EX-10.20 5 dvn-ex1020_517.htm EX-10.20

Exhibit 10.20

Amendment 2020-1

to the

Devon Energy Corporation

BENEFIT RESTORATION Plan

The Devon Energy Corporation Benefit Restoration Plan (the "Plan") is amended, effective as of the date of execution hereof, as follows:

1.Effective as December 31, 2020 a new sentence is added to the end of Section 1.1 ("Establishment and Purpose") to read as follows:

"The Plan is frozen, effective as of December 31, 2020, and no Participant or other person shall actively participate in the Plan or accrue any benefit under the Plan for periods after December 31, 2020."

2.Effective as of December 31, 2020, a new sentence is added to the end of Section 3.1 ("Eligibility"), to read as follows:

"Participation in the Plan is frozen as of December 31, 2020, and no employee shall become Participant in the Plan, and no employee shall actively participate in the Plan, after such date."

3.Effective as of December 31, 2020, a new flush paragraph is added to the end of Section 4.1(b) ("Determination of Target Benefit") to read as follows:

"Notwithstanding any other provision of the Plan (including any and all exhibits to the Plan) to the contrary, effective as of December 31, 2020, the following shall apply in calculating his Target Benefit:

| (i) | Restoration Benefits are frozen and shall cease to accrue under this Plan for all Participants as of December 31, 2020;

| (ii) | the Target Benefit shall be calculated based upon the terms and provisions of the Retirement Plan in effect as of December 31, 2020; and

| (iii) | Compensation increases after December 31, 2020 shall be disregarded for calculation of the Target Benefit and the Restoration Benefit under this Plan."

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

1

IN WITNESS WHEREOF, Devon Energy Corporation (acting through its authorized delegate) has caused this Amendment 2020-1 to the Devon Energy Corporation Benefit Restoration Plan to be executed this 23rd day of December, 2020.

DEVON ENERGY CORPORATION
By: | /s/Tana K. Cashion
Name: | Tana K. Cashion
Title: | Senior Vice President, Human Resources

[Signature Page to Amendment 2020-1 to the

Devon Energy Corporation Benefit Restoration Plan]