) after the Disability Period, the Effective Termination Date in the event of a termination of your term of employment pursuant to
Section 4 or the effective date of your retirement or other voluntary termination of employment, any of the following: CBS Corporation, NBC Universal, The Walt Disney Company, The News Corporation Ltd., Sony Corporation, and Viacom Inc. and
their respective subsidiaries and affiliates and any successor to the internet service provider, media or entertainment businesses thereof. 

  
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 10. Ownership of Work Product. You acknowledge that during the term of employment,
you may conceive of, discover, invent or create inventions, improvements, new contributions, literary property, material, ideas and discoveries, whether patentable or copyrightable or not (all of the foregoing being collectively referred to herein
as “Work Product”), and that various business opportunities shall be presented to you by reason of your employment by the Company. You acknowledge that all of the foregoing shall be owned by and belong exclusively to the Company and that
you shall have no personal interest therein, provided that they are either related in any manner to the business (commercial or experimental) of the Company, or are, in the case of Work Product, conceived or made on the Company’s time or with
the use of the Company’s facilities or materials, or, in the case of business opportunities, are presented to you for the possible interest or participation of the Company. You shall (i) promptly disclose any such Work Product and business
opportunities to the Company; (ii) assign to the Company, upon request and without additional compensation, the entire rights to such Work Product and business opportunities; (iii) sign all papers necessary to carry out the foregoing; and
(iv) give testimony in support of your inventorship or creation in any appropriate case. You agree that you will not assert any rights to any Work Product or business opportunity as having been made or acquired by you prior to the date of this
Agreement except for Work Product or business opportunities, if any, disclosed to and acknowledged by the Company in writing prior to the date hereof. The Company hereby agrees that you shall have all rights and interests in any fictional or
non-fictional literary work (including books and plays) written by you during your personal time, it being understood, however, that the foregoing shall not include any literary or other Work Product written or created by you in connection with or
relating to the performance of your duties hereunder. 
 11. Notices. All notices, requests, consents and other
communications required or permitted to be given under this Agreement shall be effective only if given in writing and shall be deemed to have been duly given if delivered personally or sent by a nationally recognized overnight delivery service, or
mailed first-class, postage prepaid, by registered or certified mail, as follows (or to such other or additional address as either party shall designate by notice in writing to the other in accordance herewith): 

  
 15 

 11.1 If to the Company: 

Time Warner Inc. 
 One Time Warner Center 
 New York, New York 10019 

Attention: Senior Vice President—Global 
 Compensation and Benefits 
 (with a copy, similarly addressed 

but Attention: General Counsel) 
 11.2 If to you, to your residence address set forth on the records of the Company, with a copy to: 
 David E. Alexander 
 Peyser & Alexander Management, Inc. 

500 Fifth Avenue, Suite 2700 
 New York, NY 10110. 
 12. General. 

12.1 Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the substantive laws of the
State of New York applicable to agreements made and to be performed entirely in New York. 
 12.2 Captions. The section
headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. 
 12.3 Entire Agreement. This Agreement, including Annexes A and B, set forth the entire agreement and understanding of the parties relating to the subject matter of this Agreement and supersedes all
prior agreements, arrangements and understandings, written or oral, between the parties. 
 12.4 No Other
Representations. No representation, promise or inducement has been made by either party that is not embodied in this Agreement, and neither party shall be bound by or be liable for any alleged representation, promise or inducement not so set
forth. 

  
 16 

 12.5 Assignability. This Agreement and your rights and obligations hereunder may not
be assigned by you and except as specifically contemplated in this Agreement, neither you, your legal representative nor any beneficiary designated by you shall have any right, without the prior written consent of the Company, to assign, transfer,
pledge, hypothecate, anticipate or commute to any person or entity any payment due in the future pursuant to any provision of this Agreement, and any attempt to do so shall be void and shall not be recognized by the Company. The Company shall assign
its rights together with its obligations hereunder in connection with any sale, transfer or other disposition of all or substantially all of the Company’s business and assets, whether by merger, purchase of stock or assets or otherwise, as the
case may be. Upon any such assignment, the Company shall cause any such successor expressly to assume such obligations, and such rights and obligations shall inure to and be binding upon any such successor. 

12.6 Amendments; Waivers. This Agreement may be amended, modified, superseded, cancelled, renewed or extended and the terms or
covenants hereof may be waived only by written instrument executed by both of the parties hereto, or in the case of a waiver, by the party waiving compliance. The failure of either party at any time or times to require performance of any provision
hereof shall in no manner affect such party’s right at a later time to enforce the same. No waiver by either party of the breach of any term or covenant contained in this Agreement, in any one or more instances, shall be deemed to be, or
construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 
 12.7 Specific Remedy. In addition to such other rights and remedies as the Company may have at equity or in law with respect to any breach of this Agreement, if you commit a material breach of any
of the provisions of Sections 9.1, 9.2, or 10, the Company shall have the right and remedy to have such provisions specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened
breach will cause irreparable injury to the Company. 
 12.8 Resolution of Disputes. Except as provided in the preceding
Section 12.7, any dispute or controversy arising with respect to this Agreement and your employment hereunder (whether based on contract or tort or upon any federal, state or local statute, including but not limited to claims asserted under the
Age Discrimination in 

  
 17 

 
Employment Act, Title VII of the Civil Rights Act of 1964, as amended, any state Fair Employment Practices Act and/or the Americans with Disability Act) shall, at the election of either you or
the Company, be submitted to JAMS for resolution in arbitration in accordance with the rules and procedures of JAMS. Either party shall make such election by delivering written notice thereof to the other party at any time (but not later than 45
days after such party receives notice of the commencement of any administrative or regulatory proceeding or the filing of any lawsuit relating to any such dispute or controversy) and thereupon any such dispute or controversy shall be resolved only
in accordance with the provisions of this Section 12.8. Any such proceedings shall take place in New York City before a single arbitrator (rather than a panel of arbitrators), pursuant to any streamlined or expedited (rather than a
comprehensive) arbitration process, before a non-judicial (rather than a judicial) arbitrator, and in accordance with an arbitration process which, in the judgment of such arbitrator, shall have the effect of reasonably limiting or reducing the cost
of such arbitration. The resolution of any such dispute or controversy by the arbitrator appointed in accordance with the procedures of JAMS shall be final and binding. Judgment upon the award rendered by such arbitrator may be entered in any court
having jurisdiction thereof, and the parties consent to the jurisdiction of the New York courts for this purpose. The prevailing party shall be entitled to recover the costs of arbitration (including reasonable attorneys fees and the fees of
experts) from the losing party. If at the time any dispute or controversy arises with respect to this Agreement, JAMS is not in business or is no longer providing arbitration services, then the American Arbitration Association shall be substituted
for JAMS for the purposes of the foregoing provisions of this Section 12.8. If you shall be the prevailing party in such arbitration, the Company shall promptly pay, upon your demand, all legal fees, court costs and other costs and expenses
incurred by you in any legal action seeking to enforce the award in any court. 
 12.9 Beneficiaries. Whenever this
Agreement provides for any payment to your estate, such payment may be made instead to such beneficiary or beneficiaries as you may designate by written notice to the Company. You shall have the right to revoke any such designation and to
redesignate a beneficiary or beneficiaries by written notice to the Company (and to any applicable insurance company) to such effect. 
 12.10 No Conflict. You represent and warrant to the Company that this Agreement is legal, valid and binding upon you and the execution of this Agreement and the performance of your obligations
hereunder does not and will not constitute a breach of, or conflict with the terms or provisions of, any agreement or 

  
 18 

 
understanding to which you are a party (including, without limitation, any other employment agreement). The Company represents and warrants to you that this Agreement is legal, valid and binding
upon the Company and the execution of this Agreement and the performance of the Company’s obligations hereunder does not and will not constitute a breach of, or conflict with the terms or provisions of, any agreement or understanding to which
the Company is a party. 
 12.11 Conflict of Interest. Attached as Annex B and made part of this Agreement is the Time
Warner Corporate Standards of Business Conduct. You confirm that you have read, understand and will comply with the terms thereof and any reasonable amendments thereto. In addition, as a condition of your employment under this Agreement, you
understand that you may be required periodically to confirm that you have read, understand and will comply with the Standards of Business Conduct as the same may be revised from time to time. 

12.12 Withholding Taxes. Payments made to you pursuant to this Agreement shall be subject to withholding and social security
taxes and other ordinary and customary payroll deductions. 
 12.13 No Offset. Neither you nor the Company shall have
any right to offset any amounts owed by one party hereunder against amounts owed or claimed to be owed to such party, whether pursuant to this Agreement or otherwise, and you and the Company shall make all the payments provided for in this Agreement
in a timely manner. 
 12.14 Severability. If any provision of this Agreement shall be held invalid, the remainder of
this Agreement shall not be affected thereby; provided, however, that the parties shall negotiate in good faith with respect to equitable modification of the provision or application thereof held to be invalid. To the extent that it may effectively
do so under applicable law, each party hereby waives any provision of law which renders any provision of this Agreement invalid, illegal or unenforceable in any respect. 
 12.15 Survival. Sections 3.4, 8.3 and 9 through 12 shall survive any termination of the term of employment by the Company for cause pursuant to Section 4.1. Sections 3.4, 4.4, 4.5, 4.6, 4.7
and 8 through 12 shall survive any termination of the 

  
 19 

 
term of employment pursuant to Sections 4.2, 5 or 6. Sections 3.4, 4.6 and Sections 9 through 12 shall survive any termination of employment due to resignation. 

12.16 Definitions. The following terms are defined in this Agreement in the places indicated: 

affiliate—Section 4.2.2 
 Average Annual Bonus—Section 4.2.1 
 Base
Amount—Section 4.7.1 
 Base Salary—Section 3.1 

Bonus—Section 3.2 
 cause—Section 4.1 
 Code—Section 4.5 

Company—the first paragraph on page 1 and Section 9.1 

Competitive Entity—Section 9.2 

Disability Date—Section 5 
 Disability Period—Section 5 
 Effective Date—the first
paragraph on page 1 
 Effective Termination Date—Section 4.1 

Equity Cessation Date—Section 4.2.2 

Overpayment—Section 4.7.3 
 Parachute Amount—Section 4.7.1 
 Reduced Amount—Section
4.7.1 
 Severance Term Date—Section 4.2.2 

Term Date – Section 1 
 term of employment—Section 1 
 termination without
cause—Section 4.2.1 
 Work Product—Section 10 

12.17 Compliance with IRC Section 409A. This Agreement is intended to comply with Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”) and will be interpreted in a manner intended to comply with Section 409A of the Code. Notwithstanding anything herein to the contrary, (i) if at the time of your termination of employment
with the Company you are a “specified employee” as defined in Section 409A of the Code (and any related regulations or other pronouncements thereunder) and the deferral of the commencement of any payments or benefits otherwise payable
hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or
benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to you) until the date 

  
 20 

 
that is six months following your termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code) and (ii) if any other payments of
money or other benefits due to you hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits
compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Company, that does not cause such an accelerated or additional tax. To the
extent any reimbursements or in-kind benefits due to you under this Agreement constitutes “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to you in a manner consistent
with Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A of the Code. References in this Agreement to your termination of
active employment or your Effective Termination Date shall be deemed to refer to the date upon which you have a “separation from service” with the Company and its affiliates within the meaning of Section 409A of the Code. The Company
shall consult with you in good faith regarding the implementation of the provisions of this Section 12.17; provided that neither the Company nor any of its employees or representatives shall have any liability to you with respect to thereto.

 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written. 

 

			
	TIME WARNER INC.
		
	By  	 	/s/ James Cummings        
	Senior Vice President,
	Global Compensation and Benefits

  

	
	
	/s/ Olaf Olafsson        
	Olaf Olafsson

  
 21 

 ANNEX A 
 RELEASE 
 This Release is made by and among
                         (“You” or “Your”) and TIME WARNER INC. (the “Company”), One Time
Warner Center, New York, New York 10019 as of the date set forth below in connection with the Employment Agreement dated
                        , and effective as of
                         , and the letter agreement (the “Letter Agreement” between You and the Company dated as
of                          (as so amended, the “Employment Agreement”), and in association with the termination
of your employment with the Company. 
 In consideration of payments made to You and other benefits to be received by You by the Company and
other benefits to be received by You pursuant to the Employment Agreement, as further reflected in the Letter Agreement, You, being of lawful age, do hereby release and forever discharge the Company, its successors, related companies, Affiliates,
officers, directors, shareholders, subsidiaries, agents, employees, heirs, executors, administrators, assigns, benefit plans (including but not limited to the Time Warner Inc. Severance Pay Plan For Regular Employees), benefit plan sponsors and
benefit plan administrators of and from any and all actions, causes of action, claims, or demands for general, special or punitive damages, attorney’s fees, expenses, or other compensation or damages (collectively, “Claims”), whether
known or unknown, which in any way relate to or arise out of your employment with the Company or the termination of Your employment, which You may now have under any federal, state or local law, regulation or order, including without limitation,
Claims related to any stock options held by You or granted to You by the Company that are scheduled to vest subsequent to Your termination of employment and Claims under the Age Discrimination in Employment Act (with the exception of Claims that may
arise after the date You sign this Release, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, as amended, the Family and Medical Leave Act and the Employee Retirement Income Security Act of 1974, as amended,
through and including the date of this Release; provided, however, that the execution of this Release shall not prevent You from bringing a lawsuit against the Company to enforce its obligations under the Employment Agreement and this Release.

 Notwithstanding anything to the contrary, nothing in this Release shall prohibit or restrict You from (i) making any disclosure of
information required by law; (ii) filing a charge with, providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, any
self-regulatory organization, or the Company’s legal, compliance or human resources officers; (iii) filing, testifying or participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or
municipal law relating to fraud or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization; or (iv) challenging the validity of my release of claims under the Age Discrimination in Employment Act.
Provided, however, You acknowledge that You cannot recover any monetary damages or equitable relief in connection with a charge brought by You or through any action brought by a third party with respect to the Claims

 
released and waived in the Agreement. Further, notwithstanding the above, You are not waiving or releasing: (i) any claims arising after the Effective Date of this Agreement; (iii) any
claims for enforcement of this Agreement; (iii) any rights or claims You may have to workers compensation or unemployment benefits; (iv) claims for accrued, vested benefits under any employee benefit plan of the Company in accordance with
the terms of such plans and applicable law; and/or (v) any claims or rights which cannot be waived by law. 
 You further state that You
have reviewed this Release, that You know and understand its contents, and that You have executed it voluntarily. 
 You acknowledge that You
have been given                          days to review this Release and to sign it. You also acknowledge that by signing
this Release You may be giving up valuable legal rights and that You have been advised to consult with an attorney. You understand that You have the right to revoke Your consent to the Release for seven days following Your signing of the Release.
You further understand that You will cease to receive any payments or benefits under this Agreement (except as set forth in Section 4.4 of the Agreement) if You do not sign this Release or if You revoke Your consent to the Release within seven
days after signing the Release. The Release shall not become effective or enforceable with respect to claims under the Age Discrimination Act until the expiration of the seven-day period following Your signing of this Release. To revoke, You send a
written statement of revocation by certified mail, return receipt requested, or by hand delivery. If You do not revoke, the Release shall become effective on the eighth day after You sign it. 

 

	
	Accepted and Agreed to:
	
	  
	
	Dated:                            
              

 ANNEX B 
 TIME WARNER CORPORATE 
 STANDARDS OF BUSINESS CONDUCTNon-Qualified Deferred Compensation Plan

 Exhibit 10.14 
 Execution Copy 
 DEVON ENERGY CORPORATION 

NON-QUALIFIED DEFERRED COMPENSATION PLAN 

 TABLE OF CONTENTS 

 

					
	  	  	Page	 
	 ARTICLE I ESTABLISHMENT AND PURPOSE
	  	 	1	  
		
	 1.1 Establishment
	  	 	1	  
	 1.2 Purpose
	  	 	1	  
	 1.3 ERISA Status
	  	 	1	  
		
	 ARTICLE II DEFINITIONS
	  	 	1	  
		
	 2.1 Definitions
	  	 	1	  
	 2.2 Construction
	  	 	5	  
	 2.3 Funding
	  	 	5	  
		
	 ARTICLE III ELIGIBILITY AND PARTICIPATION
	  	 	5	  
		
	 3.1 Eligibility and Participation
	  	 	5	  
		
	 ARTICLE IV ELECTIVE DEFERRALS
	  	 	6	  
		
	 4.1 Deferrals
	  	 	6	  
	 4.2 Timing of Deferral Election
	  	 	6	  
	 4.3 Election Forms
	  	 	6	  
	 4.4 Hardship Withdrawal Under Qualified Plan
	  	 	6	  
		
	 ARTICLE V SUPPLEMENTAL COMPANY CONTRIBUTIONS
	  	 	7	  
		
	 5.1 Supplemental Company Contributions
	  	 	7	  
		
	 ARTICLE VI PAYMENT OF BENEFITS
	  	 	7	  
		
	 6.1 Payment Events
	  	 	7	  
	 6.2 Method of Payment Upon Separation from Service
	  	 	7	  
	 6.3 Method of Payment Upon a Change of Control Payment Event
	  	 	8	  
	 6.4 Method of Payment Upon Death
	  	 	8	  
	 6.5 Payment Upon Scheduled In-Service Withdrawal
	  	 	8	  
	 6.6 Payment to Specified Employees Upon Separation from Service
	  	 	8	  
	 6.7 Changes in Method of Payment
	  	 	9	  
	 6.8 Beneficiary Designations
	  	 	9	  
	 6.9 Small Account Balances
	  	 	9	  
	 6.10 Transition Exceptions
	  	 	9	  
		
	 ARTICLE VII ACCOUNTS AND INVESTMENT
	  	 	9	  
		
	 7.1 Participant Accounts
	  	 	9	  
	 7.2 Adjustment of Accounts
	  	 	10	  
	 7.3 Investment of Account
	  	 	10	  
	 7.4 Vesting
	  	 	10	  
	 7.5 Account Statements
	  	 	10	  

  
 i 

  

							
	 ARTICLE VIII ADMINISTRATION
	  	 	11	  
		
	 8.1 Administration
	  	 	11	  
	 8.2 Indemnification and Exculpation
	  	 	11	  
	 8.3 Rules of Conduct
	  	 	11	  
	 8.4 Legal, Accounting, Clerical and Other Services
	  	 	11	  
	 8.5 Records of Administration
	  	 	11	  
	 8.6 Expenses
	  	 	11	  
	 8.7 Liability
	  	 	11	  
	 8.8 Claims Review Procedures
	  	 	11	  
	 8.9 Finality of Determinations; Exhaustion of Remedies
	  	 	12	  
	 8.10 Effect of Fiduciary Action
	  	 	13	  
		
	 ARTICLE IX GENERAL PROVISIONS
	  	 	13	  
		
	 9.1 Effect on Other Plans
	  	 	13	  
	 9.2 Conditions of Employment Not Affected by Plan
	  	 	14	  
	 9.3 Restrictions on Alienation of Benefits
	  	 	14	  
	 9.4 Domestic Relations Orders
	  	 	14	  
	 9.5 Information Required of Participants
	  	 	14	  
	 9.6 Tax Consequences Not Guaranteed
	  	 	14	  
	 9.7 Benefits Payable to Incompetents
	  	 	14	  
	 9.8 Severability
	  	 	15	  
	 9.9 Tax Withholding
	  	 	15	  
		
	 ARTICLE X AMENDMENT AND TERMINATION
	  	 	15	  
		
	 10.1 Amendment and/or Termination
	  	 	15	  
		
	 ARTICLE XI MISCELLANEOUS PROVISIONS
	  	 	15	  
		
	 11.1 Articles and Section Titles and Headings
	  	 	15	  
	 11.2 Joint Obligations
	  	 	15	  
	 11.3 Governing Law
	  	 	15	  

  
 ii 

 DEVON ENERGY CORPORATION 

NON-QUALIFIED DEFERRED COMPENSATION PLAN 
 ARTICLE I 
 ESTABLISHMENT AND PURPOSE 

1.1 Establishment. Devon Energy Corporation, a Delaware corporation (“Company”), established the Devon Energy
Corporation Non-Qualified Deferred Compensation Plan effective October 1, 2001 (“Plan”). The Company hereby amends and restates the Plan effective November 11, 2008. This amendment and restatement only applies to the amounts
deferred under the Plan on or after January 1, 2005, and to amounts deferred prior to January 1, 2005 that were not vested as of December 31, 2004. Amounts deferred under the Plan prior to January 1, 2005 that were vested as of
December 31, 2004 (the “Grandfathered Amounts”) shall be subject to the provisions of the Plan as in effect on October 3, 2004. It is intended that the Grandfathered Amounts are to remain exempt from the requirements of
Section 409A of the Code. 
 1.2 Purpose. The Plan shall provide Eligible Employees the ability to defer payment of
Base Salary and Bonus. The Plan is also intended to provide the amount of the benefit which could otherwise be earned under the Devon Energy Corporation Incentive Savings Plan (the “Qualified Plan”) but which cannot be contributed due to
the limitations imposed by (i) Section 401(a)(17) of the Code, which limits the annual compensation that may be taken into account in computing benefits under plans qualified under Sections 401(a) and 501(a) of the Code and
(ii) Sections 401(k) and 402(g) of the Code which limit benefits that may be contributed by the Company as a “matching contribution” under Section 401 (m) of the Code (collectively referred to as the “IRS
Limitations”). 
 1.3 ERISA Status. The Plan is intended to qualify for the exemptions provided under Title I of
ERISA for plans that are not tax-qualified and that are maintained primarily to provide deferred compensation for a select group of management or highly compensated employees as defined in Section 201(2) of ERISA. 

ARTICLE II 

DEFINITIONS 
 2.1 Definitions. For purposes of this Plan, the following definitions shall apply: 
 (a) “Account” means the recordkeeping accounts maintained by the Company to record the payment obligation of the Company to a Participant as determined under the terms of this Plan. The
Company may maintain an Account to record the total obligation to the Participant under this Plan and component accounts to reflect amounts payable at different times and in different forms. Reference to an Account means any such Account established
by the Company as the context requires. 
 (b) “Affiliate” means a corporation, trade or business that,
together with the Company, is treated as a single employer under Code Section 414(b) or (c). 

 (c) “Applicable Contribution Percentage” means the maximum matching
contribution percentage the Participant is eligible to receive under the terms of the Qualified Plan for the Plan Year. 
 (d)
“Base Salary” means the Participant’s annualized gross rate of base salary paid before any deductions of any kind whatsoever. 
 (e) “Beneficiary” means the person, persons, trust, or other entity designated by a Participant on the beneficiary designation form adopted by the Company to receive benefits, if any,
under this Plan at such Participant’s death pursuant to Section 6.4. 
 (f) “Board” means the Board of
Directors of the Company. 
 (g) “Bonus” means the Participant’s cash bonus to be earned during each
calendar year before any deductions of any kind whatsoever. 
 (h) “Change of Control Payment Event” shall mean
and shall be deemed to have occurred when one of the events described in paragraphs (i), (ii), (iii), or (iv) below occurs. For the purpose of this subsection (h), the term “Company” shall mean Devon Energy Corporation and any
successor thereto. 
 (i) The acquisition of stock of the Company by any one person, or more than one person acting as a group
(as defined in §1.409A-3(i)(5)(v)(B) of the Treasury Regulations) (a “Person”) that, together with stock held by such Person, constitutes more than 50% of either (I) the then outstanding shares of common stock of the Company or
(II) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, that the following acquisitions shall not constitute a Change of Control Payment
Event: (A) any acquisition by an underwriter temporarily holding securities pursuant to an offering of such securities, (B) any acquisition by the Company; (C) any acquisition by any employee benefit plan (or related trust) sponsored
or maintained by the Company or any corporation controlled by the Company. If a Change of Control Payment Event occurs by reason of an acquisition described in this paragraph (i), no additional Change of Control Payment Event shall be deemed to
occur under this paragraph (i) by reason of subsequent changes in the holdings of such Person (except if the holdings of such Person are reduced to 50% or below and thereafter increase to more than 50%). 

(ii) During a 12-month period, a majority of the individuals who, as of November 11, 2008, constitute the Board (the
“Incumbent Board”) are replaced; provided, however, that any individual becoming a director subsequent to November 11, 2008 whose election, appointment or nomination for election by the Company’s shareholders was approved by a
vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for purposes of this definition, any such individual whose initial
assumption of office occurs as a result of an actual or publicly threatened election contest (as such terms are used in Rule 14a-11 promulgated under the Exchange Act) with respect to the election or removal of directors or other actual or publicly
threatened solicitation of proxies or consents by or on behalf of a Person other than the Board. 

  
 2 

 (iii) The date a Person acquires (or has acquired during the 12-month period ending on the
date of the most recent acquisition by such Person) ownership of stock of the Company possessing 30% or more of the combined voting power of the then outstanding voting securities of the Company; provided that, if a Change of Control Payment Event
occurs by reason of an acquisition described in this paragraph (iii), no additional Change of Control Payment Event shall be deemed to occur under this paragraph (iii) or paragraph (i) by reason of the acquisition of additional control of
the Company by the same Person. 
 (iv) Approval by the shareholders of the Company of the sale or other disposition of all or
substantially all of the assets of the Company to a Person, provided that, a transfer of the Company’s assets shall not be treated as a Change of Control Payment Event if the assets are transferred to: 

(1) A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock; 

(2) An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company; 

(3) A person that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the
Company; or 
 (4) An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly by a
Person described in subparagraph (3). 
 Except as otherwise provided in this paragraph (iv), a person’s status is
determined immediately after the transfer of the assets. 
 (i)   “Code” means the Internal Revenue
Code of 1986, as amended from time to time, and any Regulations relating thereto. 
 (j)  
“Committee” means the Compensation Committee of the Board of Directors of the Company or a committee established by the Compensation Committee that has been delegated duties related to the Plan. 

(k)  “Credited Earnings” means the gains or losses applied to a Participant’s Account pursuant to
Section 7.2. 
 (1)  “Deferred Amount” means the portion of a Participant’s Base Salary or Bonus
which the Participant elects to defer pursuant to Article IV Deferred Amounts shall be determined by reference to the Plan Year in which the amount was deferred by the Participant. 

(m) “Disabled” or “Disability” means the Participant is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or last for a continuous period of not less than 12 months. The Committee shall determine whether a Participant is Disabled in
accordance with Section 409A of the Code. 

  
 3 

 (n) “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 (o) “Eligible Employee” means an employee who (i) is designated by the Committee as belonging
to a “select group of management or highly compensated employees,” as such phrase is defined under ERISA, (ii) an executive of the Company or an Affiliate employed at a minimum salary level designated from time to time by the
Committee; (iii) a resident of the United States; and (iv) paid on the Company’s or its Affiliates’ United States payroll. 
 (p) “Employer” shall mean the Company and/or any Affiliate that employs a Participant in the Plan. 
 (q) “Participant” means an Eligible Employee who has Deferred Amounts and/or Supplemental Company Matching Contributions credited to an Account under this Plan. 

(r)  “Plan” means this Devon Energy Non-Qualified Deferred Compensation Plan, as amended and restated effective
November 11,2008. 
 (s) “Plan-Approved Domestic Relations Order” means a qualified domestic relations
order as defined in Section 
 414(p)(l)(B) of the Code that meets the requirements established by the Committee. 

(t)  “Plan Year” means the 12-month period beginning on January 1st and ending on December 31st. 

(u) “Qualified Plan” means the Devon Energy Corporation Incentive Savings Plan. 

(v) “Separation from Service” means termination of employment with the Employer under the circumstances described below.
Whether a Separation from Service has occurred shall be determined by the Committee in accordance with Section 409A of the Code. 
 Except in the case of a Participant on a bona fide leave of absence as provided below, a Participant is deemed to have incurred a Separation from Service if the Employer and the Participant reasonably
anticipated that the level of services to be performed by the Participant after a certain date would be reduced to 20% or less of the average services rendered by the Participant during the immediately preceding 36-month period (or the total period
of employment, if less than 36 months), disregarding periods during which the Participant was on a bona fide leave of absence. 

A Participant who is absent from work due to military leave, sick leave, or other bona fide leave of absence shall incur a Separation
from Service on the first date immediately following the later of (i) the six-month anniversary of the commencement of the leave or (ii) the expiration of the Participant’s right, if any, to reemployment under statute or contract.

 For purposes of determining whether a Separation from Service has occurred, the Employer means the Employer as defined in
Section 2.1(p) of the Plan, except that for purposes of determining whether another organization is an Affiliate of the Company, common ownership of at least 50% shall be determinative. 

  
 4 

 (w) “Specified Employee” means those employees of the Company who are
determined by the Committee to be a “specified employee” in accordance with Section 409A of the Code and the regulations promulgated thereunder and the Devon Energy Corporation Specified Employee Policy. 

(x) “Supplemental Company Contribution” means the contribution made by the Company for the benefit of a Participant
under Article V of the Plan in any Plan Year. 
 2.2 Construction. Except when otherwise indicated by the context, any
masculine terminology when used in the Plan shall also include the feminine gender, and the definition of any term in the singular shall also include the plural. 
 2.3 Funding. The benefits described in this Plan are contractual obligations of the Employers to pay compensation for services, and shall constitute a liability to the Participants and/or their
Beneficiaries in accordance with the terms hereof. All amounts paid under this Plan shall be paid in cash from the general assets of the Employers and shall be subject to the general creditors of the Company and the Employer of the Participant.
Benefits shall be reflected on the accounting records of the Employers but shall not be construed to create, or require the creation of, a trust, custodial or escrow account. No special or separate fund need be established and no segregation of
assets need be made to assure the payment of such benefits. No Participant shall have any right, title or interest whatever in or to any investment reserves, accounts, funds or assets that the Employer may purchase, establish or accumulate to aid in
providing the benefits described in this Plan. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust or a fiduciary relationship of any kind between an Employer or the Company
and a Participant or any other person. Provided, the Company may establish and/or continue a grantor trust as defined in Section 671 of the Code to provide a source of funding for amounts deferred hereunder Neither a Participant nor the
Beneficiary of a Participant shall acquire any interest hereunder greater than that of an unsecured creditor of the Company or any Affiliate who is the Employer of such Participant. 

ARTICLE III 

ELIGIBILITY AND PARTICIPATION 
 3.1 Eligibility and Participation. The Committee shall provide employees selected for participation in this Plan with notice of the employee’s selection as an Eligible Employee under this Plan
for the applicable Plan Year and permit such Eligible Employee the opportunity to make an election pursuant to Article IV Such notice may be given at such time and in such manner as the Committee may determine. All determinations as to whether an
employee is eligible to make deferral elections shall be made by the Committee. The determinations of the Committee shall be final and binding on all employees. 

  
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 ARTICLE IV 
 ELECTIVE DEFERRALS 
 4.1 Deferrals. Elective deferrals may be made
with respect to the following sources in accordance with the provisions of Article IV: 
 (a) Bonus. An Eligible Employee
may elect to defer up to 100% of the Eligible Employee’s Bonus as long as such deferral does not reduce such Eligible Employee’s Bonus below an amount necessary to satisfy applicable withholding tax obligations, benefit plan contributions,
and income tax withholding obligations. The amount deferred shall be specified as a percentage or dollar amount of any Bonus which may be earned by an Eligible Employee in the applicable Plan Year. 

(b) Base Salary. An Eligible Employee may elect to defer up to 50% of the Eligible Employee’s Base Salary as long as such
deferral does not reduce such Eligible Employee’s Base Salary below an amount necessary to satisfy applicable withholding tax obligations, benefit plan contributions, and income tax withholding obligations. The amount deferred shall be
specified as a percentage or dollar amount of any Base Salary which may be earned by an Eligible Employee in the applicable Plan Year. 
 4.2 Timing of Deferral Election. An Eligible Employee must file a deferral election form for each Plan Year. Except as may be permitted by the Code or the regulations adopted thereunder, the
election to defer Base Salary or Bonus shall apply to Base Salary or Bonus earned during the Plan Year which commences immediately following the Plan Year in which the election is made and is irrevocable except as otherwise provided herein.
Elections to defer Base Salary or Bonus must be completed and filed before December 31 of the year immediately preceding the Plan Year in which the election is to apply. If an employee hired during the Plan Year is selected by the Committee to
participate in this Plan, the Eligible Employee may make an election to defer within 30 days after the date the employee becomes eligible to participate in the Plan with respect to Base Salary or Bonus paid for services performed after the date the
election to defer is made. Whether an employee is treated as newly eligible for participation in the Plan will be determined in accordance with Section 409A of the Code and the regulations thereunder. 

4.3 Election Forms. All elections to defer shall be made on a deferral election form. In addition to the deferral election form, a
Participant may be required by the Committee to complete additional forms such that they have adequate information concerning the Deferred Amount, timing of distributions and the form of payment, if applicable. 

4.4 Hardship Withdrawal Under Qualified Plan. If a Participant makes a “hardship withdrawal” under the Qualified Plan
and such Participant is prohibited from making future contributions under such Qualified Plan (and this Plan) by the terms of such qualified retirement plan, then, contributions by the Participant under this Plan shall be automatically suspended
until Participant contributions are again permitted under the Qualified Plan. 

  
 6 

 ARTICLE V 
 SUPPLEMENTAL COMPANY CONTRIBUTIONS 
 5.1 Supplemental Company
Contributions. If the Participant is employed by the Company on the last day of the Plan Year, the Company will make a Supplemental Company Contribution to this Plan on behalf of each Participant in an amount equal to (a) minus
(b) below: 
 (a) The Applicable Contribution Percentage multiplied by the Participant’s Base Salary and Bonus.

 (b) The Applicable Contribution Percentage multiplied by such Participant’s “eligible 401(k) compensation”
which shall, for purposes of this Article V, be defined as the Participant’s Base Salary and Bonus less the Participant’s Deferred Amount up to the IRS Limitations for the applicable Plan Year. 

Provided, however, the Supplemental Company Contribution cannot exceed the Participant’s Deferred Amount for the applicable Plan
Year In the event a Participant’s employment is terminated due to death or Disability or due to an approved reason, as determined by the Committee in its sole discretion, a Supplemental Company Contribution may be made for the Plan Year even if
the Participant is not employed on the last day of the Plan Year. 
 ARTICLE VI 

PAYMENT OF BENEFITS 
 6.1 Payment Events. Unless otherwise distributed in accordance with the terms of a Scheduled In-Service Withdrawal, a Participant’s Account shall become payable at the time and in the form
described in this Article upon the earlier to occur of the following events: (i) a Participant’s Separation from Service; (ii) a Participant’s Disability; (iii) a Change of Control Payment Event or (iv) the
Participant’s death. 
 6.2 Method of Payment Upon Separation from Service. A Participant must specify on the
deferral election form for each Plan Year the method of payment of the portion of Participant’s Account attributable to such Plan Year A Participant may designate payment in the form of a single lump sum payment or quarterly installment
payments payable over a period of 5, 10 or 15 years. Installment payments shall be paid quarterly, with the first installment paid within 90 days following the Participant’s Separation from Service, unless the Participant is a Specified
Employee, or in the case of Disability, within 90 days of the date the Participant is Disabled and each subsequent installment paid on a quarterly basis until all installment payments have been paid. If the Participant (i) fails to make an
effective designation as to the method of payment or (ii) elects to receive payment in the form of a lump sum, payment shall be automatically made in the form of a single lump sum payment within 90 days following the Participant’s
Separation from Service, unless the Participant is a Specified Employee, or in the case of Disability, within 90 days of the date the Participant was Disabled. In the event the Participant is a Specified Employee, payment shall be postponed for a
period of six months following Separation from Service and shall commence within 90 days of the first business day of the seventh month following Separation from Service. 

  
 7 

 6.3 Method of Payment Upon a Change of Control Payment Event. Plan Account balances
will be paid within 90 days of the occurrence of a Change of Control Payment Event. A Participant may designate payment in the form of a single lump sum payment or quarterly installment payments payable over a period of 5, 10 or 15 years. If the
Participant fails to make an effective designation as to the method of payment, payment will be made in the form of a lump sum. 

6.4 Method of Payment Upon Death. If a Participant dies with a balance credited to the Participant’s Account, such balance
shall be paid to the Participant’s Beneficiary. If the Participant dies prior to the time of payment of the Account, the then current balance of each of the Participant’s Account or subaccount shall be paid to the Participant’s
Beneficiary in a lump sum commencing within 90 days of the date of Participant’s death. If payment of Participant’s Account has commenced as of the date of Participant’s death, the then current balance of each Account or subaccount
payable to a Beneficiary shall be paid under the method designated for the payment of such amount by the Participant commencing within 90 days of the date of Participant’s death. Each Beneficiary of a deceased Participant who is eligible to
receive payments under this Section shall have the amounts to be paid to such Beneficiary allocated to a subaccount in the name of the Beneficiary under the deceased Participant’s Account. Such subaccount shall be adjusted from time to time as
provided in Article VII. 
 6.5 Payment Upon Scheduled In-Service Withdrawal. A Participant may schedule distribution of
the Deferred Amounts and any Credited Earning attributable thereto attributable to a particular Plan Year (“Scheduled In-Service Withdrawal”) at least two years after the Plan Year in which deferrals were made. Participants must request a
Scheduled In-Service Withdrawal on the election form that is submitted in conjunction with the deferral election for such Plan Year Except as provided in Section 6.10 below, if a Participant fails to elect a Scheduled In-Service Withdrawal for
that Plan Year, a Participant will not be eligible to obtain a Scheduled In-Service Withdrawal for such Plan Year. 
 (a) The
Participant may elect either a lump sum payment or quarterly installment payments for a period of 1 to 5 years. Payment will be made (or commence in the case of installments) within 30 days of the first business day of January in the year elected.

 (b) A Participant may postpone payment of a Scheduled In-Service Withdrawal to a date at least five years later than the
previously Scheduled In-Service Withdrawal date by filing a written request with the Committee at least twelve months prior to the date the Scheduled In-Service Withdrawal is scheduled to begin. 

(c) In the event of death, Disability, the occurrence of a Change of Control Payment Event or Separation from Service, payment of the
Participant’s Account shall be determined with respect to elections made in reference to termination of employment, without regard to the otherwise Scheduled In-Service Withdrawal which shall be deemed to be cancelled. 

6.6 Payment to Specified Employees Upon Separation from Service. In no event shall a Specified Employee receive a payment under
this Plan following a Separation from Service prior to the first business day of the seventh month following the date of Separation from Service. 

  
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 6.7   Changes in Method of Payment. The method of payment may be changed
from time to time by the Participant, but in no event will such change be considered valid if the change occurs within the twelve-month period prior to the date payment would have otherwise commenced. Any requests to change the method of payment
will not take effect for twelve months following the date it is received by the Committee and the first payment with respect to such election will be deferred for a period of at least five years from the date such payment would otherwise have
commenced. 
 6.8   Beneficiary Designations. A Participant shall designate on a beneficiary designation form a
Beneficiary who, upon the Participant’s death, will receive payments that otherwise would have been paid to him under the Plan. All Beneficiary designations shall be in writing. Any such designation shall be effective only if and when delivered
to the Committee during the lifetime of the Participant. A Participant may change a Beneficiary or Beneficiaries by filing a new beneficiary designation form. The latest beneficiary designation form shall apply to the combined Accounts and
subaccounts of the Participant. If a Beneficiary of a Participant predeceases the Participant, the designation of such Beneficiary shall be void. If a Beneficiary to whom benefits under the Plan remain unpaid dies after the Participant and the
Participant failed to specify a contingent Beneficiary on the appropriate beneficiary designation form, the remainder of such death benefit payments shall be paid to such Beneficiary’s estate. If a Participant fails to designate a Beneficiary
with respect to any death benefit payments or if such designation is ineffective, in whole or in part, any payment that otherwise would have been paid to such Participant shall be paid to the Participant’s estate. 

6.9   Small Account Balances. If, upon Separation from Service, the value of the Participant’s Account is less than
$10,000, the balance of such Account shall be paid in a single lump sum. 
 6.10 Transition Exceptions. Under the
transition guidance issued by the Internal Revenue Service under Section 409A of the Code, an exception to the general timing rules shall apply to 2005, 2006, 2007 and 2008 Plan Year Account balances, Participant’s elections for the 2005,
2006, 2007 and 2008 Plan Years may be revised with respect to the timing and method of payment; provided, that such revised election (i) if made in the 2007 Plan Year, does not cause amounts that were otherwise payable in 2007 to be paid in a
subsequent year, and does not provide for amounts payable in a subsequent year to be paid in 2007, and (ii) if made in the 2008 Plan Year, does not cause amounts that were otherwise payable in 2008 to be paid in a subsequent year, and does not
provide for amounts payable in a subsequent year to be paid in 2008. The Committee will administer this provision to ensure compliance with IRS Notice 2006-79. 
 ARTICLE VII 
 ACCOUNTS AND INVESTMENT 

7.1 Participant Accounts. The Committee shall maintain, or cause to be maintained, a bookkeeping Account for each Participant for
the purpose of accounting for the Participant’s interest under the Plan. The Committee shall maintain within each Participant’s Account such subaccounts as may be necessary to identify each separate Deferred Amount, Supplemental Company
Matching Contribution and Credited Earnings attributable thereto, by reference to the Plan Year to which each Deferred Amount and 

  
 9 

 
Supplemental Company Matching Contribution relates. The combination of the subaccounts maintained in the name of a Participant shall comprise the Participant’s Account. 

7.2 Adjustment of Accounts. Each Participant’s Account shall be adjusted to reflect all Deferred Amounts and Supplemental
Company Matching Contributions credited to the Participant’s Account, all positive or negative Credited Earnings credited or debited to the Participant’s Account as provided by Section 7.3, and all benefit payments charged to the
Participant’s Account. A Participant’s Deferred Amount shall be credited to such Participant’s Account as of the date on which the amount being deferred would have become payable to the Participant absent the election to defer, or on
such other date as the Committee specifies, and shall be credited to the applicable subaccount within such Account by reference to the applicable Plan Year. Supplemental Company Matching Contributions shall be credited to a Participant’s
Account and shall be subject to the vesting requirements described in Section 7.4. Charges to a Participant’s Account to reflect benefit payments shall be made as of the date of any such payment and charged to the applicable subaccount
within such Account. As of any relevant date, the balance standing to the credit of a Participant’s Account, and each separate subaccount comprising such Account, shall be the respective balance in such Account and the component subaccounts as
of the close of business on such date after all applicable credits, debits and charges have been posted. 
 7.3 Investment of
Account. The Committee will offer Participants a selection of benchmark funds as deemed investment alternatives. The benchmark funds offered will be determined in the sole discretion of the Committee. Each Participant may select among the
different benchmark funds offered. The deemed investments in benchmark funds are only for the purpose of determining the Company’s payment obligation under the Plan. Credited Earnings shall be allocated to a Participant’s Account pursuant
to the performance of the benchmark funds selected by the Participant. A Participant may, as frequently as daily, modify his election of benchmark funds through a procedure designated by the Committee. Such modification will be in accordance with
rules and procedures adopted by the Committee. 
 7.4 Vesting. Subject to the conditions and limitations on payment of
benefits under the Plan, a Participant shall always have a fully vested and nonforfeitable beneficial interest in the balance standing to the credit of the Participant’s Account attributable to Deferred Amounts and Credited Earnings
attributable to the Deferred Amounts. A Participant shall become vested in Supplemental Company Matching Contributions and Credited Earnings thereon as such Participant would be vested pursuant to the terms of the Qualified Plan. 

7.5 Account Statements. The Committee shall provide each Participant with a statement of the status of the Participant’s
Account under the Plan. The Committee shall provide such statement annually or at such other times as the Committee may determine. Account statements shall be in the format prescribed by the Committee. 

  
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 ARTICLE VIII 
 ADMINISTRATION 
 8.1 Administration. The Plan shall be administered,
construed and interpreted by the Committee. The Committee shall have the sole authority and discretion to determine eligibility and to construe the terms of the Plan. The determinations by the Committee as to any disputed questions arising under the
Plan, including the Eligible Employees who are eligible to be Participants in the Plan and the amounts of their benefits under the Plan, and the construction and interpretation by the Committee of any provision of the Plan, shall be final,
conclusive and binding upon all persons including Participants, their beneficiaries, the Company, its stockholders and employees and the Employers. 
 8.2 Indemnification and Exculpation. The members of the Committee and its agents shall be indemnified and held harmless by the Company against and from any and all loss, cost, liability or expense
that may be imposed upon or reasonably incurred by them in connection with or resulting from any claim, action, suit or proceeding to which they may be a party or in which they may be involved by reason of any action taken or failure to act under
this Plan and against and from any and all amounts paid by them in settlement (with the Company’s written approval) or paid by them in satisfaction of a judgment in any such action, suit or proceeding. The foregoing provisions shall not be
applicable to any person if the loss, cost, liability or expense is due to such person’s gross negligence or willful misconduct. 
 8.3 Rules of Conduct. The Committee shall adopt such rules for the conduct of its business and the administration of this Plan as it considers desirable, provided they do not conflict with the
provisions of this Plan. 
 8.4 Legal, Accounting, Clerical and Other Services. The Committee may authorize one or more
if its members or any agent to act on its behalf and may contract for legal, accounting, clerical and other services to carry out this Plan. The Company shall pay all expenses of the Committee. 

8.5 Records of Administration. The Committee shall keep records reflecting the administration of this Plan which shall be subject
to audit by the Company. 
 8.6 Expenses. The expenses of administering the Plan shall be borne by the Company.

 8.7 Liability. No member of the Board of Directors or of the Committee shall be liable for any act or action, whether
of commission or omission, taken by any other member, or by any officer, agent, or employee of the Company or of any such body, nor, except in circumstances involving his bad faith, for anything done or omitted to be done by himself. 

8.8 Claims Review Procedures. The following claim procedures shall apply until such time as a Change of Control Payment Event has
occurred. During the 24-month period following a Change of Control Payment Event, these procedures shall apply only to the extent the claimant requests their application. After the expiration of the 24-month period following a Change of Control
Payment Event, then, these procedures shall again apply until the occurrence of a subsequent Change of Control Payment Event. 

  
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 (a) Denial of Claim. If a claim for benefits is wholly or partially denied, the
claimant shall be given notice in writing of the denial within a reasonable time after the receipt of the claim, but not later than 90 days after the receipt of the claim. However, if special circumstances require an extension, written notice of the
extension shall be furnished to the claimant before the termination of the 90-day period. In no event shall the extension exceed a period of 90 days after the expiration of the initial 90-day period. The notice of the denial shall contain the
following information written in a manner that may be understood by a claimant: 
 (i)   The specific reasons for the
denial; 
 (ii)  Specific reference to pertinent Plan provisions on which the denial is based; 

(iii) A description of any additional material or information necessary for the claimant to perfect his claim and an explanation of why
such material or information is necessary; 
 (iv) An explanation that a full and fair review by the Committee of the denial
may be requested by the claimant or his authorized representative by filing a written request for a review with the Committee within 60 days after the notice of the denial is received; and 

(v) If a request for review is filed, the claimant or his authorized representative may review pertinent documents and submit issues and
comments in writing within the 60-day period described in Section 8.8(a)(iv). 
 (b) Decisions After Review. The
decision of the Committee with respect to the review of the denial shall be made promptly and in writing, but not later than 60 days after the Committee receives the request for the review. However, if special circumstances require an extension of
time, a decision shall be rendered not later than 120 days after the receipt of the request for review. A written notice of the extension shall be furnished to the claimant prior to the expiration of the initial 60-day period. The claimant shall be
given a copy of the decision, which shall state, in a manner calculated to be understood by the claimant, the specific reasons for the decision and specific references to the pertinent Plan provisions on which the decision is based. 

(c) Other Procedures. Notwithstanding the foregoing, the Committee may, in its discretion, adopt different procedures for
different claims without being bound by past actions. Any procedures adopted, however, shall be designed to afford a claimant a full and fair review of his claim and shall comply with applicable regulations under ERISA. 

8.9 Finality of Determinations; Exhaustion of Remedies. To the extent permitted by law, decisions reached under the claims
procedures set forth in Section 8.8 shall be final and binding on all parties. No legal action for benefits under the Plan shall be brought unless and until the claimant has exhausted his remedies under Section 8.8. In any such legal
action, the claimant may only present evidence and theories which the claimant presented during the claims procedure. Any claims which the claimant does not in good faith pursue through the review stage of the procedure shall be treated as having
been irrevocably waived. Judicial review of a 

  
 12 

 
claimant’s denied claim shall be limited to a determination of whether the denial was arbitrary, capricious or an abuse of discretion based on the evidence and theories the claimant
presented during the claims procedure. This Section shall have no application during the 24-month period following a Change of Control Payment Event as to a claim which is first asserted or first denied after the Change of Control Payment Event and,
as to such a claim, the de novo standard of judicial review shall apply. After the expiration of the 24-month period following a Change of Control Payment Event, then, this Section shall again apply until the occurrence of a subsequent
Change of Control Payment Event. 
 8.10 Effect of Fiduciary Action. The Plan shall be interpreted by the Committee and
all Plan fiduciaries in accordance with the terms of the Plan and their intended meanings. However, the Committee and all Plan fiduciaries shall have the discretion to make any findings of fact needed in the administration of the Plan, and shall
have the discretion to interpret or construe ambiguous, unclear or implied (but omitted) terms in any fashion they deem to be appropriate in their sole judgment. Except as stated in Section 8.9, the validity of any such finding of fact,
interpretation, construction or decision shall not be given de novo review if challenged in court, by arbitration or in any other forum, and shall be upheld unless clearly arbitrary or capricious. To the extent the Committee or any
Plan fiduciary has been granted discretionary authority under the Plan, the Committee’s or Plan fiduciary’s prior exercise of such authority shall not obligate it to exercise its authority in a like fashion thereafter. If any Plan
provision does not accurately reflect its intended meaning, as demonstrated by consistent interpretations or other evidence of intent, or as determined by the Committee in it sole and exclusive judgment, the provision shall be considered ambiguous
and shall be interpreted by the Committee and all Plan fiduciaries in a fashion consistent with its intent, as determined by the Committee in its sole discretion. The Committee may amend the Plan retroactively to cure any such ambiguity. This
Section may not be invoked by any person to require the Plan to be interpreted in a manner which is inconsistent with its interpretation by the Committee or by any Plan fiduciaries. All actions taken and all determinations made in good faith by the
Committee or by Plan fiduciaries shall be final and binding upon all persons claiming any interest in or under the Plan. This Section shall not apply to fiduciary or Committee actions or interpretations which take place or are made during the
24-month period following a Change of Control Payment Event. After the expiration of the 24-month period following a Change of Control Payment Event, then, this Section shall again apply until the occurrence of a subsequent Change of Control Payment
Event. 
 ARTICLE IX 
 GENERAL PROVISIONS 
 9.1   Effect on Other Plans. Deferred
Amounts shall not be considered as part of a Participant’s compensation for the purpose of any qualified employee pension plans maintained by the Company or its Affiliates in the Plan Year in which any deferral occurs under this Plan, and such
amounts will not be considered under the Company’s Qualified Plan in the Plan Year in which payment occurs, but may be considered as covered compensation under the Company’s qualified defined benefit pension plan entitled “Retirement
Plan for Employees of Devon Energy Corporation” if permitted under the terms of such plan. However, such amounts may be taken into account under all other employee benefit plans maintained by the Company or its Affiliates in the year in which
such amounts would have been payable absent the deferral election; provided, such amounts shall not be taken into account if their inclusion would jeopardize the tax-qualified status of the plan to which they relate. 

  
 13 

 9.2 Conditions of Employment Not Affected by Plan. The establishment and maintenance
of the Plan shall not be construed as conferring any legal rights upon any Participant to the continuation of employment with the Company, nor shall the Plan interfere with the rights of the Company to discharge any Participant with or without
cause. 
 9.3 Restrictions on Alienation of Benefits. No right or benefit under this Plan shall be subject to
anticipation, alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber, or charge the same shall be void. No right or benefit hereunder shall in any manner be liable for or
subject to the debts, contracts, liabilities, or torts of the person entitled to such benefit. If any Participant or the Participant’s Beneficiary under this Plan should become bankrupt or attempt to anticipate, alienate, sell, assign, pledge,
encumber, or charge any right to a benefit hereunder, then, such right or benefit shall cease and terminate. Notwithstanding the foregoing, in the event that all or any portion of the benefit of a Participant is transferred to the former spouse of
the Participant incident to a divorce, the Committee shall maintain such amount for the benefit of the former spouse until distributed in the manner required by an order of any court having jurisdiction over the divorce, and the former spouse shall
be entitled to the same rights as the Participant with respect to such benefit. 
 9.4 Domestic Relations Orders. The
Committee shall establish procedures for determining whether an order directed to the Plan is a Plan-Approved Domestic Relations Order If the Committee determines that an order is a Plan-Approved Domestic Relations Order, the Committee shall cause
the payment of amounts pursuant to or segregate a separate account as provided by (and to prevent any payment or act which might be inconsistent with) the Plan-Approved Domestic Relations Order to the extent permitted by Section 409A of the
Code. 
 9.5 Information Required of Participants. Payment of benefits shall begin as of the payment date(s) provided in
this Plan and no formal claim shall be required therefor; provided, in the interest of orderly administration of the Plan, the Committee may make reasonable requests of Participants and Beneficiaries to furnish information which is reasonably
necessary and appropriate to the orderly administration of the Plan, and, to that limited extent, payments under the Plan are conditioned upon the Participants and Beneficiaries promptly furnishing true, full and complete information as the
Committee may reasonably request. 
 9.6 Tax Consequences Not Guaranteed. The Company does not warrant that this Plan
will have any particular tax consequences for Participants or Beneficiaries and shall not be liable to them if tax consequences they anticipate do not actually occur The Company shall have no obligation to indemnify a Participant or Beneficiary for
lost tax benefits (or other damage or loss). 
 9.7 Benefits Payable to Incompetents. Any benefits payable hereunder to a
minor or person under legal disability may be made, at the discretion of the Committee, (i) directly to the said person, or (ii) to a parent, spouse, relative by blood or marriage, or the legal representative of said person. The Committee
shall not be required to see to the application of any such payment, and the payee’s receipt shall be a full and final discharge of the Committee’s responsibility hereunder. 

  
 14 

 9.8 Severability. If any provision of the Plan is held invalid or illegal for any
reason, any illegality or invalidity shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had never been contained therein. The Company shall have the privilege
and opportunity to correct and remedy such questions of illegality or invalidity by amendment. 
 9.9 Tax Withholding.
The Employer may withhold from a payment or accrued benefit or from the Participant’s other compensation any federal, state, or local taxes required by law to be withheld with respect to such payment or accrued benefit and such sums as the
Employer may reasonably estimate as necessary to cover any taxes for which the Employer may be liable and which may be assessed with regard to such payment. 
 ARTICLE X 
 AMENDMENT AND TERMINATION 

10.1 Amendment and/or Termination. The Committee may amend or modify the Plan at any time and in any manner. Provided, (i) no
amendment shall reduce any portion of a Participant’s Account that is vested and (ii) no amendment shall be effective to the extent it results in a violation of Section 409A of the Code. The Committee may terminate the Plan within the
parameters and limitations imposed by Section 409A of the Code. 
 ARTICLE XI 

MISCELLANEOUS PROVISIONS 
 11.1 Articles and Section Titles and Headings. The titles and headings at the beginning of each Article and Section shall not be considered in construing the meaning of any provisions in this Plan.

 11.2 Joint Obligations. For purposes of this Plan, the Company and Devon Energy Company, L.P., an Oklahoma limited
partnership, shall have joint and several liability for all obligations hereunder. 
 11.3 Governing Law. This Plan is
subject to ERISA, but is exempt from most parts of ERISA since it is an unfunded deferred compensation plan maintained for a select group of management or highly compensated employees. In no event shall any references to ERISA in the Plan be
construed to mean that the Plan is subject to any particular provisions of ERISA. The Plan shall be governed and construed in accordance with federal law and the laws of the State of Oklahoma, except to the extent such laws are preempted by ERISA.

 * * * * * * * * * 

  
 15 

 IN WITNESS WHEREOF, the Company and each Employer have caused this instrument to be executed
by their duly authorized officers in a number of copies, each of which shall be deemed an original but all of which shall constitute one and the same instrument. 

 

			
	DEVON ENERGY CORPORATION, a Delaware corporation
		
	By:	 	/s/     Frank W. Rudolph
		 	Frank W. Rudolph,
		 	Executive Vice President -Human Resources
	
	 DEVON ENERGY PRODUCTION COMPANY, L.P.,
 an Oklahoma limited partnership

		
	By:	 	 /s/     Frank W. Rudolph

		 	 Frank W. Rudolph,

		 	 Executive Vice President

	
	DEVON ENERGY MANAGEMENT COMPANY, LLC
		
	By:	 	DVN Operating Company, LLC, as General Partner
		
	By:	 	/s/     Frank W. Rudolph
		 	 Frank W. Rudolph,

Executive Vice President

  
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