Form 4: Devon Energy EVP Clay M. Gaspar Reports Changes in Beneficial Ownership

Clay M. Gaspar, EVP and COO of Devon Energy, reports changes in beneficial ownership of company stock due to tax withholding and a restricted stock award.

Summary

• Clay M. Gaspar, EVP and COO of Devon Energy, filed a Form 4 detailing changes in his beneficial ownership of Devon Energy stock.
• The reported transactions include the disposal of shares to cover tax obligations and the acquisition of restricted stock.
• On February 10, 2025, Gaspar disposed of 14,441, 8,495, 3,210, 2,777 and 4,281 shares of common stock at a price of $34.26 to cover tax obligations.
• Also on February 10, 2025, Gaspar acquired 93,404 shares of common stock as part of a restricted stock award.
• Following these transactions, Gaspar directly owns 500,040 shares of Devon Energy common stock.
• Gaspar also indirectly owns 186,289 shares through a trust and 194,175 shares through a trust for his spouse.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The filing reflects standard executive compensation practices and alignment of management interests with shareholders through equity ownership. The restricted stock award is a positive sign.

Positives

• The acquisition of 93,404 shares through a restricted stock award aligns Gaspar's interests with the long-term performance of Devon Energy.
• The restricted stock vests in 25% installments over four years, incentivizing continued service and performance.

Future Outlook

The restricted stock award vests over four years, suggesting a continued role for Gaspar at Devon Energy.

Industry Context

Form 4 filings are a routine part of executive compensation and provide transparency into the alignment of management's interests with shareholders.

Comparison to Industry Standards

• Restricted stock awards are a common form of executive compensation in the energy industry, used to incentivize performance and retain key personnel.
• Companies like ExxonMobil (XOM) and Chevron (CVX) also utilize similar equity-based compensation plans for their executives.

Stakeholder Impact

• The filing provides transparency to shareholders regarding executive compensation and ownership.
• The restricted stock award aligns executive interests with shareholder value.

Key Dates

Keywords

beneficial ownership, Form 4, Devon Energy, DVN, restricted stock, Clay M. Gaspar, EVP, COO, tax withholding