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This excerpt taken from the DVN DEF 14A filed Apr 24, 2009. Defined Benefit
Plan, BRP and SRIP
Under the Defined Benefit Plan, if a participant is:
then the participant may elect to have his or her benefits under
the Defined Benefit Plan paid at any time after the age of 55
subject to the same percentage reduction in the benefits as set
forth under “Pension Benefits for the Year Ended
December 31, 2008 — Defined Benefit
Plan — Early Retirement” that is applicable to
the participant.
Additionally, upon a change in control of the Company, all
participants in the Defined Benefit Plan, the BRP and the SRIP
immediately become 100% vested in their accrued benefits under
those plans.
Participants are immediately vested in the accrued benefit upon
death which is payable to an eligible spouse at the date the
participant would have reached age 55 with 10 years of
service, reduced by subsidized early retirement factors and
assuming that the participant had elected a 100% joint and
survivor pension.
Additionally, if the participant becomes disabled and has
greater than 10 years of service at the
47
Commitment Runs Deep
Table of Contents
time of disability, the benefit is calculated based on final
average compensation and projected service to commencement date
(as early as age 55), reduced with subsidized early
retirement factors. If the disabled participant has less than
10 years of service, then he or she is 100% vested in the
accrued benefit.
This excerpt taken from the DVN DEF 14A filed Apr 28, 2008. Defined Benefit
Plan, BRP and SRIP
Under the Defined Benefit Plan, if a participant is
(i) involuntarily terminated for any reason other than
“cause,” is between the ages of 50 and 55 and has at
least 10 years of credited service, or
(ii) involuntarily terminated for any reason other than
“cause” within two years following a change in control
and has a least 10 years of credited service regardless of
the participant’s age, then the participant may elect to
have his or her benefits under the Defined Benefit Plan paid at
any time after the age of 55 subject to the same percentage
reduction in the benefits as set forth under “Pension
Benefits for the Year Ended December 31, 2007 —
Defined Benefit Plan — Early Retirement” that is
applicable to the participant.
Additionally, upon a change in control of the Company, all
participants in the Defined Benefit Plan, the BRP and the SRIP
immediately become 100 percent vested in their accrued
benefits under those plans.
Participants are immediately vested in the accrued benefit upon
death which is payable to an eligible spouse at the date the
participant would have reached age 55 with 10 years of
service, reduced by subsidized early retirement factors and
assuming that the participant had elected a 100 percent
joint and survivor pension.
Additionally, if the participant becomes disabled and has
greater than 10 years of service at the time of disability,
the benefit is calculated based on projected final average
compensation and service to commencement date (as early as
age 55), reduced with subsidized early retirement factors.
If the disabled participant has less than 10 years of
service, then he or she is 100 percent vested in the
accrued benefit.
This excerpt taken from the DVN DEF 14A filed Apr 27, 2007. Defined Benefit
Plan, BRP and SRIP
Under the Defined Benefit Plan, if a participant is
(i) involuntarily terminated for any reason other than
“cause,” is between the ages of 50 and 55 and has at
least 10 years of credited service, or
(ii) involuntarily terminated for any reason other than
“cause” within two years following a change in control
and has a least 10 years of credited service regardless of
the participant’s age, then the participant may elect to
have his or her benefits under the Defined Benefit Plan paid at
any time after the age of 55 subject to the same percentage
reduction in the benefits as set forth under “Pension
Benefits for the Year Ended December 31, 2006 –
Defined Benefit Plan – Early Retirement” that is
applicable to the participant.
Additionally, upon a change in control of the Company, all
participants in the Defined Benefit Plan, the BRP and the SRIP
immediately become 100% vested in their accrued benefits under
those plans.
Participants are immediately vested in the accrued benefit upon
death which is payable to an eligible spouse at the date the
participant would have reached age 55 with 10 years of
service, reduced by subsidized early retirement factors and
assuming that the participant had elected a 50% joint and
survivor pension.
Additionally, if the participant becomes disabled and has
greater than 10 years of service at the time of disability,
the benefit is calculated based on projected final average
compensation and service to commencement date (as early as age
55), reduced with subsidized early retirement factors. If the
disabled participant has less than 10 years of service,
then he or she is 100% vested in the accrued benefit.
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