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This excerpt taken from the DVN DEF 14A filed Apr 24, 2009. Post-Termination
or Change in Control Benefits
We maintain employment agreements with each of our named
executive officers with the exception of Mr. Heatly, with
whom we have a severance agreement. These agreements give each
named executive officer certain additional compensation if his
employment is involuntarily terminated other than for cause or
if the executive voluntarily terminates his employment for good
reason, as those terms are defined in the relevant agreements.
Also, in these situations, the applicable named executive
officer fully vests in any unvested long-term incentive awards.
If a named executive officer, other than Mr. Heatly, is
terminated within two years of a change in control, the
executive is also entitled to an additional three years of
service credit and age in determining entitlement to retiree
medical benefits and SRIP benefits. If Mr. Heatly is
terminated within two years of a change in control, he is
entitled to an additional two years of service credit and age in
determining his entitlement to retiree medical benefits.
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Commitment Runs Deep
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As noted above, Mr. Heatly was not a senior executive
officer in 2008. Accordingly, his post-termination arrangements
are more in line with other non-senior executive officers.
Post-termination and change in control benefits are typical in
the oil and gas industry and necessary in order to compete for
executive talent. Please refer to the Potential Payments Upon
Termination or Change In Control section on page 41 for
more information.
This excerpt taken from the DVN DEF 14A filed Apr 28, 2008. Post-Termination
or Change in Control Benefits
We currently have employment agreements with each of our named
executive officers with the exception of Mr. Heatly, with
whom we have a severance agreement. These agreements give the
named executive officers certain additional compensation if
their employment is involuntarily terminated other than for
cause or if the executive voluntarily terminates his or her
employment for good reason, as those terms are defined in their
agreements. Also, in these situations, the unvested long-term
incentive awards for each of the named executive officers become
fully vested and each of our named executive officers, with the
exception of Mr. Heatly, becomes fully vested in his SRIP
benefit.
If a named executive officer, other than Mr. Heatly, is
terminated within two years of a change in control, the
executive is also entitled to an additional three years of
service credit and age in determining entitlement to retiree
medical benefits and SRIP benefits. If Mr. Heatly is
terminated within two years of a change in control, he is
entitled to an additional two years of service credit and age in
determining his entitlement to retiree medical benefits.
As described earlier, Mr. Heatly was not a senior executive
officer in 2007. Accordingly, his benefits arrangements are more
in line with other non-senior executive officers.
Please refer to the Potential Payments Upon Termination or
Change In Control section for more information.
This excerpt taken from the DVN DEF 14A filed Apr 27, 2007. Post-Termination
or Change in Control Benefits
We currently have, or had at the time of termination of their
employment, employment agreements with each of our named
executive officers with the exception of Mr. Heatly, with
whom we have a severance agreement. These agreements give the
named executive officers certain additional compensation if
their employment is involuntarily terminated other than for
“cause” or if the executive voluntarily
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terminates his or her employment for “good reason,” as
those terms are defined in their agreements. Also, in these
situations, the unvested long-term incentive awards for each of
the named executive officers become fully vested and each of our
named executive officers, with the exception of Mr. Heatly,
become fully vested in his SRIP benefit.
If a named executive officer, other than Mr. Heatly, is
terminated within two years of a “change in control,”
the executive is also entitled to an additional three years of
service credit and age in determining entitlement to retiree
medical benefits and SRIP benefits. If Mr. Heatly is
terminated within two years of a change in control, he is
entitled to an additional two years of service credit and age in
determining his entitlement to retiree medical benefits.
In 2006, Robert A. Myers and Brian J. Jennings received payments
under their employment agreements in connection with the
termination of their employment, each such termination being
other than for “cause.”
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