Companies RGC Resources Inc
RGC Resources (RGCO): executive pay, fiscal 2025
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CEO pay, last three years
- $1,054,041FY2023
- $1,061,983FY2024
- $1,014,851FY2025
CEO total pay was $1,014,851 in fiscal 2025, down from $1,061,983 in fiscal 2024.
FY2025: salary $467,084 · bonus $0 · stock awards $288,225 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Paul Nester | $467,084 | $0 | $288,225 | $0 | $184,866 | $24,993 | $49,683 | $1,014,851 |
| President & CEO | ||||||||
| Timothy Mulvaney | 259,766 | 0 | 118,125 | 0 | 89,381 | 54,402 | 62,387 | 584,061 |
| Vice President, Treasurer & CFO | ||||||||
| Lawrence Oliver | 269,141 | 0 | 115,500 | 0 | 90,750 | 33,192 | 46,365 | 554,948 |
| Sr. Vice President, Corp. Secretary | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Paul Nester | $1,014,851 | $1,061,983 | $1,054,041 | ↓ −47,132 |
| Timothy Mulvaney | 584,061 | — | — | — |
| Lawrence Oliver | 554,948 | 541,694 | 455,147 | ↑ +13,254 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | — |
| Anti-hedging | — |
| Anti-pledging | — |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Paul Nester | RSA | 2025-10-27 | — | — | 13,679 | — | $288,225 |
| Timothy Mulvaney | RSA | 2025-10-27 | — | — | 5,606 | — | 118,125 |
| Lawrence Oliver | RSA | 2025-10-27 | — | — | 5,482 | — | 115,500 |
Vehicle mix — grant-date fair value by award type
Grant-level vehicle detail not disclosed.
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Lawrence Oliver | Option | 1,000 | 19.9 | — |
| Timothy Mulvaney | RSU | 2,000 | — | 44,880 |
| Lawrence Oliver | RSU | 2,179 | — | 48,897 |
| Timothy Mulvaney | RSU | 2,832 | — | 63,550 |
| Lawrence Oliver | Option | 3,000 | 22.93 | — |
| Lawrence Oliver | RSU | 3,398 | — | 76,251 |
| Lawrence Oliver | Option | 5,000 | 16.62 | — |
| Lawrence Oliver | Option | 5,000 | 27.87 | — |
| Paul Nester | RSU | 6,946 | — | 155,868 |
| Paul Nester | RSU | 8,883 | — | 199,335 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Abney S. Boxley IIIIndependent · Compensation · Audit (Chair) | $0 | $78,250 | — | — | — | $78,250 |
| Maryellen F. GoodlatteIndependent · Nominating/Governance (Chair) · Audit | 76,850 | 0 | — | — | — | 76,850 |
| John B. Williamson IIIIndependent · Board Chair | 0 | 71,600 | — | — | — | 71,600 |
| Nancy Howell AgeeIndependent · Compensation (Chair) · Nominating/Governance | 0 | 71,600 | — | — | — | 71,600 |
| T. Joe CrawfordIndependent · Compensation · Audit | 39,210 | 26,140 | — | — | — | 65,350 |
| Jacqueline L. ArcherIndependent · Audit · Finance & Audit (Chair) | 0 | 61,100 | — | — | — | 61,100 |
| J. Allen LaymanIndependent · Compensation · Nominating/Governance | 60,100 | 0 | — | — | — | 60,100 |
| Robert B. JohnstonIndependent · Nominating/Governance | 55,850 | 0 | — | — | — | 55,850 |
| Elizabeth A. McClanahanIndependent · Nominating/Governance | 33,510 | 22,340 | — | — | — | 55,850 |
Board fee structure and ownership guideline
| Annual cash retainer | $52,800 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 13,200 / 12,000 / 12,000 |
| Stock ownership guideline | The Compensation Committee reviews and approves stock ownership guidelines and reviews and recommends equity incentive grants to officers. |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $265,520 |
| Equity awards (grant-date value) | $331,030 |
| All other compensation | $0 |
| Total cost of the board | $596,550 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names RGC Resources as a peer
Companies that benchmark against RGCO
4 companies name RGCO as a compensation peer
- Consolidated Water Co. Ltd.CWCOFY2025
- MIDDLESEX WATER COMSEXFY2025
- YORK WATER COYORWFY2025
Each company listed discloses RGCO in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named RGCO in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Peer reciprocity
The companies RGC Resources Inc names as compensation peers that name it back in their own disclosed peer groups.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Chesapeake Utilities Corporation | 2025 | Jeffry Householder | $872,385 | $2,420,566 | $0 | $1,097,863 | $4,531,322 |
| 2 | Unitil Corporation | 2025 | Thomas Meissner Jr. | 744,066 | 751,842 | 0 | 662,591 | 3,189,116 |
| 3 | Middlesex Water Company | 2025 | Nadine Leslie | 754,000 | 678,000 | 0 | 427,525 | 1,906,024 |
| 4 | Genie Energy Ltd | 2025 | Michael Stein | 450,000 | 0 | 0 | 0 | 1,371,250 |
| 5 | Cadiz, Incorporated | 2025 | Susan Kennedy | 400,000 | 645,625 | 0 | 0 | 1,057,625 |
| 6 | RGC Resources Inc | 2025 | Paul Nester | 467,084 | 288,225 | 0 | 184,866 | 1,014,851 |
| 7 | Pure Cycle Corporation | 2025 | Mark Harding | 525,000 | 114,300 | 0 | 0 | 965,016 |
| 8 | York Water Company | 2025 | Joseph Hand | 412,175 | 100,074 | — | 43,960 | 572,275 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| RGC Resources Inc | not disclosed | not disclosed | not disclosed | not disclosed |
| Cadiz, Incorporated | not disclosed | RSU 100 | not disclosed | Coda Advisors |
| Chesapeake Utilities Corporation | not disclosed | PSU 100 | not disclosed | FW Cook |
| Genie Energy Ltd | not disclosed | Restricted Stock 100 | not disclosed | not disclosed |
| Middlesex Water Company | not disclosed | Restricted Stock 100 | not disclosed | Aon |
| Pure Cycle Corporation | not disclosed | not disclosed | not disclosed | not disclosed |
| Unitil Corporation | 137% | PSU 50 · RSU 50 | No | Willis Towers |
| York Water Company | not disclosed | Restricted Stock 100 | not disclosed | Herbein + Company, Inc. |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-01-26 | 7,119,486 | 98,873 | 40,450 | 98.63% | Passed |
| 2025 | 2025-01-27 | 6,282,641 | 125,826 | 49,633 | 98.04% | Passed |
| 2024 | 2024-01-29 | 6,497,252 | 147,072 | 47,338 | 97.79% | Passed |
| 2023 | 2023-01-23 | 5,905,714 | 88,366 | 63,136 | 98.53% | Passed |
| 2022 | 2022-01-24 | 4,084,452 | 770,981 | 89,995 | 84.12% | Passed |
| 2021 | 2021-02-01 | 3,510,341 | 1,123,634 | 65,232 | 75.75% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-01-26 | 98.63%a |
| 2025 | 2025-01-27 | 98.04%b |
| 2024 | 2024-01-29 | 97.79%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 11 : 1 |
|---|---|
| CEO total compensation | $1,014,851 |
| Median employee compensation | $90,935 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (32 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Paul Nester. DEF 14A, filed 2025-12-09. Section “Executive Compensation” · page 18. As printed: 1,014,851. View filing ↗
- Section 01, Timothy Mulvaney. DEF 14A, filed 2025-12-09. Section “Executive Compensation”. As printed: 584,061. View filing ↗
- Section 01, Lawrence Oliver. DEF 14A, filed 2025-12-09. Section “Executive Compensation”. As printed: 554,948. View filing ↗
- Section 03, Paul Nester RSA. DEF 14A, filed 2025-12-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Timothy Mulvaney RSA. DEF 14A, filed 2025-12-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Lawrence Oliver RSA. DEF 14A, filed 2025-12-09. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2025-12-09. Section “CEO Pay Ratio”. As printed: 11 : 1. View filing ↗
- Section 08, Abney S. Boxley III. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 78,250. View filing ↗
- Section 08, Maryellen F. Goodlatte. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 76,850. View filing ↗
- Section 08, John B. Williamson III. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 71,600. View filing ↗
- Section 08, Nancy Howell Agee. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 71,600. View filing ↗
- Section 08, T. Joe Crawford. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 65,350. View filing ↗
- Section 08, Jacqueline L. Archer. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 61,100. View filing ↗
- Section 08, J. Allen Layman. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 60,100. View filing ↗
- Section 08, Robert B. Johnston. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 55,850. View filing ↗
- Section 08, Elizabeth A. McClanahan. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 55,850. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-01-28. Item 5.07 · say-on-pay result. As reported: 98.63% (votes for as printed: 7,119,486). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-01-30. Item 5.07 · say-on-pay result. As reported: 98.04% (votes for as printed: 6,282,641). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-02-02. Item 5.07 · say-on-pay result. As reported: 97.79% (votes for as printed: 6,497,252). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 265,520 + equity 331,030 + all other 0 = 596,550, summed across the director compensation table rows.
- Chesapeake Utilities Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in Chesapeake Utilities Corporation's own proxy. As printed: 4,531,322. View filing ↗
- Unitil Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Unitil Corporation's own proxy. As printed: 3,189,116. View filing ↗
- Middlesex Water Company, Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in Middlesex Water Company's own proxy. As printed: 1,906,024. View filing ↗
- Genie Energy Ltd, Section 10b CEO total. DEF 14A, filed 2026-05-01. CEO total compensation as printed in Genie Energy Ltd's own proxy. As printed: 1,371,250. View filing ↗
- Cadiz, Incorporated, Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Cadiz, Incorporated's own proxy. As printed: 1,057,625. View filing ↗
- RGC Resources Inc (subject), Section 10b CEO total. DEF 14A, filed 2025-12-09. CEO total compensation as printed in RGC Resources Inc's own proxy. As printed: 1,014,851. View filing ↗
- Pure Cycle Corporation, Section 10b CEO total. DEF 14A, filed 2025-12-04. CEO total compensation as printed in Pure Cycle Corporation's own proxy. As printed: 965,016. View filing ↗
- York Water Company, Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in York Water Company's own proxy. As printed: 572,275. View filing ↗
- Section 10a, York Water Company reciprocity. DEF 14A. York Water Company names RGC Resources Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Chesapeake Utilities Corporation reciprocity. DEF 14A. Chesapeake Utilities Corporation names RGC Resources Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Middlesex Water Company reciprocity. DEF 14A. Middlesex Water Company names RGC Resources Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗