Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-02

Atmos Energy (ATO)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$9,953,274
J. Kevin Akers total, FY2025
44th
CEO pay percentile vs peers
106:1
CEO-to-median pay ratio
94.93%
Say-on-pay support, latest vote
Companies that benchmark against ATO
15 companies name ATO as a compensation peer

Each company listed discloses ATO 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 ATO in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
J. Kevin Akers$1,147,802$0$5,179,057$0$2,100,572$1,508,081$17,762$9,953,274
President and Chief Executive Officer
Christopher Forsythe599,63501,266,2920732,897135,050326,6243,060,498
Senior Vice President and Chief Financial Officer
Jessica Bateman387,18901,890,3100414,0040107,6732,799,176
Senior Vice President, General Counsel and Corporate Secretary
John McDill535,1930828,5350572,367112,869269,5232,318,487
Senior Vice President, Utility Operations
Karen Hartsfield538,1540828,5350575,53472,675291,1102,306,008
Senior Advisor

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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
J. Kevin Akers$9,953,274
Christopher Forsythe3,060,498
Jessica Bateman2,799,176
John McDill2,318,487
Karen Hartsfield2,306,008

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Rafael G. GarzaDirector2026-01-02A66$168$11,103CommonForm 4 ↗
Edward J. GeiserDirector2026-01-02A193.1916832,500Derivative, Class A CommonForm 4 ↗
Jessica BatemanSr VP, Gen Counsel, Corp Sec'y2026-01-02D2,50000Derivative, Class A CommonForm 4 ↗
Jessica BatemanSr VP, Gen Counsel, Corp Sec'y2026-01-02A2,500168420,575CommonForm 4 ↗
Jessica BatemanSr VP, Gen Counsel, Corp Sec'y2026-01-02D1,042168175,296CommonForm 4 ↗
John McDillSR VP, UTILITY OPERATIONS2026-02-03A1,240168208,394Derivative, Class A CommonForm 4 ↗
Michelle FaulkVice President & Controller2026-02-03A26016843,696Derivative, Class A CommonForm 4 ↗
J. Matt RobbinsSR VP, HUMAN RESOURCES2026-02-03A1,240168208,394Derivative, Class A CommonForm 4 ↗
Karen HartsfieldSenior Advisor2026-02-03A1,240168208,394Derivative, Class A CommonForm 4 ↗
Christopher ForsytheSR VICE PRESIDENT & CFO2026-02-03A1,900168319,314Derivative, Class A CommonForm 4 ↗
Jessica BatemanSr VP, Gen Counsel, Corp Sec'y2026-02-03A1,240168208,394Derivative, Class A CommonForm 4 ↗
J. Kevin AkersDirector2026-02-03A7,7601681,304,146Derivative, Class A CommonForm 4 ↗
Richard A. SampsonDirector2026-02-04A30,8081725,287,269CommonForm 4 ↗
Richard A. SampsonDirector2026-02-04D30,80800Derivative, Class A CommonForm 4 ↗
Dividend-equivalent accruals2026-02-046851 insider, 1 accrual row
Richard A. SampsonDirector2026-02-04A685172117,560CommonForm 4 ↗
Frank YohoDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
William WareDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
Edward J. GeiserDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
Mitzi CooglerDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
John C. AleDirector2026-03-06A920185169,952Derivative, Class A CommonForm 4 ↗
Dividend-equivalent accruals2026-03-063,2463 insiders, 3 accrual rows
Nancy K. QuinnDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
Kim R. CocklinDirector2026-03-06A1,082185199,878CommonForm 4 ↗
Telisa ToliverDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
Kelly H. ComptonDirector2026-03-06A920185169,952Derivative, Class A CommonForm 4 ↗
Kelly H. ComptonDirector2026-03-06A1,082185199,878CommonForm 4 ↗
Sean DonohueDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
Rafael G. GarzaDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
Kim R. CocklinDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
John C. AleDirector2026-03-06A1,082185199,878CommonForm 4 ↗
Edward J. GeiserDirector2026-04-01A175.5918532,500Derivative, Class A CommonForm 4 ↗
Rafael G. GarzaDirector2026-04-01A6018511,105CommonForm 4 ↗
J. Matt RobbinsSR VP, HUMAN RESOURCES2026-05-02D2,81500Derivative, Class A CommonForm 4 ↗
Dividend-equivalent accruals2026-05-021751 insider, 1 accrual row
J. Kevin AkersDirector2026-05-02D16,85000Derivative, Class A CommonForm 4 ↗
Karen HartsfieldSenior Advisor2026-05-02A2,815190534,118CommonForm 4 ↗
Michelle FaulkVice President & Controller2026-05-02D7019013,282CommonForm 4 ↗
J. Matt RobbinsSR VP, HUMAN RESOURCES2026-05-02D1,042190197,709CommonForm 4 ↗
John McDillSR VP, UTILITY OPERATIONS2026-05-02D1,042190197,709CommonForm 4 ↗
John McDillSR VP, UTILITY OPERATIONS2026-05-02D2,81500Derivative, Class A CommonForm 4 ↗
Karen HartsfieldSenior Advisor2026-05-02D2,81500Derivative, Class A CommonForm 4 ↗
Christopher ForsytheSR VICE PRESIDENT & CFO2026-05-02D1,563190296,564CommonForm 4 ↗
Christopher ForsytheSR VICE PRESIDENT & CFO2026-05-02D3,97000Derivative, Class A CommonForm 4 ↗
Michelle FaulkVice President & Controller2026-05-02A17519033,205CommonForm 4 ↗
J. Kevin AkersDirector2026-05-02A16,8501903,197,119CommonForm 4 ↗
J. Kevin AkersDirector2026-05-02D6,2351881,170,559CommonForm 4 ↗
Christopher ForsytheSR VICE PRESIDENT & CFO2026-05-02A3,970190753,268CommonForm 4 ↗
Karen HartsfieldSenior Advisor2026-05-02D1,042190197,709CommonForm 4 ↗
J. Matt RobbinsSR VP, HUMAN RESOURCES2026-05-02A2,815190534,118CommonForm 4 ↗
John McDillSR VP, UTILITY OPERATIONS2026-05-02A2,815190534,118CommonForm 4 ↗
Edward J. GeiserDirector2026-07-01A187.9517332,500Derivative, Class A CommonForm 4 ↗
Rafael G. GarzaDirector2026-07-01A6517311,240CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 55 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Rafael G. GarzaDirector2026-01-02A66$168$11,103CommonForm 4 ↗
Edward J. GeiserDirector2026-01-02A193.1916832,500Derivative, Class A CommonForm 4 ↗
Jessica BatemanSr VP, Gen Counsel, Corp Sec'y2026-01-02D2,50000Derivative, Class A CommonForm 4 ↗
Jessica BatemanSr VP, Gen Counsel, Corp Sec'y2026-01-02A2,500168420,575CommonForm 4 ↗
Jessica BatemanSr VP, Gen Counsel, Corp Sec'y2026-01-02D1,042168175,296CommonForm 4 ↗
John McDillSR VP, UTILITY OPERATIONS2026-02-03A1,240168208,394Derivative, Class A CommonForm 4 ↗
Michelle FaulkVice President & Controller2026-02-03A26016843,696Derivative, Class A CommonForm 4 ↗
J. Matt RobbinsSR VP, HUMAN RESOURCES2026-02-03A1,240168208,394Derivative, Class A CommonForm 4 ↗
Karen HartsfieldSenior Advisor2026-02-03A1,240168208,394Derivative, Class A CommonForm 4 ↗
Christopher ForsytheSR VICE PRESIDENT & CFO2026-02-03A1,900168319,314Derivative, Class A CommonForm 4 ↗
Jessica BatemanSr VP, Gen Counsel, Corp Sec'y2026-02-03A1,240168208,394Derivative, Class A CommonForm 4 ↗
J. Kevin AkersDirector2026-02-03A7,7601681,304,146Derivative, Class A CommonForm 4 ↗
Richard A. SampsonDirector2026-02-04A30,8081725,287,269CommonForm 4 ↗
Richard A. SampsonDirector2026-02-04D30,80800Derivative, Class A CommonForm 4 ↗
Richard A. SampsonDirector2026-02-04D68500Derivative, Class A CommonForm 4 ↗
Richard A. SampsonDirector2026-02-04A685172117,560CommonForm 4 ↗
Frank YohoDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
William WareDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
Edward J. GeiserDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
Mitzi CooglerDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
John C. AleDirector2026-03-06A920185169,952Derivative, Class A CommonForm 4 ↗
John C. AleDirector2026-03-06D1,08200Derivative, Class A CommonForm 4 ↗
Kim R. CocklinDirector2026-03-06D1,08200Derivative, Class A CommonForm 4 ↗
Nancy K. QuinnDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
Kim R. CocklinDirector2026-03-06A1,082185199,878CommonForm 4 ↗
Telisa ToliverDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
Kelly H. ComptonDirector2026-03-06D1,08200Derivative, Class A CommonForm 4 ↗
Kelly H. ComptonDirector2026-03-06A920185169,952Derivative, Class A CommonForm 4 ↗
Kelly H. ComptonDirector2026-03-06A1,082185199,878CommonForm 4 ↗
Sean DonohueDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
Rafael G. GarzaDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
Kim R. CocklinDirector2026-03-06A920.26185170,000Derivative, Class A CommonForm 4 ↗
John C. AleDirector2026-03-06A1,082185199,878CommonForm 4 ↗
Edward J. GeiserDirector2026-04-01A175.5918532,500Derivative, Class A CommonForm 4 ↗
Rafael G. GarzaDirector2026-04-01A6018511,105CommonForm 4 ↗
J. Matt RobbinsSR VP, HUMAN RESOURCES2026-05-02D2,81500Derivative, Class A CommonForm 4 ↗
Michelle FaulkVice President & Controller2026-05-02D17500Derivative, Class A CommonForm 4 ↗
J. Kevin AkersDirector2026-05-02D16,85000Derivative, Class A CommonForm 4 ↗
Karen HartsfieldSenior Advisor2026-05-02A2,815190534,118CommonForm 4 ↗
Michelle FaulkVice President & Controller2026-05-02D7019013,282CommonForm 4 ↗
J. Matt RobbinsSR VP, HUMAN RESOURCES2026-05-02D1,042190197,709CommonForm 4 ↗
John McDillSR VP, UTILITY OPERATIONS2026-05-02D1,042190197,709CommonForm 4 ↗
John McDillSR VP, UTILITY OPERATIONS2026-05-02D2,81500Derivative, Class A CommonForm 4 ↗
Karen HartsfieldSenior Advisor2026-05-02D2,81500Derivative, Class A CommonForm 4 ↗
Christopher ForsytheSR VICE PRESIDENT & CFO2026-05-02D1,563190296,564CommonForm 4 ↗
Christopher ForsytheSR VICE PRESIDENT & CFO2026-05-02D3,97000Derivative, Class A CommonForm 4 ↗
Michelle FaulkVice President & Controller2026-05-02A17519033,205CommonForm 4 ↗
J. Kevin AkersDirector2026-05-02A16,8501903,197,119CommonForm 4 ↗
J. Kevin AkersDirector2026-05-02D6,2351881,170,559CommonForm 4 ↗
Christopher ForsytheSR VICE PRESIDENT & CFO2026-05-02A3,970190753,268CommonForm 4 ↗
Karen HartsfieldSenior Advisor2026-05-02D1,042190197,709CommonForm 4 ↗
J. Matt RobbinsSR VP, HUMAN RESOURCES2026-05-02A2,815190534,118CommonForm 4 ↗
John McDillSR VP, UTILITY OPERATIONS2026-05-02A2,815190534,118CommonForm 4 ↗
Edward J. GeiserDirector2026-07-01A187.9517332,500Derivative, Class A CommonForm 4 ↗
Rafael G. GarzaDirector2026-07-01A6517311,240CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
John McDillPSU2,1834,3658,730$621,401
Christopher ForsythePSU3,3356,67013,340949,541
Christopher ForsytheRSU2,225316,751
Jessica BatemanPSU2,1834,3658,730621,401
Jessica BatemanRSU7,5001,061,775
Karen HartsfieldPSU2,1834,3658,730621,401
John McDillRSU1,455207,134
Jessica BatemanRSU1,455207,134
Karen HartsfieldRSU1,455207,134
J. Kevin AkersPSU13,64327,28554,5703,884,293
J. Kevin AkersRSU9,0951,294,764
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
John McDill$207,134$621,401$075.0%
Christopher Forsythe316,751949,541075.0%
Jessica Bateman1,268,909621,401032.9%
Karen Hartsfield207,134621,401075.0%
J. Kevin Akers1,294,7643,884,293075.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Christopher ForsythePSU25,900$4,422,425
Christopher ForsytheRSU8,2901,415,518
Karen HartsfieldRSU17,7203,025,690
Jessica BatemanRSU8,9551,529,066
J. Kevin AkersRSU111,64019,062,530
Jessica BatemanPSU8,7301,490,648
John McDillRSU17,7203,025,690
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation strategy should be aligned with our overall business strategy of providing safe, quality, and reliable service to our customers, seeking ongoing improvements in operating efficiencies and focusing upon growth opportunities. Overall pay targets should reflect the intent to pay named executive officer base salaries at the 50th percentile of the competitive market practice with targeted total cash compensation (base salary plus annual incentive award) and targeted total direct compensation (total cash compensation plus annualized present value of grants of long-term equity incentive compensation) at the 50th percentile of competitive market practice if established performance targets are reached.

CEO STI target (% of salary)120%
CEO LTI target (% of salary)
Independent consultantMeridian Compensation Partners, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-02-04133,327,6177,121,268926,49394.93%Passed
20252025-02-05124,775,1339,384,8971,216,22393%Passed
20242024-02-07116,651,8879,543,9892,132,48992.44%Passed
20232023-02-08106,617,3236,508,2621,467,65293.04%Passed
20222022-02-09104,843,2165,166,362623,82394.77%Passed
20212021-02-0394,910,0376,338,6311,733,27792.16%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 yearMeeting dateApproval — company's computation
20262026-02-0494.93%a
20252025-02-0593%b
20242024-02-0792.44%c

a. Approved under the standard stated in the filing — “For Proposals Two and Three, abstentions will have no effect on the voting outcome of such proposals.”.

b. Approved under the standard stated in the filing — “For Proposals Two, Three, and Four, abstentions will have no effect on the voting outcome of such proposals.”.

c. Approved under the standard stated in the filing — “For Proposals Two and Three, abstentions will have no effect on the voting outcome of such proposals.”.

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.

07

CEO pay ratio

Ratio (CEO : median employee)106 : 1
CEO total compensation$9,953,274
Median employee compensation$94,123
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Kim R. CocklinIndependent · Board Chair$225,000$160,000$0$0$4,196$389,196
Richard A. SampsonIndependent · Lead Independent Director · Human Resources (Chair) · Nominating/Corporate Governance · Executive (Chair) · Not standing for re-election164,583160,00000324,583
Nancy K. QuinnIndependent · Audit (Chair) · Human Resources · Executive145,000160,0000012305,016
Frank YohoIndependent · Audit · Corporate Responsibility, Sustainability, & Safety (Chair) · Executive145,000160,00000305,000
Rafael G. GarzaIndependent · Audit · Nominating/Corporate Governance (Chair) · Executive138,056160,00000298,056
Kelly H. ComptonIndependent · Human Resources · Corporate Responsibility, Sustainability, & Safety125,000160,000004,196289,196
Sean DonohueIndependent · Nominating/Corporate Governance · Corporate Responsibility, Sustainability, & Safety125,000160,000002,250287,250
John C. AleIndependent · Nominating/Corporate Governance · Corporate Responsibility, Sustainability, & Safety125,000160,000001,883286,883
Edward J. GeiserIndependent · Human Resources · Corporate Responsibility, Sustainability, & Safety125,000160,00000285,000
Telisa ToliverIndependent · Audit · Human Resources125,000160,00000285,000
Richard K. GordonIndependent · Departed during FY61,250160,0000042,370263,620
Diana J. WaltersIndependent · Departed during FY43,750005,21950,298
Mitzi CooglerIndependent · Newly elected000000
William WareIndependent · Newly elected000000
J. Kevin AkersEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)100,000 / 20,000 / 100,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,547,639
Equity awards (grant-date value)$1,760,000
All other compensation$60,126
Total cost of the board$3,367,765

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

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.

10a

Peer reciprocity

Of the companies Atmos Energy names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Atmos Energy.

10b

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.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Xcel Energy Inc.2025Bob Frenzel$1,450,000$11,244,160$0$3,022,554$15,998,859
2Ameren Corporation2025Martin Lyons1,325,0008,320,68003,323,57514,056,510
3PPL Corporation2025Vincent Sorgi1,238,0607,865,24901,869,24813,221,331
4NiSource Inc.2025Lloyd Yates1,191,6679,619,86402,261,78413,197,800
5WEC Energy Group, Inc.2025Scott Lauber1,205,7005,405,848990,2353,535,78912,188,492
6CenterPoint Energy, Inc.2025Jason Wells1,226,9237,625,02302,583,75012,092,341
7OGE Energy Corp.2025Sean Trauschke1,239,3725,811,82401,753,48712,032,007
8CMS Energy Corporation2025Garrick Rochow1,275,0006,763,23902,055,93810,534,039
9Southwest Gas Holdings, Inc.2025Karen Haller1,090,6855,776,08501,861,20010,029,409
10Atmos Energy2025J. Kevin Akers1,147,8025,179,05702,100,5729,953,274
11Evergy, Inc.2025David Campbell1,123,1427,004,44601,342,9699,537,018
12National Fuel Gas Company2025David Bauer1,095,0004,170,59301,881,3479,119,455
13Alliant Energy Corporation2025Lisa Barton1,136,9375,471,25501,835,5638,999,073
14DTE Energy Company2025Joi Harris852,3083,098,52001,544,4376,732,386
15Black Hills Corporation2025Linden Evans995,5942,966,68801,294,8865,991,759
16ONE Gas, Inc.2025Robert McAnnally925,0003,154,36101,300,0005,575,027
17Spire Inc.2025Steven Lindsey497,3081,873,940005,066,799

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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Atmos Energy153%PSU 75 · RSU 25NoMeridian Compensation Partners, LLC
Alliant Energy Corporation130%PSU 75 · RSU 25NoPay Governance LLC
Ameren Corporation193.3%PSU 70 · RSU 30NoMeridian Compensation Partners
Black Hills Corporation118.4%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (rTSR)Meridian
CenterPoint Energy, Inc.159%PSU 70 · RSU 30Yes — Relative TSRMeridian Compensation Partners, LLC
CMS Energy Corporation129%PSU 75 · RSU 25Yes — Relative TSR PerformancePay Governance LLC
DTE Energy Company169.87%PSU 70 · RSU 30NoMeridian Compensation Partners LLC
Evergy, Inc.95.5%PSU 70 · RSU 30Yes — Three Year Relative TSR versus Companies in the EEI IndexMeridian
National Fuel Gas Company137.455%PSU 67 · RSU 33Yes — Three-year relative TSRKorn Ferry and Meridian Compensation Partners, LLC
NiSource Inc.146%PSU 80 · RSU 20Yes — Three-Year RTSRMeridian Compensation Partners
OGE Energy Corp.118%PSU 65 · RSU 35NoMercer
ONE Gas, Inc.140.6%PSU 70 · RSU 30Yes — Relative TSRMeridian Compensation Partners
PPL Corporation116.14%PSU 80 · RSU 20Yes — Total Shareowner Return (TSR)FW Cook
Southwest Gas Holdings, Inc.141%PSU 60 · RSU 40NoAon Human Capital Solutions
Spire Inc.95%PSU 75 · RSU 25NoSemler Brossy Consulting Group LLC
WEC Energy Group, Inc.not disclosedPSU 65 · RSU 20 · Option 15not disclosedFrederic W. Cook & Co., Inc.
Xcel Energy Inc.143.76%PSU 70 · RSU 30NoMeridian

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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, J. Kevin AkersDEF 14A2025-12-190000731802-25-000076Section “Named Executive Officer Compensation and Related Matters” · page 47. As printed: 9,953,274. Filing ↗machine: t122 · r2 · c12 · span 827644–827653
2Section 01, Christopher ForsytheDEF 14A2025-12-190000731802-25-000076Section “Named Executive Officer Compensation and Related Matters” · page 47. As printed: 3,060,498. Filing ↗machine: t122 · r5 · c12 · span 835898–835907
3Section 01, Jessica BatemanDEF 14A2025-12-190000731802-25-000076Section “2022 NAMED EXECUTIVE OFFICER COMPENSATION”. As printed: 2,799,176. Filing ↗machine: t122 · r8 · c12 · span 843726–843735
4Section 01, John McDillDEF 14A2025-12-190000731802-25-000076Section “Named Executive Officer Compensation and Related Matters” · page 47. As printed: 2,318,487. Filing ↗machine: t122 · r11 · c12 · span 848001–848010
5Section 01, Karen HartsfieldDEF 14A2025-12-190000731802-25-000076Section “Named Executive Officer Compensation and Related Matters” · page 47. As printed: 2,306,008. Filing ↗machine: t122 · r14 · c12 · span 855946–855955
6Section 03, John McDill PSUDEF 14A2025-12-190000731802-25-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t126 · r19 · c11 · span 959799–959804
7Section 03, Christopher Forsythe PSUDEF 14A2025-12-190000731802-25-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t126 · r10 · c11 · span 929154–929159
8Section 03, Christopher Forsythe RSUDEF 14A2025-12-190000731802-25-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t126 · r9 · c15 · span 926485–926490
9Section 03, Jessica Bateman PSUDEF 14A2025-12-190000731802-25-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t126 · r15 · c11 · span 947079–947084
10Section 03, Jessica Bateman RSUDEF 14A2025-12-190000731802-25-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t126 · r13 · c15 · span 940190–940195
11Section 03, Karen Hartsfield PSUDEF 14A2025-12-190000731802-25-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t126 · r23 · c11 · span 974279–974284
12Section 03, John McDill RSUDEF 14A2025-12-190000731802-25-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t126 · r18 · c15 · span 957130–957135
13Section 03, Jessica Bateman RSUDEF 14A2025-12-190000731802-25-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t126 · r14 · c15 · span 944035–944040
14Section 03, Karen Hartsfield RSUDEF 14A2025-12-190000731802-25-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t126 · r22 · c15 · span 970830–970835
15Section 03, J. Kevin Akers PSUDEF 14A2025-12-190000731802-25-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t126 · r6 · c11 · span 916421–916427
16Section 03, J. Kevin Akers RSUDEF 14A2025-12-190000731802-25-000076Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t126 · r5 · c15 · span 913374–913379
17Section 07, pay ratioDEF 14A2025-12-190000731802-25-000076Section “CEO Pay Ratio”. As printed: 106 : 1. Filing ↗machine: t147 · r2 · c1 · span 1253328–1253335
18Section 08, Kim R. CocklinDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 389,196. Filing ↗machine: t81 · r3 · c9 · span 566140–566147
19Section 08, Richard A. SampsonDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 324,583. Filing ↗machine: t81 · r10 · c9 · span 580440–580447
20Section 08, Nancy K. QuinnDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 305,016. Filing ↗machine: t81 · r9 · c9 · span 578415–578422
21Section 08, Frank YohoDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 305,000. Filing ↗machine: t81 · r13 · c9 · span 586995–587002
22Section 08, Rafael G. GarzaDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 298,056. Filing ↗machine: t81 · r6 · c9 · span 572200–572207
23Section 08, Kelly H. ComptonDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 289,196. Filing ↗machine: t81 · r4 · c9 · span 568161–568168
24Section 08, Sean DonohueDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 287,250. Filing ↗machine: t81 · r5 · c9 · span 570178–570185
25Section 08, John C. AleDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 286,883. Filing ↗machine: t81 · r2 · c9 · span 564121–564128
26Section 08, Edward J. GeiserDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 285,000. Filing ↗machine: t81 · r7 · c9 · span 574212–574219
27Section 08, Telisa ToliverDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 285,000. Filing ↗machine: t81 · r11 · c9 · span 582450–582457
28Section 08, Richard K. GordonDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 263,620. Filing ↗machine: t81 · r8 · c9 · span 576405–576412
29Section 08, Diana J. WaltersDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 50,298. Filing ↗machine: t81 · r12 · c9 · span 584639–584645
30Section 08, Mitzi CooglerDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 0. Filing ↗
31Section 08, William WareDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 0. Filing ↗
32Section 08, J. Kevin AkersDEF 14A2025-12-190000731802-25-000076Section “Director Compensation”. As printed: 0. Filing ↗
33Section 02, Rafael G. Garza 2026-01-02Form 42026-01-050000731802-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Edward J. Geiser 2026-01-02Form 42026-01-050000731802-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Jessica Bateman 2026-01-02Form 42026-01-050000731802-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Jessica Bateman 2026-01-02Form 42026-01-050000731802-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Jessica Bateman 2026-01-02Form 42026-01-050000731802-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, John McDill 2026-02-03Form 42026-02-040000731802-26-000025Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Michelle Faulk 2026-02-03Form 42026-02-040000731802-26-000019Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, J. Matt Robbins 2026-02-03Form 42026-02-040000731802-26-000027Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Karen Hartsfield 2026-02-03Form 42026-02-040000731802-26-000023Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Christopher Forsythe 2026-02-03Form 42026-02-040000731802-26-000021Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Jessica Bateman 2026-02-03Form 42026-02-040000731802-26-000017Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, J. Kevin Akers 2026-02-03Form 42026-02-040000731802-26-000015Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Richard A. Sampson 2026-02-04Form 42026-02-050000731802-26-000032Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Richard A. Sampson 2026-02-04Form 42026-02-050000731802-26-000032Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Richard A. Sampson 2026-02-04Form 42026-02-050000731802-26-000032Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Richard A. Sampson 2026-02-04Form 42026-02-050000731802-26-000032Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Frank Yoho 2026-03-06Form 42026-03-100000731802-26-000065Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, William Ware 2026-03-06Form 42026-03-100000731802-26-000063Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Edward J. Geiser 2026-03-06Form 42026-03-100000731802-26-000057Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Mitzi Coogler 2026-03-06Form 42026-03-100000731802-26-000051Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, John C. Ale 2026-03-06Form 42026-03-100000731802-26-000045Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, John C. Ale 2026-03-06Form 42026-03-100000731802-26-000045Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Kim R. Cocklin 2026-03-06Form 42026-03-100000731802-26-000047Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Nancy K. Quinn 2026-03-06Form 42026-03-100000731802-26-000059Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Kim R. Cocklin 2026-03-06Form 42026-03-100000731802-26-000047Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Telisa Toliver 2026-03-06Form 42026-03-100000731802-26-000061Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Kelly H. Compton 2026-03-06Form 42026-03-100000731802-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Kelly H. Compton 2026-03-06Form 42026-03-100000731802-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Kelly H. Compton 2026-03-06Form 42026-03-100000731802-26-000049Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Sean Donohue 2026-03-06Form 42026-03-100000731802-26-000053Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Rafael G. Garza 2026-03-06Form 42026-03-100000731802-26-000055Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Kim R. Cocklin 2026-03-06Form 42026-03-100000731802-26-000047Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, John C. Ale 2026-03-06Form 42026-03-100000731802-26-000045Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Edward J. Geiser 2026-04-01Form 42026-04-020000731802-26-000067Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Rafael G. Garza 2026-04-01Form 42026-04-020000731802-26-000069Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, J. Matt Robbins 2026-05-02Form 42026-05-040000731802-26-000081Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Michelle Faulk 2026-05-02Form 42026-05-040000731802-26-000073Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, J. Kevin Akers 2026-05-02Form 42026-05-040000731802-26-000071Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Karen Hartsfield 2026-05-02Form 42026-05-040000731802-26-000077Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Michelle Faulk 2026-05-02Form 42026-05-040000731802-26-000073Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, J. Matt Robbins 2026-05-02Form 42026-05-040000731802-26-000081Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, John McDill 2026-05-02Form 42026-05-040000731802-26-000079Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, John McDill 2026-05-02Form 42026-05-040000731802-26-000079Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Karen Hartsfield 2026-05-02Form 42026-05-040000731802-26-000077Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, Christopher Forsythe 2026-05-02Form 42026-05-040000731802-26-000075Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, Christopher Forsythe 2026-05-02Form 42026-05-040000731802-26-000075Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Michelle Faulk 2026-05-02Form 42026-05-040000731802-26-000073Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, J. Kevin Akers 2026-05-02Form 42026-05-040000731802-26-000071Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, J. Kevin Akers 2026-05-02Form 42026-05-040000731802-26-000071Insider equity transaction reported since the proxy statement. Filing ↗
82Section 02, Christopher Forsythe 2026-05-02Form 42026-05-040000731802-26-000075Insider equity transaction reported since the proxy statement. Filing ↗
83Section 02, Karen Hartsfield 2026-05-02Form 42026-05-040000731802-26-000077Insider equity transaction reported since the proxy statement. Filing ↗
84Section 02, J. Matt Robbins 2026-05-02Form 42026-05-040000731802-26-000081Insider equity transaction reported since the proxy statement. Filing ↗
85Section 02, John McDill 2026-05-02Form 42026-05-040000731802-26-000079Insider equity transaction reported since the proxy statement. Filing ↗
86Section 02, Edward J. Geiser 2026-07-01Form 42026-07-020000731802-26-000096Insider equity transaction reported since the proxy statement. Filing ↗
87Section 02, Rafael G. Garza 2026-07-01Form 42026-07-020000731802-26-000094Insider equity transaction reported since the proxy statement. Filing ↗
88Section 06, 2026 voteForm 8-K2026-02-100001193125-26-044926Item 5.07 · say-on-pay result. As reported: 94.93% (votes for as printed: 133,327,617). Filing ↗
89Section 06, 2025 voteForm 8-K2025-02-110001193125-25-024340Item 5.07 · say-on-pay result. As reported: 93% (votes for as printed: 124,775,133). Filing ↗
90Section 06, 2024 voteForm 8-K2024-02-130001193125-24-033866Item 5.07 · say-on-pay result. As reported: 92.44% (votes for as printed: 116,651,887). Filing ↗
91Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
92Section 09b board cost (computed)ComputedcomputedCash 1,547,639 + equity 1,760,000 + all other 60,126 = 3,367,765, summed across the director compensation table rows.machine: formula: Σ = 3,367,765
93Xcel Energy Inc., Section 10b CEO totalDEF 14A2026-04-070000072903-26-000063CEO total compensation as printed in Xcel Energy Inc.'s own proxy. As printed: 15,998,859. Filing ↗machine: r2 · c24 · span 898797–898807
94Ameren Corporation, Section 10b CEO totalDEF 14A2026-03-310001104659-26-037756CEO total compensation as printed in Ameren Corporation's own proxy. As printed: 14,056,510. Filing ↗machine: r1 · c47 · span 1200840–1200850
95PPL Corporation, Section 10b CEO totalDEF 14A2026-04-010001193125-26-135991CEO total compensation as printed in PPL Corporation's own proxy. As printed: 13,221,331. Filing ↗machine: t139 · r2 · c21 · span 1822151–1822161
96NiSource Inc., Section 10b CEO totalDEF 14A2026-03-300001140361-26-011851CEO total compensation as printed in NiSource Inc.'s own proxy. As printed: 13,197,800. Filing ↗machine: t253 · r2 · c22 · span 1412582–1412592
97WEC Energy Group, Inc., Section 10b CEO totalDEF 14A2026-03-260000783325-26-000035CEO total compensation as printed in WEC Energy Group, Inc.'s own proxy. As printed: 12,188,492. Filing ↗machine: r4 · c27 · span 797676–797686
98CenterPoint Energy, Inc., Section 10b CEO totalDEF 14A2026-03-040001104659-26-023457CEO total compensation as printed in CenterPoint Energy, Inc.'s own proxy. As printed: 12,092,341. Filing ↗machine: r1 · c54 · span 1435451–1435461
99OGE Energy Corp., Section 10b CEO totalDEF 14A2026-04-010001193125-26-138065CEO total compensation as printed in OGE Energy Corp.'s own proxy. As printed: 12,032,007. Filing ↗machine: span 979637–979647
100CMS Energy Corporation, Section 10b CEO totalDEF 14A2026-03-260000811156-26-000015CEO total compensation as printed in CMS Energy Corporation's own proxy. As printed: 10,534,039. Filing ↗machine: r3 · c42 · span 736929–736939
101Southwest Gas Holdings, Inc., Section 10b CEO totalDEF 14A2026-03-230001692115-26-000080CEO total compensation as printed in Southwest Gas Holdings, Inc.'s own proxy. As printed: 10,029,409. Filing ↗machine: r2 · c24 · span 1094860–1094870
102Atmos Energy (subject), Section 10b CEO totalDEF 14A2025-12-190000731802-25-000076CEO total compensation as printed in Atmos Energy's own proxy. As printed: 9,953,274. Filing ↗machine: t122 · r2 · c12 · span 827644–827653
103Evergy, Inc., Section 10b CEO totalDEF 14A2026-03-260001140361-26-011357CEO total compensation as printed in Evergy, Inc.'s own proxy. As printed: 9,537,018. Filing ↗machine: r2 · c25 · span 1518390–1518399
104National Fuel Gas Company, Section 10b CEO totalDEF 14A2026-01-230001193125-26-020739CEO total compensation as printed in National Fuel Gas Company's own proxy. As printed: 9,119,455. Filing ↗machine: r2 · c39 · span 1246006–1246015
105Alliant Energy Corporation, Section 10b CEO totalDEF 14A2026-03-310000352541-26-000025CEO total compensation as printed in Alliant Energy Corporation's own proxy. As printed: 8,999,073. Filing ↗machine: r2 · c27 · span 489074–489084
106DTE Energy Company, Section 10b CEO totalDEF 14A2026-03-120000936340-26-000062CEO total compensation as printed in DTE Energy Company's own proxy. As printed: 6,732,386. Filing ↗machine: t121 · r3 · c12 · span 1045987–1045996
107Black Hills Corporation, Section 10b CEO totalDEF 14A2026-03-180001193125-26-113958CEO total compensation as printed in Black Hills Corporation's own proxy. As printed: 5,991,759. Filing ↗machine: t83 · r2 · c21 · span 1356271–1356280
108ONE Gas, Inc., Section 10b CEO totalDEF 14A2026-04-010001193125-26-137922CEO total compensation as printed in ONE Gas, Inc.'s own proxy. As printed: 5,575,027. Filing ↗machine: span 1271269–1271278
109Spire Inc., Section 10b CEO totalDEF 14A2025-12-160001308179-25-000657CEO total compensation as printed in Spire Inc.'s own proxy. As printed: 5,066,799. Filing ↗machine: t142 · r16 · c27 · span 939926–939935
110Section 10a, Spire Inc. reciprocityDEF 14A0001308179-25-000657Spire Inc. names Atmos Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
111Section 10a, Evergy, Inc. reciprocityDEF 14A0001140361-26-011357Evergy, Inc. names Atmos Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
112Section 10a, National Fuel Gas Company reciprocityDEF 14A0001193125-26-020739National Fuel Gas Company names Atmos Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
113Section 10a, DTE Energy Company reciprocityDEF 14A0000936340-26-000062DTE Energy Company's most recent proxy was read; its disclosed peer group does not include Atmos Energy. Filing ↗
114Section 10a, Xcel Energy Inc. reciprocityDEF 14A0000072903-26-000063Xcel Energy Inc.'s most recent proxy was read; its disclosed peer group does not include Atmos Energy. Filing ↗
115Section 10a, Southwest Gas Holdings, Inc. reciprocityDEF 14A0001692115-26-000080Southwest Gas Holdings, Inc. names Atmos Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
116Section 10a, Alliant Energy Corporation reciprocityDEF 14A0000352541-26-000025Alliant Energy Corporation names Atmos Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
117Section 10a, Black Hills Corporation reciprocityDEF 14A0001193125-26-113958Black Hills Corporation names Atmos Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
118Section 10a, ONE Gas, Inc. reciprocityDEF 14A0001193125-26-137922ONE Gas, Inc. names Atmos Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
119Section 10a, WEC Energy Group, Inc. reciprocityDEF 14A0000783325-26-000035WEC Energy Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Atmos Energy. Filing ↗
120Section 10a, OGE Energy Corp. reciprocityDEF 14A0001193125-26-138065OGE Energy Corp.'s most recent proxy was read; its disclosed peer group does not include Atmos Energy. Filing ↗
121Section 10a, CenterPoint Energy, Inc. reciprocityDEF 14A0001104659-26-023457CenterPoint Energy, Inc. names Atmos Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
122Section 10a, NiSource Inc. reciprocityDEF 14A0001140361-26-011851NiSource Inc. names Atmos Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
123Section 10a, CMS Energy Corporation reciprocityDEF 14A0000811156-26-000015CMS Energy Corporation names Atmos Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗