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

CNX Resources (CNX)

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.

$7,495,383
Timothy Bedard total, FY2025
Executive Vice President, General Counsel and Corporate Secretaryhighest-paid officer; CEO Nicholas DeIuliis: $7,420,318
1st
CEO (Nicholas DeIuliis) pay percentile vs peers
42:1
CEO-to-median pay ratio
97.73%
Say-on-pay support, latest vote
Companies that benchmark against CNX
9 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.

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 FY20242025
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.

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
Timothy BedardRSU2025-01-0330,194$1,000,025
Timothy BedardRSU2025-01-03191,6674,592,341
Timothy BedardRSU2025-01-036,039200,012
Timothy BedardPSU2025-01-039,25113,87637,003800,005
Nicholas DeIuliisRSU2025-01-0345,2901,500,005
Navneet BehlRSU2025-01-038,304275,028
Navneet BehlPSU2025-01-0312,72019,08050,8791,100,004
Navneet BehlRSU2025-01-0341,5161,375,010
Nicholas DeIuliisRSU2025-01-039,058300,001
Nicholas DeIuliisPSU2025-01-0313,87620,81455,5051,200,018
Hayley ScottRSU2025-01-03191,6674,592,341
Hayley ScottPSU2025-01-039,25113,87637,003800,005
Hayley ScottRSU2025-01-0330,1941,000,025
Hayley ScottRSU2025-01-036,039200,012
Alan ShepardRSU2025-01-0337,7421,250,015
Alan ShepardPSU2025-01-0311,56417,34546,2541,000,011
Alan ShepardRSU2025-01-037,549250,023
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Timothy Bedard$5,792,378$800,005$012.1%
Nicholas DeIuliis1,800,0061,200,018040.0%
Navneet Behl1,650,0381,100,004040.0%
Hayley Scott5,792,378800,005012.1%
Alan Shepard1,500,0381,000,011040.0%

% 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
Hayley ScottPSU90,458$3,326,141
Alan ShepardPSU383,33414,095,191
Navneet BehlPSU383,33414,095,191
Timothy BedardPSU191,6677,047,596
Nicholas DeIuliisRSU31,1921,146,930
Hayley ScottPSU191,6677,047,596
Nicholas DeIuliisPSU133,3134,901,919
Timothy BedardPSU88,8763,267,971
Navneet BehlPSU122,2034,493,404
Alan ShepardPSU111,0944,084,926
Nicholas DeIuliisRSU101,6093,736,163
Alan ShepardRSU57,5792,117,180
Navneet BehlRSU54,1921,992,640
Nicholas DeIuliisRSU48,4511,781,543
Nicholas DeIuliisRSU6,239229,408
Nicholas DeIuliisRSU45,2901,665,313
Navneet BehlRSU44,4131,633,066
Navneet BehlRSU41,5161,526,543
Alan ShepardRSU40,3761,484,626
Alan ShepardRSU37,7421,387,773
Hayley ScottRSU33,2051,220,948
Timothy BedardRSU32,3011,187,708
Timothy BedardRSU30,1941,110,233
Hayley ScottRSU30,1941,110,233
Hayley ScottRSU20,322747,240
Alan ShepardRSU17,676649,947
Navneet BehlRSU16,636611,706
Nicholas DeIuliisPSU10,885400,241
Navneet BehlPSU9,979366,928
Alan ShepardPSU9,071333,541
Hayley ScottPSU7,348270,186
Timothy BedardPSU7,258266,877
Timothy BedardRSU6,511239,409
Hayley ScottRSU6,239229,408
Nicholas DeIuliisRSU4,845178,151
Navneet BehlRSU4,441163,296
Alan ShepardRSU4,038148,477
Alan ShepardRSU3,536130,019
Navneet BehlRSU3,328122,371
Hayley ScottRSU3,321122,113
Timothy BedardRSU3,230118,767
Hayley ScottRSU1,24845,889
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
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 · Audit Committee (Chair) · Nominating and Corporate Governance Committee · Environmental, Safety and Corporate Responsibility Committee131,667200,02000331,687
Robert O. AgbedeIndependent · Audit Committee · Compensation Committee · ESCR Committee (Chair)126,667200,02000326,687
J. Palmer ClarksonIndependent · Compensation Committee (Chair) · NCG Committee · ESCR Committee123,333200,02000323,353
Maureen E. Lally-GreenIndependent · Compensation Committee · NCG Committee (Chair) · ESCR Committee121,667200,02000321,687
William N. Thorndike JrIndependent · Audit Committee · Compensation Committee · Environmental, Safety and Corporate Responsibility Committee38,33300038,333
Nicholas J. DeIuliisEmployee director · ESCR Committee0
Alan K. ShepardEmployee director · ESCR Committee · Newly elected0
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'Osso947,3468,890,4449,879,106
3Range Resources Corporation2025Dennis Degner932,5006,143,87701,128,0008,375,421
4CNX Resources2025Nicholas DeIuliis800,0003,000,02402,396,0007,420,318
5Gulfport Energy Corporation2025John Reinhart919,7265,277,43701,098,9007,323,707
6Antero Resources Corporation2025Michael Kennedy655,4704,325,73401,678,3076,687,656

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 disclosednot disclosednot 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 Corporation150%PSU 70 · RSU 30Yes — Absolute Total Shareholder Return (aTSR)Meridian Compensation Partners, LLC
Gulfport Energy Corporationnot disclosedPRSU 60 · RSU 40not disclosedWTW
Range Resources Corporation101%PSU 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.

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, Timothy BedardDEF 14A2026-03-260001308179-26-000153Section “Summary Compensation Table — 2025” · page 52. As printed: 7,495,383. Filing ↗machine: r8 · c25 · span 744904–744913
2Section 01, Nicholas DeIuliisDEF 14A2026-03-260001308179-26-000153Section “Summary Compensation Table — 2025” · page 52. As printed: 7,420,318. Filing ↗machine: r1 · c25 · span 718010–718019
3Section 01, Hayley ScottDEF 14A2026-03-260001308179-26-000153Section “Summary Compensation Table — 2025” · page 52. As printed: 7,100,439. Filing ↗machine: r13 · c25 · span 763458–763467
4Section 01, Navneet BehlDEF 14A2026-03-260001308179-26-000153Section “Summary Compensation Table — 2025” · page 52. As printed: 3,946,478. Filing ↗machine: r10 · c25 · span 752697–752706
5Section 01, Alan ShepardDEF 14A2026-03-260001308179-26-000153Section “Summary Compensation Table — 2025” · page 52. As printed: 3,386,049. Filing ↗machine: r4 · c25 · span 729619–729628
6Section 03, Timothy Bedard RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 856181–856190
7Section 03, Timothy Bedard RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 867802–867811
8Section 03, Timothy Bedard RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 861803–861810
9Section 03, Timothy Bedard PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 850571–850578
10Section 03, Nicholas DeIuliis RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 810574–810583
11Section 03, Navneet Behl RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 890605–890612
12Section 03, Navneet Behl PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 878983–878992
13Section 03, Navneet Behl RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 884606–884615
14Section 03, Nicholas DeIuliis RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 816584–816591
15Section 03, Nicholas DeIuliis PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 804962–804971
16Section 03, Hayley Scott RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 919027–919036
17Section 03, Hayley Scott PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 901785–901792
18Section 03, Hayley Scott RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 907406–907415
19Section 03, Hayley Scott RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 913017–913024
20Section 03, Alan Shepard RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 833378–833387
21Section 03, Alan Shepard PSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 827766–827775
22Section 03, Alan Shepard RSUDEF 14A2026-03-260001308179-26-000153Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. Filing ↗machine: span 839388–839395
23Section 07, pay ratioDEF 14A2026-03-260001308179-26-000153Section “CEO Pay Ratio”. As printed: 42 : 1. Filing ↗
24Section 08, Ian McGuireDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 463,355. Filing ↗machine: span 346824–346831
25Section 08, Bernard Lanigan JrDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 331,687. Filing ↗machine: span 344466–344473
26Section 08, Robert O. AgbedeDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 326,687. Filing ↗machine: span 337302–337339
27Section 08, J. Palmer ClarksonDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 323,353. Filing ↗machine: span 339719–339726
28Section 08, Maureen E. Lally-GreenDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 321,687. Filing ↗machine: span 342088–342095
29Section 08, William N. Thorndike JrDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 38,333. Filing ↗machine: span 347541–347547
30Section 08, Nicholas J. DeIuliisDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 0. Filing ↗
31Section 08, Alan K. ShepardDEF 14A2026-03-260001308179-26-000153Section “Director Compensation”. As printed: 0. 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). 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). 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). Filing ↗
35Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
36Section 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
37Section 09b board cost (computed)ComputedcomputedCash 665,000 + equity 1,140,102 + all other 0 = 1,805,102, summed across the director compensation table rows.machine: formula: Σ = 1,805,102
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. Filing ↗machine: r1 · c48 · span 1446364–1446374
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. 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. Filing ↗machine: span 2305762–2305771
41CNX Resources (subject), Section 10b CEO totalDEF 14A2026-03-260001308179-26-000153CEO total compensation as printed in CNX Resources's own proxy. As printed: 7,420,318. Filing ↗machine: r1 · c25 · span 718010–718019
42Gulfport 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. Filing ↗machine: r13 · c6 · span 1324664–1324674
43Antero 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. Filing ↗machine: t260 · r1 · c27 · span 557200–557209
44Section 10a, Gulfport Energy Corporation reciprocityDEF 14A0001213900-26-041489Gulfport Energy Corporation names CNX Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, EQT Corporation reciprocityDEF 14A0001104659-26-020027EQT Corporation's most recent proxy was read; its disclosed peer group does not include CNX Resources. Filing ↗
46Section 10a, Range Resources Corporation reciprocityDEF 14A0001193125-26-134699Range Resources Corporation names CNX Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Expand Energy Corporation reciprocityDEF 14A0001104659-26-048155Expand Energy Corporation's most recent proxy was read; its disclosed peer group does not include CNX Resources. Filing ↗
48Section 10a, Antero Resources Corporation reciprocityDEF 14A0001308179-26-000330Antero Resources Corporation's most recent proxy was read; its disclosed peer group does not include CNX Resources. Filing ↗