DeShazer Michael D. 4

What Happened

• Michael D. DeShazer, EVP, Exploration & Production at Devon Energy (DVN), was credited with a total of 204,321 Devon share-equivalents on May 7, 2026 as part of Devon’s acquisition of Coterra. The Form 4 shows four acquisitions: 63,779 and 70,271 Devon shares (stock conversion) and 36,722 and 33,549 Devon restricted stock units (RSUs). No cash prices are listed (N/A) because these were non‑cash conversions under the merger agreement.

Key Details

• Transaction date: May 7, 2026 (filing date: May 11, 2026). The Form 4 was filed within the usual 2-business‑day reporting window.
• Items reported (all code A — award/grant or acquisition via merger):
  • 63,779 Devon shares (conversion of Coterra common stock)
  • 70,271 Devon shares (conversion of Coterra common stock)
  • 36,722 Devon RSUs (converted from a Coterra award granted Feb 24, 2026)
  • 33,549 Devon RSUs (converted from a Coterra award granted Feb 19, 2025)
• Vesting info:
  • The 36,722 RSUs vest on January 31, 2029.
  • The 33,549 RSUs vest on January 31, 2028.
  • The 36,722 RSUs include conversion of a Coterra PSU award that was certified as earned at 100% of target prior to the Effective Time and converted into Devon RSUs.
• Prices: N/A — these were conversions/award grants under the merger, not cash purchases or sales.
• Shares owned after transaction: not specified in the provided summary filing details.

Context

• These transactions are merger-driven conversions: under the Merger Agreement each share or RSU of Coterra converted into 0.7 times the number of Devon shares/RSUs. One converted PSU was deemed earned at 100% and converted into vested-structured RSUs per the merger terms.
• This is not an open‑market buy or sale by the insider—it's a corporate restructuring event and does not by itself indicate insider buying or selling intent.