Young, III Shannon E. 4
4 · DEVON ENERGY CORP/DE · Filed May 11, 2026
Research Summary
AI-generated summary of this filing
Devon Energy (DVN) EVP/CFO Shannon Young Receives Award
What Happened
- Shannon E. Young, III, EVP and CFO of Devon Energy (DVN), was credited with a total of 323,480 Devon restricted stock units (RSUs) on May 7, 2026. These RSUs reflect conversion of various Coterra awards into Devon RSUs as part of Devon’s merger with Coterra. The filing shows four award-line items: 129,490; 96,995; 48,197; and 48,798 RSUs. No dollar price per share is reported (transaction code A — Award/Grant).
Key Details
- Transaction date: May 7, 2026. Form filed: May 11, 2026 (timely under Form 4 rules).
- Award totals: 129,490; 96,995; 48,197; 48,798 — aggregate 323,480 Devon RSUs.
- Vesting notes: two line items specify vesting — 48,197 RSUs vest on Jan 31, 2029; 48,798 RSUs vest on Jan 31, 2028. (Other items are conversion of performance/time-based awards per footnotes.)
- Footnotes: awards result from the February 1, 2026 merger agreement — each Coterra share converted into 0.7 Devon shares; certain Coterra performance stock units (PSUs) were certified as earned at 100% and converted into Devon RSUs.
- Shares owned after transaction: not stated in the filing.
- Transaction code: A = Award/Grant. Not a market purchase or sale.
Context
- These are converted/awarded RSUs tied to the merger and, for some awards, to future vesting dates — they are not an immediate open-market purchase or sale and may have limited near-term liquidity.
- Some converted awards were performance-based and were deemed earned at 100% prior to conversion; that determined the number of Devon RSUs issued.
- This filing documents an equity award conversion due to an M&A event rather than an insider buying or selling for investment reasons.
Insider Transaction Report
Form 4
Young, III Shannon E.
EVP, CFO
Transactions
- Award
Common Stock
[F1]2026-05-07+129,490→ 129,490 total - Award
Common Stock
[F2]2026-05-07+96,995→ 226,485 total - Award
Common Stock
[F3][F4]2026-05-07+48,197→ 274,682 total - Award
Common Stock
[F3][F5]2026-05-07+48,798→ 323,480 total
Footnotes (5)
- [F1]On May 7, 2026, pursuant to the Agreement and Plan of Merger entered into on February 1, 2026, by and among Devon Energy Corporation (''Devon''), Coterra Energy Inc. (''Coterra") and Cubs Merger Sub, Inc. (the ''Merger Agreement''), as of the effective time of the transactions contemplated thereby (the "Effective Time"), Coterra became a wholly owned subsidiary of Devon. Pursuant to the Merger Agreement, at the Effective Time, each share of Coterra's common stock, par value $0.10 per share ("Coterra Common Stock") was converted into the right to receive 0.7 shares of Devon's common stock, par value $0.10 per share ("Devon Common Stock"), subject to certain exceptions.
- [F2]Pursuant to the Merger Agreement, at the Effective Time, each time-based Coterra restricted stock unit ("Coterra RSU") outstanding and unvested as of immediately prior to the Effective Time was converted into 0.7 Devon time-based restricted stock units ("Devon RSUs"), with each Devon RSU representing a contingent right to receive a share of Devon Common Stock, subject to the same terms and conditions as were applicable to the corresponding Coterra RSU immediately prior to the Effective Time. The Coterra RSUs granted to the reporting person on February 24, 2026 were converted into 48,197 Devon RSUs, which will vest on January 31, 2029, and the Coterra RSUs granted to the reporting person on February 19, 2025 were converted into 48,798 Devon RSUs, which will vest on January 31, 2028.
- [F3]These Devon RSUs relate to an award of Coterra performance stock units (a "Coterra PSU Award") that, pursuant to the Merger Agreement, at the Effective Time, was deemed earned at 100% of the target level as a result of the certification by the Compensation Committee of Coterra's board of directors to the actual level of performance achieved under the terms of such Coterra PSU Award prior to the Effective Time and was converted, on the same terms and conditions (other than any continuing performance-based vesting conditions and cash settlement features), into an award of Devon RSUs covering a number of shares of Devon Common Stock equal to the product of (i) the target number of shares of Coterra Common Stock subject to such Coterra PSU Award as of immediately prior to the Effective Time, multiplied by (ii) 0.7.
- [F4]The Coterra PSU Award to which these Devon RSUs relate was granted to the reporting person on February 24, 2026 and, at the Effective Time, converted into 48,197 Devon RSUs, which will vest on January 31, 2029.
- [F5]The Coterra PSU Award to which these Devon RSUs relate was granted to the reporting person on February 19, 2025 and, at the Effective Time, converted into 48,798 Devon RSUs, which will vest on January 31, 2028.
Signature
/s/ Edward T. Highberger, attorney-in-fact|2026-05-11