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This excerpt taken from the DVN DEF 14A filed Apr 27, 2007. Total
Compensation
The Committee reviews each executive’s base pay, bonus, and
equity incentives annually with the guidance of the
Committee’s Compensation Consultant. Available data
indicates that over the last three years Mr. Nichols has
earned total direct compensation near the market median, and the
executive officers as a group have earned total direct
compensation at 119% of market median and 82% of the
75th percentile
of the total direct compensation paid to comparable executives
at the comparison companies. It is expected that
Mr. Nichols’ bonus and the long-term incentives
awarded to Messrs. Nichols’ and Richels’ will
result in them receiving total direct compensation in line with
our goal of paying total direct compensation between the
60th percentile
and the
75th percentile.
In addition to these direct compensation elements, the Committee
also reviews the deferred compensation program, perquisites and
other compensation, and payments that would be required under
various severance and
change-in-control
scenarios. In connection with the 2006 review, the Committee
determined that these elements of compensation were reasonable
in the aggregate.
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