Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain

Officers.

On and effective as of January 3, 2023, the Board of Directors (the "Board") of Devon Energy Corporation (the "Company") elected Michael N. Mears and Gennifer F. Kelly to the Board. Mr. Mears will serve on the Governance, Environmental, and Public Policy and Audit Committees of the Board, and Ms. Kelly will serve on the Audit and Reserves Committees of the Board.

There are no arrangements or understandings between Mr. Mears or Ms. Kelly and any other person in connection with their respective appointments as directors of the Company, and there are no transactions or relationships between Mr. Mears or Ms. Kelly and the Company and its subsidiaries that require disclosure under Item 404(a) of Regulation S-K.

In connection with their election to the Board, Mr. Mears and Ms. Kelly each entered into the standard indemnity agreement with the Company for non-management directors, and Mr. Mears and Ms. Kelly will each participate in the typical compensation arrangements made available to the Company's other non-management directors. A copy of the form indemnity agreement was filed as Exhibit 10.44 to the Company's 2021 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on February 16, 2022, and the non-management director compensation arrangements are described on page 26 of the Company's 2022 Notice of Annual Meeting and Proxy Statement, filed with the SEC on April 22, 2022 and as amended on June 1, 2022. In addition, Mr. Mears and Ms. Kelly will each receive an award of shares of restricted stock under the Company's 2022 Long-Term Incentive Plan with a total value of $97,700, based on the per share closing price of the Company's common stock on the effective grant date of January 5, 2023. The shares of restricted stock will vest 100% on the first anniversary of the date of grant.

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