Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-07

DT Midstream (DTM)

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.

$9,328,071
David Slater total, FY2025
29th
CEO pay percentile vs peers
82:1
CEO-to-median pay ratio
96.05%
Say-on-pay support, latest vote
Companies that benchmark against DTM
5 companies name DTM as a compensation peer

Each company listed discloses DTM 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 DTM 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
David Slater$852,203$0$6,282,371$0$1,839,938$0$353,559$9,328,071
Executive Chairman and Chief Executive Officer
Christopher Zona536,92301,736,1270914,9570155,8173,343,824
President and Chief Operating Officer
Jeffrey Jewell514,61501,637,4220793,6240182,4613,128,122
Executive Vice President and Chief Financial Officer
Wendy Ellis468,55801,095,6510622,6900146,4982,333,397
Executive Vice President, General Counsel and Corporate Secretary
Melissa Cox435,5770474,0130509,369048,4451,467,404
Executive Vice President and Chief Administrative 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
David Slater$9,328,071$9,045,802$7,971,250+282,269
Christopher Zona3,343,8243,792,9782,938,912−449,154
Jeffrey Jewell3,128,1223,585,9882,721,770−457,866
Wendy Ellis2,333,3972,717,2501,861,516−383,853
Melissa Cox1,467,4041,411,8661,150,007+55,538

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
Wendy EllisPSU2025-02-253,9907,9807,98015,960$768,015
David SlaterPSU2025-02-2520,32940,65840,65881,3163,913,028
Melissa CoxRSU2025-02-251,480141,784
David SlaterRSU2025-01-287,071700,029
David SlaterRSU2025-02-2517,4251,669,315
Jeffrey JewellRSU2025-02-255,111489,634
Melissa CoxPSU2025-02-251,7263,4523,4526,904332,229
Christopher ZonaPSU2025-02-256,32312,64512,64525,2901,216,986
Jeffrey JewellPSU2025-02-255,96311,92611,92623,8521,147,788
Christopher ZonaRSU2025-02-255,419519,140
Wendy EllisRSU2025-02-253,420327,636
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Wendy Ellis$327,636$768,015$070.1%
David Slater2,369,3443,913,028062.3%
Melissa Cox141,784332,229070.1%
Jeffrey Jewell489,6341,147,788070.1%
Christopher Zona519,1401,216,986070.1%

% 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
Jeffrey JewellRSU10,440$1,249,459
Jeffrey JewellPSU24,4262,923,304
Christopher ZonaPSU3,615432,643
Jeffrey JewellPSU3,615432,643
Christopher ZonaPSU44,2935,300,986
Melissa CoxRSU1,516181,386
Christopher ZonaPSU25,8983,099,473
Christopher ZonaRSU11,0701,324,858
Jeffrey JewellPSU42,9625,141,692
Wendy EllisPSU3,615432,643
Wendy EllisPSU26,0443,116,946
Wendy EllisRSU6,986836,084
Jeffrey JewellPSU48,7205,830,810
David SlaterPSU166,10319,879,207
David SlaterPSU162,98819,506,404
David SlaterPSU83,2729,965,993
Christopher ZonaPSU51,6586,182,429
David SlaterRSU35,5944,259,890
Wendy EllisPSU32,6003,901,568
David SlaterRSU17,8442,135,570
Wendy EllisPSU16,3441,956,050
Jeffrey JewellPSU15,8911,901,835
Melissa CoxPSU14,1021,687,706
Melissa CoxPSU13,2881,590,349
David SlaterPSU7,241866,603
Melissa CoxPSU7,070846,142
Christopher ZonaRSU5,549664,104
Jeffrey JewellRSU5,234626,405
Wendy EllisRSU3,502419,119
Melissa CoxRSU3,022361,688
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation philosophy is designed to align the interests of our executive officers with those of our stockholders by providing pay that is directly linked to the achievement of performance goals established to foster the creation of sustainable long-term stockholder value. At the root of our compensation philosophy is the use of variable, at-risk compensation that connects pay outcomes with superior results and growth execution.

CEO STI target (% of salary)140%
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
20262026-05-0576,623,3513,153,825316,10996.05%Passed
20252025-05-0675,849,2023,168,792345,07195.99%Passed
20242024-05-1071,371,0034,091,886339,22494.58%Passed
20232023-05-0569,824,7195,408,331338,73192.81%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
20262026-05-0596.05%a
20252025-05-0695.99%b
20242024-05-1094.58%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)82 : 1
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Robert Skaggs JrIndependent · Executive · Departed during FY$200,000$115,000$315,000
Stephen BakerIndependent · Lead Independent Director · Audit · Corporate Governance · Finance (Chair) · Lead Independent Director135,000115,000250,000
Elaine PickleIndependent · Audit (Chair) · Finance · O&C120,000115,000235,000
Dwayne WilsonIndependent · Corporate Governance · ESG · O&C (Chair)115,000115,000230,000
Peter TumminelloIndependent · Audit · ESG (Chair) · Finance115,000115,000230,000
Angela ArchonIndependent · Corporate Governance (Chair) · O&C · ESG115,000115,000230,000
David SlaterEmployee director · Board Chair · Executive (Chair)000000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$115,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline5x annual cash retainer ($500,000)
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$800,000
Equity awards (grant-date value)$690,000
All other compensation$0
Total cost of the board$1,490,000

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.

EnLink Midstream, LLCWMB The Williams Companies, Inc.WES.AX Western Midstream Partners, LPGEL Genesis Energy, LPSMC Summit Midstream CorporationAM Antero Midstream CorporationOKE ONEOK, Inc.PAA Plains All American Pipeline, LPETRN Equitrans Midstream CorporationSUN Sunoco LP NuStar Energy LPDINO HF Sinclair CorporationTRGP Targa Resources Corp.KNTK Kinetik Holdings Inc.
10a

Peer reciprocity

Of the companies DT Midstream 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.

The Williams Companies, Inc. (WMB)39 Western Midstream Partners, LP (WES.AX) Genesis Energy, LP (GEL) Summit Midstream Corporation (SMC) Antero Midstream Corporation (AM) ONEOK, Inc. (OKE)40 Plains All American Pipeline, LP (PAA)41 Equitrans Midstream Corporation (ETRN)42 Sunoco LP (SUN) HF Sinclair Corporation (DINO)43 Targa Resources Corp. (TRGP)44 Kinetik Holdings Inc. (KNTK)45

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 DT Midstream.

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
1Targa Resources Corp.2025Matthew Meloy$1,170,667$16,275,993$0$0$21,470,708
2Equitrans Midstream Corporation2023Thomas Karam790,2505,364,34401,715,88015,457,854
3HF Sinclair Corporation2025Timothy Go1,204,6159,977,38202,668,96814,278,553
4Plains All American Pipeline, LP2025Willie Chiang887,5008,435,82702,950,00012,295,167
5ONEOK, Inc.2025Pierce Norton II1,000,0008,771,2791,578,00012,003,335
6DT Midstream2025David Slater852,2036,282,37101,839,9389,328,071
7The Williams Companies, Inc.2025Chad Zamarin829,7885,999,96201,492,2558,682,793
8Kinetik Holdings Inc.2025Jamie Welch276,9235,140,8410487,5006,156,243
Western Midstream Partners, LPnot in coverage universe
Genesis Energy, LPnot in coverage universe
Summit Midstream Corporationnot in coverage universe
Antero Midstream Corporationnot in coverage universe
Sunoco LPnot in coverage universe

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
DT Midstream152.62%PSU 70 · RSU 30NoMeridian Compensation Partners LLC
Antero Midstream Corporationnot disclosednot disclosednot disclosednot disclosed
Equitrans Midstream Corporation181%PSU 55 · RSU 45Yes — Relative TSRPay Governance
Genesis Energy, LPnot disclosednot disclosednot disclosednot disclosed
HF Sinclair Corporationnot disclosednot disclosednot disclosedMeridian Compensation Partners, LLC
Kinetik Holdings Inc.65%PSU 50 · RSU 50Yes — Annualized TSRMeridian Compensation Partners
ONEOK, Inc.105.2%PSU 70 · RSU 30Yes — Total Shareholder Return (TSR)Meridian Compensation Partners
Plains All American Pipeline, LP131%RSU 50 · PSU 50Yes — Relative TSR with Negative TSR ModifierMeridian
Summit Midstream Corporationnot disclosednot disclosednot disclosednot disclosed
Sunoco LPnot disclosednot disclosednot disclosednot disclosed
Targa Resources Corp.190%PSU 50 · RSU 50Yes — Relative TSR vs. Alerian US Midstream Index (AMUS)Meridian Compensation Partners
The Williams Companies, Inc.136%PSU 60 · RSU 40Yes — Relative TSRFW Cook
Western Midstream Partners, LPnot disclosednot disclosednot disclosednot disclosed

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, David SlaterDEF 14A2026-03-260001140361-26-011280Section “Summary Compensation Table” · page 43. As printed: 9,328,071. Filing ↗machine: t213 · r2 · c19 · span 834643–834652
2Section 01, Christopher ZonaDEF 14A2026-03-260001140361-26-011280Section “Summary Compensation Table” · page 43. As printed: 3,343,824. Filing ↗machine: r5 · c19 · span 846364–846373
3Section 01, Jeffrey JewellDEF 14A2026-03-260001140361-26-011280Section “Summary Compensation Table” · page 43. As printed: 3,128,122. Filing ↗machine: r8 · c19 · span 858216–858225
4Section 01, Wendy EllisDEF 14A2026-03-260001140361-26-011280Section “Summary Compensation Table” · page 43. As printed: 2,333,397. Filing ↗machine: r11 · c19 · span 869999–870008
5Section 01, Melissa CoxDEF 14A2026-03-260001140361-26-011280Section “Summary Compensation Table” · page 43. As printed: 1,467,404. Filing ↗machine: r14 · c19 · span 881415–881424
6Section 03, Wendy Ellis PSUDEF 14A2026-03-260001140361-26-011280Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t225 · r14 · c22 · span 1011550–1011555
7Section 03, David Slater PSUDEF 14A2026-03-260001140361-26-011280Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t225 · r5 · c22 · span 961258–961264
8Section 03, Melissa Cox RSUDEF 14A2026-03-260001140361-26-011280Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t225 · r18 · c28 · span 1034893–1034898
9Section 03, David Slater RSUDEF 14A2026-03-260001140361-26-011280Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t225 · r4 · c28 · span 956422–956427
10Section 03, David Slater RSUDEF 14A2026-03-260001140361-26-011280Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t225 · r6 · c28 · span 967567–967573
11Section 03, Jeffrey Jewell RSUDEF 14A2026-03-260001140361-26-011280Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t225 · r12 · c28 · span 1001186–1001191
12Section 03, Melissa Cox PSUDEF 14A2026-03-260001140361-26-011280Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t225 · r17 · c22 · span 1028699–1028704
13Section 03, Christopher Zona PSUDEF 14A2026-03-260001140361-26-011280Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t225 · r8 · c22 · span 977812–977818
14Section 03, Jeffrey Jewell PSUDEF 14A2026-03-260001140361-26-011280Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t225 · r11 · c22 · span 994834–994840
15Section 03, Christopher Zona RSUDEF 14A2026-03-260001140361-26-011280Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t225 · r9 · c28 · span 984670–984675
16Section 03, Wendy Ellis RSUDEF 14A2026-03-260001140361-26-011280Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t225 · r15 · c28 · span 1018455–1018460
17Section 07, pay ratioDEF 14A2026-03-260001140361-26-011280Section “CEO Pay Ratio”. As printed: 82 : 1. Filing ↗machine: span 1416407–1416409
18Section 08, Robert Skaggs JrDEF 14A2026-03-260001140361-26-011280Section “Director Compensation”. As printed: 315,000. Filing ↗machine: t84 · r5 · c10 · span 388930–388938
19Section 08, Stephen BakerDEF 14A2026-03-260001140361-26-011280Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t84 · r3 · c10 · span 384889–384897
20Section 08, Elaine PickleDEF 14A2026-03-260001140361-26-011280Section “Director Compensation”. As printed: 235,000. Filing ↗machine: t84 · r4 · c10 · span 387042–387050
21Section 08, Dwayne WilsonDEF 14A2026-03-260001140361-26-011280Section “Director Compensation”. As printed: 230,000. Filing ↗machine: t84 · r7 · c10 · span 392959–392967
22Section 08, Peter TumminelloDEF 14A2026-03-260001140361-26-011280Section “Director Compensation”. As printed: 230,000. Filing ↗machine: t84 · r6 · c10 · span 391129–391137
23Section 08, Angela ArchonDEF 14A2026-03-260001140361-26-011280Section “Director Compensation”. As printed: 230,000. Filing ↗machine: t84 · r2 · c10 · span 383006–383014
24Section 08, David SlaterDEF 14A2026-03-260001140361-26-011280Section “Director Compensation”. As printed: 0. Filing ↗
25Section 06, 2026 voteForm 8-K2026-05-070001140361-26-019543Item 5.07 · say-on-pay result. As reported: 96.05% (votes for as printed: 76,623,351). Filing ↗
26Section 06, 2025 voteForm 8-K2025-05-090000947871-25-000484Item 5.07 · say-on-pay result. As reported: 95.99% (votes for as printed: 75,849,202). Filing ↗
27Section 06, 2024 voteForm 8-K2024-05-130000947871-24-000465Item 5.07 · say-on-pay result. As reported: 94.58% (votes for as printed: 71,371,003). Filing ↗
28Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
29Section 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
30Section 09b board cost (computed)ComputedcomputedCash 800,000 + equity 690,000 + all other 0 = 1,490,000, summed across the director compensation table rows.machine: formula: Σ = 1,490,000
31Targa Resources Corp., Section 10b CEO totalDEF 14A2026-03-260001193125-26-126280CEO total compensation as printed in Targa Resources Corp.'s own proxy. As printed: 21,470,708. Filing ↗machine: span 963425–963435
32Equitrans Midstream Corporation, Section 10b CEO totalDEF 14A2024-03-040001104659-24-030225CEO total compensation as printed in Equitrans Midstream Corporation's own proxy. As printed: 15,457,854. Filing ↗machine: r1 · c43 · span 963653–963663
33HF Sinclair Corporation, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134743CEO total compensation as printed in HF Sinclair Corporation's own proxy. As printed: 14,278,553. Filing ↗machine: span 891119–891129
34Plains All American Pipeline, LP, Section 10b CEO totalDEF 14A2026-04-100001104659-26-041710CEO total compensation as printed in Plains All American Pipeline, LP's own proxy. As printed: 12,295,167. Filing ↗machine: r1 · c43 · span 1080751–1080761
35ONEOK, Inc., Section 10b CEO totalDEF 14A2026-04-010001039684-26-000010CEO total compensation as printed in ONEOK, Inc.'s own proxy. As printed: 12,003,335. Filing ↗machine: t163 · r2 · c27 · span 1318193–1318203
36DT Midstream (subject), Section 10b CEO totalDEF 14A2026-03-260001140361-26-011280CEO total compensation as printed in DT Midstream's own proxy. As printed: 9,328,071. Filing ↗machine: t213 · r2 · c19 · span 834643–834652
37The Williams Companies, Inc., Section 10b CEO totalDEF 14A2026-03-180001193125-26-112643CEO total compensation as printed in The Williams Companies, Inc.'s own proxy. As printed: 8,682,793. Filing ↗machine: r5 · c17 · span 4189334–4189344
38Kinetik Holdings Inc., Section 10b CEO totalDEF 14A2026-04-080001692787-26-000086CEO total compensation as printed in Kinetik Holdings Inc.'s own proxy. As printed: 6,156,243. Filing ↗machine: r4 · c21 · span 711505–711514
39Section 10a, The Williams Companies, Inc. reciprocityDEF 14A0001193125-26-112643The Williams Companies, Inc.'s most recent proxy was read; its disclosed peer group does not include DT Midstream. Filing ↗
40Section 10a, ONEOK, Inc. reciprocityDEF 14A0001039684-26-000010ONEOK, Inc.'s most recent proxy was read; its disclosed peer group does not include DT Midstream. Filing ↗
41Section 10a, Plains All American Pipeline, LP reciprocityDEF 14A0001104659-26-041710Plains All American Pipeline, LP's most recent proxy was read; its disclosed peer group does not include DT Midstream. Filing ↗
42Section 10a, Equitrans Midstream Corporation reciprocityDEF 14A0001104659-24-030225Equitrans Midstream Corporation names DT Midstream in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, HF Sinclair Corporation reciprocityDEF 14A0001193125-26-134743HF Sinclair Corporation's most recent proxy was read; its disclosed peer group does not include DT Midstream. Filing ↗
44Section 10a, Targa Resources Corp. reciprocityDEF 14A0001193125-26-126280Targa Resources Corp. names DT Midstream in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Kinetik Holdings Inc. reciprocityDEF 14A0001692787-26-000086Kinetik Holdings Inc. names DT Midstream in its own disclosed peer group (read from its most recent proxy). Filing ↗