Companies CNX Resources Corp
CNX Resources (CNX): executive pay, fiscal 2025
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CEO pay, last three years
- $6,047,192FY2023
- $3,342,779FY2024
- $3,386,049FY2025
CEO total pay was $3,386,049 in fiscal 2025, up from $3,342,779 in fiscal 2024.
FY2025: salary $350,000 · bonus $0 · stock awards $2,500,049 · 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 |
|---|---|---|---|---|---|---|---|---|
| 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 DeIuliis | 800,000 | 0 | 3,000,024 | 0 | 2,396,000 | 1,180,381 | 43,913 | 7,420,318 |
| Former President and Chief Executive Officer | ||||||||
| Hayley Scott | 283,750 | 0 | 6,592,383 | 0 | 207,281 | 0 | 17,025 | 7,100,439 |
| Senior Vice President - Compliance and Reporting | ||||||||
| Navneet Behl | 475,000 | 0 | 2,750,042 | 0 | 656,000 | 0 | 65,436 | 3,946,478 |
| Chief Operating Officer | ||||||||
| Alan Shepard | 350,000 | 0 | 2,500,049 | 0 | 515,000 | 0 | 21,000 | 3,386,049 |
| 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 officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Timothy Bedard | $7,495,383 | $2,890,722 | — | ↑ +4,604,661 |
| Nicholas DeIuliis | 7,420,318 | 6,120,603 | 6,427,883 | ↑ +1,299,715 |
| Hayley Scott | 7,100,439 | 2,855,445 | 1,090,166 | ↑ +4,244,994 |
| Navneet Behl | 3,946,478 | 3,943,212 | 6,188,046 | ↑ +3,266 |
| Alan Shepard | 3,386,049 | 3,342,779 | 6,047,192 | ↑ +43,270 |
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
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 policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
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 |
|---|---|---|---|---|---|---|---|
| Nicholas DeIuliis | RSU | 2025-01-03 | — | — | 45,290 | — | $1,500,005 |
| Alan Shepard | RSU | 2025-01-03 | — | — | 37,742 | — | 1,250,015 |
| Alan Shepard | PSU | 2025-01-03 | 11,564 | 17,345 | — | 46,254 | 1,000,011 |
| Nicholas DeIuliis | PSU | 2025-01-03 | 13,876 | 20,814 | — | 55,505 | 1,200,018 |
| Timothy Bedard | PSU | 2025-01-03 | 9,251 | 13,876 | — | 37,003 | 800,005 |
| Navneet Behl | RSU | 2025-01-03 | — | — | 41,516 | — | 1,375,010 |
| Navneet Behl | PSU | 2025-01-03 | — | 8,304 | — | — | 275,028 |
| Timothy Bedard | PSU | 2025-01-03 | — | 6,039 | — | — | 200,012 |
| Hayley Scott | PSU | 2025-01-03 | 9,251 | 13,876 | — | 37,003 | 800,005 |
| Hayley Scott | RSU | 2025-01-03 | — | — | 30,194 | — | 1,000,025 |
| Timothy Bedard | RSU | 2025-01-03 | — | — | 30,194 | — | 1,000,025 |
| Navneet Behl | PSU | 2025-01-03 | 12,720 | 19,080 | — | 50,879 | 1,100,004 |
| Nicholas DeIuliis | PSU | 2025-01-03 | — | 9,058 | — | — | 300,001 |
| Timothy Bedard | PSU | 2025-01-03 | — | 191,667 | — | — | 4,592,341 |
| Alan Shepard | PSU | 2025-01-03 | — | 7,549 | — | — | 250,023 |
| Hayley Scott | PSU | 2025-01-03 | — | 191,667 | — | — | 4,592,341 |
| Hayley Scott | PSU | 2025-01-03 | — | 6,039 | — | — | 200,012 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Nicholas DeIuliis | $1,500,005 | $1,500,019 | $0 | 50.0% |
| Alan Shepard | 1,250,015 | 1,250,034 | 0 | 50.0% |
| Timothy Bedard | 1,000,025 | 5,592,358 | 0 | 84.8% |
| Navneet Behl | 1,375,010 | 1,375,032 | 0 | 50.0% |
| Hayley Scott | 1,000,025 | 5,592,358 | 0 | 84.8% |
% 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 |
|---|---|---|---|---|
| Hayley Scott | RSU | 1,248 | — | $45,889 |
| Timothy Bedard | RSU | 3,230 | — | 118,767 |
| Hayley Scott | RSU | 3,321 | — | 122,113 |
| Navneet Behl | RSU | 3,328 | — | 122,371 |
| Alan Shepard | RSU | 3,536 | — | 130,019 |
| Alan Shepard | RSU | 4,038 | — | 148,477 |
| Navneet Behl | RSU | 4,441 | — | 163,296 |
| Nicholas DeIuliis | RSU | 4,845 | — | 178,151 |
| Nicholas DeIuliis | RSU | 6,239 | — | 229,408 |
| Hayley Scott | RSU | 6,239 | — | 229,408 |
| Timothy Bedard | RSU | 6,511 | — | 239,409 |
| Timothy Bedard | PSU | 7,258 | — | 266,877 |
| Hayley Scott | PSU | 7,348 | — | 270,186 |
| Alan Shepard | PSU | 9,071 | — | 333,541 |
| Navneet Behl | PSU | 9,979 | — | 366,928 |
| Nicholas DeIuliis | PSU | 10,885 | — | 400,241 |
| Navneet Behl | RSU | 16,636 | — | 611,706 |
| Alan Shepard | RSU | 17,676 | — | 649,947 |
| Hayley Scott | RSU | 20,322 | — | 747,240 |
| Timothy Bedard | RSU | 30,194 | — | 1,110,233 |
| Hayley Scott | RSU | 30,194 | — | 1,110,233 |
| Nicholas DeIuliis | RSU | 31,192 | — | 1,146,930 |
| Timothy Bedard | RSU | 32,301 | — | 1,187,708 |
| Hayley Scott | RSU | 33,205 | — | 1,220,948 |
| Alan Shepard | RSU | 37,742 | — | 1,387,773 |
| Alan Shepard | RSU | 40,376 | — | 1,484,626 |
| Navneet Behl | RSU | 41,516 | — | 1,526,543 |
| Navneet Behl | RSU | 44,413 | — | 1,633,066 |
| Nicholas DeIuliis | RSU | 45,290 | — | 1,665,313 |
| Nicholas DeIuliis | RSU | 48,451 | — | 1,781,543 |
| Navneet Behl | RSU | 54,192 | — | 1,992,640 |
| Alan Shepard | RSU | 57,579 | — | 2,117,180 |
| Timothy Bedard | PSU | 88,876 | — | 3,267,971 |
| Hayley Scott | PSU | 90,458 | — | 3,326,141 |
| Nicholas DeIuliis | RSU | 101,609 | — | 3,736,163 |
| Alan Shepard | PSU | 111,094 | — | 4,084,926 |
| Navneet Behl | PSU | 122,203 | — | 4,493,404 |
| Nicholas DeIuliis | PSU | 133,313 | — | 4,901,919 |
| Timothy Bedard | PSU | 191,667 | — | 7,047,596 |
| Hayley Scott | PSU | 191,667 | — | 7,047,596 |
| Alan Shepard | PSU | 383,334 | — | 14,095,191 |
| Navneet Behl | PSU | 383,334 | — | 14,095,191 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| 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 Committee | 131,667 | 200,020 | 0 | — | 0 | 331,687 |
| Robert O. AgbedeIndependent · Audit Committee · Compensation Committee · ESCR Committee (Chair) | 126,667 | 200,020 | 0 | — | 0 | 326,687 |
| J. Palmer ClarksonIndependent · Compensation Committee (Chair) · NCG Committee · ESCR Committee | 123,333 | 200,020 | 0 | — | 0 | 323,353 |
| Maureen E. Lally-GreenIndependent · Compensation Committee · NCG Committee (Chair) · ESCR Committee | 121,667 | 200,020 | 0 | — | 0 | 321,687 |
| William N. Thorndike JrIndependent · Audit Committee · Compensation Committee · Environmental, Safety and Corporate Responsibility Committee | 38,333 | 0 | 0 | — | 0 | 38,333 |
| Alan K. ShepardEmployee director · ESCR Committee · Partial-year service · Newly elected | — | — | — | — | — | 0 |
| Nicholas J. DeIuliisIndependent · ESCR Committee | 0 | 0 | 0 | — | 0 | 0 |
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 |
Total cost of the board
| Component | FY2025 |
|---|---|
| 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.
Peer group, and who names CNX Resources as a peer
Companies that benchmark against CNX
11 companies name CNX as a compensation peer
The list of companies that name CNX as a peer is temporarily unavailable — recheck shortly.
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 CNX Resources Corp 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 | EQT Corporation | 2025 | Toby Rice | $1 | $13,552,232 | $0 | $2,535,000 | $16,087,233 |
| 2 | Expand Energy Corporation | 2025 | Domenic Dell'Osso | 947,346 | 8,890,444 | — | — | 9,879,106 |
| 3 | Range Resources Corporation | 2025 | Dennis Degner | 932,500 | 6,143,877 | 0 | 1,128,000 | 8,375,421 |
| 4 | Gulfport Energy Corporation | 2025 | John Reinhart | 919,726 | 5,277,437 | 0 | 1,098,900 | 7,323,707 |
| 5 | Antero Resources Corporation | 2025 | Michael Kennedy | 655,470 | 4,325,734 | 0 | 1,678,307 | 6,687,656 |
| 6 | CNX Resources Corp | 2025 | Alan Shepard | 350,000 | 2,500,049 | 0 | 515,000 | 3,386,049 |
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.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| CNX Resources Corp | not disclosed | RSU 50 · PSU 40 · ESG PSU 10 | not disclosed | not disclosed |
| Antero Resources Corporation | 157.2% | PSU 50 · RSU 50 | Yes — Absolute TSR | CBIZ Compensation Consulting |
| EQT Corporation | 169% | PSU 60 · RSU 40 | No | Meridian Compensation Partners, LLC |
| Expand Energy Corporation | not disclosed | PSU 70 · RSU 30 | Yes — Absolute TSR | Meridian Compensation Partners, LLC |
| Gulfport Energy Corporation | not disclosed | PRSU 60 · RSU 40 | not disclosed | WTW |
| Range Resources Corporation | not disclosed | PSU 60 · RSU 40 | Yes — 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.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-07 | 122,031,352 | 2,839,939 | 503,642 | 97.73% | Passed |
| 2025 | 2025-05-01 | 127,724,359 | 2,837,879 | 190,695 | 97.83% | Passed |
| 2024 | 2024-05-02 | 111,304,543 | 21,331,190 | 149,644 | 83.92% | Passed |
| 2023 | 2023-05-04 | 136,421,978 | 5,396,014 | 184,878 | 96.2% | Passed |
| 2022 | 2022-05-05 | 162,707,837 | 10,207,167 | 160,616 | 94.1% | Passed |
| 2021 | 2021-05-06 | 185,213,110 | 4,931,554 | 260,643 | 97.41% | 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 year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-07 | 97.73%a |
| 2025 | 2025-05-01 | 97.83%b |
| 2024 | 2024-05-02 | 83.92%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.
CEO pay ratio
| Ratio (CEO : median employee) | 42 : 1 |
|---|---|
| CEO total compensation | $7,420,318 |
| Median employee compensation | $174,876 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (46 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, Timothy Bedard. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table — 2025” · page 52. As printed: 7,495,383. View filing ↗
- Section 01, Nicholas DeIuliis. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table — 2025” · page 52. As printed: 7,420,318. View filing ↗
- Section 01, Hayley Scott. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table — 2025” · page 52. As printed: 7,100,439. View filing ↗
- Section 01, Navneet Behl. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table — 2025” · page 52. As printed: 3,946,478. View filing ↗
- Section 01, Alan Shepard. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table — 2025” · page 52. As printed: 3,386,049. View filing ↗
- Section 03, Nicholas DeIuliis RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Alan Shepard RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Alan Shepard PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Nicholas DeIuliis PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Timothy Bedard PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Navneet Behl RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Navneet Behl PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Timothy Bedard PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Hayley Scott PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Hayley Scott RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Timothy Bedard RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Navneet Behl PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Nicholas DeIuliis PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Timothy Bedard PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Alan Shepard PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Hayley Scott PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Hayley Scott PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards — 2025” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-03-26. Section “CEO Pay Ratio”. As printed: 42 : 1. View filing ↗
- Section 08, Ian McGuire. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 463,355. View filing ↗
- Section 08, Bernard Lanigan Jr. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 331,687. View filing ↗
- Section 08, Robert O. Agbede. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 326,687. View filing ↗
- Section 08, J. Palmer Clarkson. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 323,353. View filing ↗
- Section 08, Maureen E. Lally-Green. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 321,687. View filing ↗
- Section 08, William N. Thorndike Jr. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 38,333. View filing ↗
- Section 08, Alan K. Shepard. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Nicholas J. DeIuliis. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-11. Item 5.07 · say-on-pay result. As reported: 97.73% (votes for as printed: 122,031,352). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-05-05. Item 5.07 · say-on-pay result. As reported: 97.83% (votes for as printed: 127,724,359). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-05-06. Item 5.07 · say-on-pay result. As reported: 83.92% (votes for as printed: 111,304,543). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 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).
- Section 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.
- EQT Corporation, Section 10b CEO total. DEF 14A, filed 2026-02-26. CEO total compensation as printed in EQT Corporation's own proxy. As printed: 16,087,233. View filing ↗
- Expand Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Expand Energy Corporation's own proxy. As printed: 9,879,106. View filing ↗
- Range Resources Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Range Resources Corporation's own proxy. As printed: 8,375,421. View filing ↗
- Gulfport Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Gulfport Energy Corporation's own proxy. As printed: 7,323,707. View filing ↗
- Antero Resources Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Antero Resources Corporation's own proxy. As printed: 6,687,656. View filing ↗
- CNX Resources Corp (subject), Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in CNX Resources Corp's own proxy. As printed: 3,386,049. View filing ↗
- Section 10a, Gulfport Energy Corporation reciprocity. DEF 14A. Gulfport Energy Corporation names CNX Resources Corp in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Range Resources Corporation reciprocity. DEF 14A. Range Resources Corporation names CNX Resources Corp in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Expand Energy Corporation reciprocity. DEF 14A. Expand Energy Corporation names CNX Resources Corp in its own disclosed peer group (read from its most recent proxy). View filing ↗