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This excerpt taken from the DVN DEF 14A filed Apr 24, 2009. Annual Equity
Awards
In June 2008, our Non-Management Directors were granted an
annual award of 3,000 stock options and 2,000 shares of
restricted stock under our 2005 Long-Term Incentive Plan. Stock
and option awards to Non-Management Directors are granted
immediately following each Annual Meeting. Options vest on the
date of grant and are granted at an exercise price equal to the
closing price of our common stock on that date. Unexercised
options will expire eight years from the date of grant. With
respect to restricted stock awards, 25% of each award vests on
each anniversary of the date of grant. Cash dividends on shares
of restricted stock are paid at the same times and in the same
amounts as on other shares of our common stock.
13
Commitment Runs Deep
Table of Contents
This excerpt taken from the DVN DEF 14A filed Apr 28, 2008. Annual Equity
Awards
In June 2007, our non-management Directors were granted an
annual award of 3,000 stock options and 2,000 shares of
restricted stock under our 2005 Long-Term Incentive Plan. Stock
and option awards to non-management Directors are granted
immediately following each Annual Meeting. Options vest on the
date of grant and are granted at an exercise price equal to the
closing price of our common stock on that date. Unexercised
options will expire eight years from the date of grant. Stock
awards vest 25 percent on each anniversary of the date of
grant. Cash dividends on shares of restricted stock are paid at
the same times and in the same amounts as on other shares of our
common stock.
13
Commitment Runs Deep
Table of Contents
This excerpt taken from the DVN DEF 14A filed Apr 27, 2007. Annual Equity
Awards
In June 2006, our non-management Directors were granted an
annual award of 3,000 stock options and 2,000 shares of
restricted stock under our 2005 Long-Term Incentive Plan. Stock
options and restricted stock awards to non-management Directors
are granted immediately following each Annual Meeting. Stock
options vest on the date of grant and are granted at an exercise
price equal to the closing price of our common stock on that
date. Unexercised stock options will expire eight years from the
date of grant. Restricted stock awards vest 25 percent on
each anniversary of the date of grant. Cash dividends on shares
of restricted stock are paid at the same times and in the same
amounts as on other shares of our common stock.
Table of Contents
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