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This excerpt taken from the DVN DEF 14A filed Apr 28, 2008. Restricted
Stock
Restricted stock awards are grants of our common stock that will
only be earned by an executive officer when the restrictions
lapse and only if the individual continues to be employed by us
at that time. During the vesting period, the forfeitable value
of a restricted stock award is less volatile than the
forfeitable value of a stock option award with same economic
value at grant. A more constant forfeitable value makes
restricted shares an effective tool for attracting and retaining
top executive talent in a competitive industry. For awards made
in 2007, one quarter of each award vests on each of the first
four anniversary dates of the original grant. As with stock
options, the vesting schedule provides incentive to continue
service with the Company for an extended period.
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