Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-11

CNX Resources (CNX)

CEO Alan Shepard was paid $3,386,049 in fiscal year 2025, ↑ up 1.3% from fiscal year 2024, the 1st percentile of its disclosed peer group (SEC filing 0001308179-26-000153 ↗): 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.

$7,495,383
Timothy Bedard total, FY2025
Executive Vice President, General Counsel and Corporate Secretary — highest-paid officer; CEO Alan Shepard: $3,386,049
1st
CEO (Alan Shepard) pay percentile vs peers
42:1
CEO-to-median pay ratio
97.73%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Alan Shepard (President and Chief Executive Officer; Former Chief Financial Officer), FY2025 total compensation $3,386,049 (base salary $350,000) [exec_comp, SEC accession 0001308179-26-000153, filed 2026-03-26]

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CNX's next annual pay disclosure, estimated March 26, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Timothy Bedard$375,000$0$6,592,383$0$507,000$0$21,000$7,495,383
Executive Vice President, General Counsel and Corporate Secretary
Nicholas DeIuliis800,00003,000,02402,396,0001,180,38143,9137,420,318
Former President and Chief Executive Officer
Hayley Scott283,75006,592,3830207,281017,0257,100,439
Senior Vice President - Compliance and Reporting
Navneet Behl475,00002,750,0420656,000065,4363,946,478
Chief Operating Officer
Alan Shepard350,00002,500,0490515,000021,0003,386,049
President and Chief Executive Officer; Former Chief Financial Officer

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 FY2024→2025
Timothy Bedard$7,495,383$2,890,722—↑ +4,604,661
Nicholas DeIuliis7,420,3186,120,6036,427,883↑ +1,299,715
Hayley Scott7,100,4392,855,4451,090,166↑ +4,244,994
Navneet Behl3,946,4783,943,2126,188,046↑ +3,266
Alan Shepard3,386,0493,342,7796,047,192↑ +43,270

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

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Companies that benchmark against CNX
11 companies name CNX as a compensation peer

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

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Alan ShepardCEO$3,386,049
Navneet BehlCOO$3,946,478
Nicholas DeIuliisCEO$7,420,318
Timothy BedardGeneral Counsel$7,495,383
Hayley ScottSVP$7,100,439
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Bernard Lanigan JrIndependent Director$331,687
Ian McGuireChair of the Board$463,355
J. Palmer ClarksonIndependent Director$323,353
Maureen E. Lally-GreenIndependent Director$321,687
Robert O. AgbedeIndependent Director$326,687
William N. Thorndike JrIndependent Director$38,333
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Nicholas DeIuliisRSU2025-01-03——45,290—$1,500,005
Alan ShepardRSU2025-01-03——37,742—1,250,015
Alan ShepardPSU2025-01-0311,56417,345—46,2541,000,011
Nicholas DeIuliisPSU2025-01-0313,87620,814—55,5051,200,018
Timothy BedardPSU2025-01-039,25113,876—37,003800,005
Navneet BehlRSU2025-01-03——41,516—1,375,010
Navneet BehlPSU2025-01-03—8,304——275,028
Timothy BedardPSU2025-01-03—6,039——200,012
Hayley ScottPSU2025-01-039,25113,876—37,003800,005
Hayley ScottRSU2025-01-03——30,194—1,000,025
Timothy BedardRSU2025-01-03——30,194—1,000,025
Navneet BehlPSU2025-01-0312,72019,080—50,8791,100,004
Nicholas DeIuliisPSU2025-01-03—9,058——300,001
Timothy BedardPSU2025-01-03—191,667——4,592,341
Alan ShepardPSU2025-01-03—7,549——250,023
Hayley ScottPSU2025-01-03—191,667——4,592,341
Hayley ScottPSU2025-01-03—6,039——200,012
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Nicholas DeIuliis$1,500,005$1,500,019$050.0%
Alan Shepard1,250,0151,250,034050.0%
Timothy Bedard1,000,0255,592,358084.8%
Navneet Behl1,375,0101,375,032050.0%
Hayley Scott1,000,0255,592,358084.8%

% 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
Nicholas DeIuliisRSU6,239—$229,408
Alan ShepardPSU383,334—14,095,191
Hayley ScottRSU3,321—122,113
Timothy BedardPSU191,667—7,047,596
Navneet BehlRSU41,516—1,526,543
Hayley ScottRSU20,322—747,240
Nicholas DeIuliisRSU48,451—1,781,543
Hayley ScottPSU90,458—3,326,141
Alan ShepardPSU9,071—333,541
Timothy BedardRSU3,230—118,767
Hayley ScottRSU30,194—1,110,233
Navneet BehlPSU383,334—14,095,191
Nicholas DeIuliisRSU4,845—178,151
Navneet BehlRSU54,192—1,992,640
Alan ShepardRSU37,742—1,387,773
Alan ShepardPSU111,094—4,084,926
Timothy BedardPSU88,876—3,267,971
Hayley ScottPSU191,667—7,047,596
Nicholas DeIuliisPSU133,313—4,901,919
Hayley ScottPSU7,348—270,186
Navneet BehlPSU122,203—4,493,404
Alan ShepardRSU40,376—1,484,626
Nicholas DeIuliisRSU101,609—3,736,163
Nicholas DeIuliisRSU31,192—1,146,930
Alan ShepardRSU57,579—2,117,180
Nicholas DeIuliisRSU45,290—1,665,313
Hayley ScottRSU33,205—1,220,948
Navneet BehlRSU44,413—1,633,066
Timothy BedardRSU32,301—1,187,708
Timothy BedardRSU30,194—1,110,233
Alan ShepardRSU17,676—649,947
Navneet BehlRSU16,636—611,706
Nicholas DeIuliisPSU10,885—400,241
Navneet BehlPSU9,979—366,928
Timothy BedardPSU7,258—266,877
Timothy BedardRSU6,511—239,409
Hayley ScottRSU6,239—229,408
Navneet BehlRSU4,441—163,296
Alan ShepardRSU4,038—148,477
Alan ShepardRSU3,536—130,019
Navneet BehlRSU3,328—122,371
Hayley ScottRSU1,248—45,889
05

Incentive-plan design — the Compensation Discussion & Analysis

CNX's compensation philosophy is to provide a total compensation package that attracts and retains employees with the education, experience, values, initiative and drive necessary to execute CNX’s business plan and achieve long-term strategic goals. The program is designed to be largely performance-based, tying a significant portion of executive compensation to stock price, operational performance, and methane intensity performance to align with shareholder interests.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultant—
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-07122,031,3522,839,939503,64297.73%Passed
20252025-05-01127,724,3592,837,879190,69597.83%Passed
20242024-05-02111,304,54321,331,190149,64483.92%Passed
20232023-05-04136,421,9785,396,014184,87896.2%Passed
20222022-05-05162,707,83710,207,167160,61694.1%Passed
20212021-05-06185,213,1104,931,554260,64397.41%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
20262026-05-0797.73%a
20252025-05-0197.83%b
20242024-05-0283.92%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.

07

CEO pay ratio

Ratio (CEO : median employee)42 : 1
CEO total compensation$7,420,318
Median employee compensation$174,876
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Ian McGuireIndependent · Board Chair · Audit Committee · Compensation Committee · ESCR Committee$123,333$340,022$0—$0$463,355
Bernard Lanigan JrIndependent · Nominating and Corporate Governance Committee · Environmental, Safety and Corporate Responsibility Committee131,667200,0200—0331,687
Robert O. AgbedeIndependent · Audit Committee · Compensation Committee · ESCR Committee (Chair)126,667200,0200—0326,687
J. Palmer ClarksonIndependent · Compensation Committee (Chair) · NCG Committee · ESCR Committee123,333200,0200—0323,353
Maureen E. Lally-GreenIndependent · Compensation Committee · NCG Committee (Chair) · ESCR Committee121,667200,0200—0321,687
William N. Thorndike JrIndependent · Audit Committee · Compensation Committee · Environmental, Safety and Corporate Responsibility Committee38,33300—038,333
Alan K. ShepardEmployee director · ESCR Committee · Partial-year service · Newly elected—————0
Nicholas J. DeIuliisIndependent · ESCR Committee000—00
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$200,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)30,000 / 20,000 / 20,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$665,000
Equity awards (grant-date value)$1,140,102
All other compensation$0
Total cost of the board$1,805,102

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 CNX Resources 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 CNX Resources.

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
1EQT Corporation2025Toby Rice$1$13,552,232$0$2,535,000$16,087,233
2Expand Energy Corporation2025Domenic Dell'Osso947,3468,890,444——9,879,106
3Range Resources Corporation2025Dennis Degner932,5006,143,87701,128,0008,375,421
4Gulfport Energy Corporation2025John Reinhart919,7265,277,43701,098,9007,323,707
5Antero Resources Corporation2025Michael Kennedy655,4704,325,73401,678,3076,687,656
6CNX Resources2025Alan Shepard350,0002,500,0490515,0003,386,049

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
CNX Resourcesnot disclosedRSU 50 · PSU 40 · ESG PSU 10not disclosednot disclosed
Antero Resources Corporation157.2%PSU 50 · RSU 50Yes — Absolute TSRCBIZ Compensation Consulting
EQT Corporation169%PSU 60 · RSU 40NoMeridian Compensation Partners, LLC
Expand Energy Corporationnot disclosedPSU 70 · RSU 30Yes — Absolute TSRMeridian Compensation Partners, LLC
Gulfport Energy Corporationnot disclosedPRSU 60 · RSU 40not disclosedWTW
Range Resources Corporationnot disclosedPSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Meridian Compensation Partners, LLC

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.

10d

Frequently asked questions

Who was the highest-paid executive at CNX Resources in fiscal 2025?
As disclosed, Timothy Bedard (Executive Vice President, General Counsel and Corporate Secretary) was the highest-paid executive at CNX Resources in fiscal 2025, with total compensation of $7,495,383.
How does CNX Resources's chief executive pay compare to its disclosed peer group?
As disclosed, Alan Shepard's total compensation ranked at the 1st percentile of CNX Resources's disclosed peer group.
What is CNX Resources's CEO-to-median employee pay ratio?
As disclosed, CNX Resources's CEO-to-median employee pay ratio was 42:1.
How did shareholders vote on CNX Resources's executive compensation?
As disclosed, 97.73% of shareholders supported CNX Resources's executive compensation in the latest say-on-pay vote.
How much does CNX Resources spend in total on board compensation for fiscal 2025?
As disclosed, CNX Resources reported total board compensation of $1,805,102 for fiscal 2025.

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.

11

Source register

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.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Timothy BedardDEF 14A2026-03-260001308179-26-000153Section “Summary Compensation Table — 2025” · page 52. As printed: 7,495,383. View filing ↗
2Section 01, Nicholas DeIuliisDEF 14A2026-03-260001308179-26-000153Section “Summary Compensation Table — 2025” · page 52. As printed: 7,420,318. View filing ↗
3Section 01, Hayley ScottDEF 14A2026-03-260001308179-26-000153Section “Summary Compensation Table — 2025” · page 52. As printed: 7,100,439. View filing ↗
4Section 01, Navneet BehlDEF 14A2026-03-260001308179-26-000153Section “Summary Compensation Table — 2025” · page 52. As printed: 3,946,478. View filing ↗
5Section 01, Alan ShepardDEF 14A2026-03-260001308179-26-000153Section “Summary Compensation Table — 2025” · page 52. As printed: 3,386,049. View filing ↗
6Section 03, Nicholas DeIuliis RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
7Section 03, Alan Shepard RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
8Section 03, Alan Shepard PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
9Section 03, Nicholas DeIuliis PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
10Section 03, Timothy Bedard PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
11Section 03, Navneet Behl RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
12Section 03, Navneet Behl PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
13Section 03, Timothy Bedard PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
14Section 03, Hayley Scott PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
15Section 03, Hayley Scott RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
16Section 03, Timothy Bedard RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
17Section 03, Navneet Behl PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
18Section 03, Nicholas DeIuliis PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
19Section 03, Timothy Bedard PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
20Section 03, Alan Shepard PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
21Section 03, Hayley Scott PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
22Section 03, Hayley Scott PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
23Section 07, pay ratioDEF 14A2026-03-260001308179-26-000153Section “CEO Pay Ratio”. As printed: 42 : 1. View filing ↗
24Section 08, Ian McGuireDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 463,355. View filing ↗
25Section 08, Bernard Lanigan JrDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 331,687. View filing ↗
26Section 08, Robert O. AgbedeDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 326,687. View filing ↗
27Section 08, J. Palmer ClarksonDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 323,353. View filing ↗
28Section 08, Maureen E. Lally-GreenDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 321,687. View filing ↗
29Section 08, William N. Thorndike JrDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 38,333. View filing ↗
30Section 08, Alan K. ShepardDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 0. View filing ↗
31Section 08, Nicholas J. DeIuliisDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 0. View filing ↗
32Section 06, 2026 voteForm 8-K2026-05-110001070412-26-000052Item 5.07 · say-on-pay result. As reported: 97.73% (votes for as printed: 122,031,352). View filing ↗
33Section 06, 2025 voteForm 8-K2025-05-050001070412-25-000061Item 5.07 · say-on-pay result. As reported: 97.83% (votes for as printed: 127,724,359). View filing ↗
34Section 06, 2024 voteForm 8-K2024-05-060001070412-24-000029Item 5.07 · say-on-pay result. As reported: 83.92% (votes for as printed: 111,304,543). View filing ↗
35Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.
36Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
37Section 09b board cost (computed)Computed——Cash 665,000 + equity 1,140,102 + all other 0 = 1,805,102, summed across the director compensation table rows.
38EQT Corporation, Section 10b CEO totalDEF 14A2026-02-260001104659-26-020027CEO total compensation as printed in EQT Corporation's own proxy. As printed: 16,087,233. View filing ↗
39Expand Energy Corporation, Section 10b CEO totalDEF 14A2026-04-240001104659-26-048155CEO total compensation as printed in Expand Energy Corporation's own proxy. As printed: 9,879,106. View filing ↗
40Range Resources Corporation, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134699CEO total compensation as printed in Range Resources Corporation's own proxy. As printed: 8,375,421. View filing ↗
41Gulfport Energy Corporation, Section 10b CEO totalDEF 14A2026-04-080001213900-26-041489CEO total compensation as printed in Gulfport Energy Corporation's own proxy. As printed: 7,323,707. View filing ↗
42Antero Resources Corporation, Section 10b CEO totalDEF 14A2026-04-230001308179-26-000330CEO total compensation as printed in Antero Resources Corporation's own proxy. As printed: 6,687,656. View filing ↗
43CNX Resources (subject), Section 10b CEO totalDEF 14A2026-03-260001308179-26-000153CEO total compensation as printed in CNX Resources's own proxy. As printed: 3,386,049. View filing ↗
44Section 10a, Antero Resources Corporation reciprocityDEF 14A—0001308179-26-000330Antero Resources Corporation's most recent proxy was read; its disclosed peer group does not include CNX Resources. View filing ↗
45Section 10a, Gulfport Energy Corporation reciprocityDEF 14A—0001213900-26-041489Gulfport Energy Corporation names CNX Resources in its own disclosed peer group (read from its most recent proxy). View filing ↗
46Section 10a, Expand Energy Corporation reciprocityDEF 14A—0001104659-26-048155Expand Energy Corporation names CNX Resources in its own disclosed peer group (read from its most recent proxy). View filing ↗
47Section 10a, Range Resources Corporation reciprocityDEF 14A—0001193125-26-134699Range Resources Corporation names CNX Resources in its own disclosed peer group (read from its most recent proxy). View filing ↗
48Section 10a, EQT Corporation reciprocityDEF 14A—0001104659-26-020027EQT Corporation's most recent proxy was read; its disclosed peer group does not include CNX Resources. View filing ↗