Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-04

Vaalco Energy (EGY)

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.

$3,001,723
George Maxwell total, FY2025
1st
CEO pay percentile vs peers
CEO-to-median pay ratio
97.31%
Say-on-pay support, latest vote
Companies that benchmark against EGY
4 companies name EGY as a compensation peer

Each company listed discloses EGY 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 EGY 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
George Maxwell$632,225$0$1,659,728$0$632,963$0$76,807$3,001,723
Chief Executive Officer
Thor Pruckl446,5800819,2030334,1780149,9081,749,869
Chief Operating Officer
Ronald Bain459,8000616,3330345,253053,7951,475,181
Chief Financial Officer
Matthew Powers390,7580418,2460292,406027,4031,128,813
Executive Vice President and General Counsel
Casey Donohue277,5000165,1200205,37101,800649,791
Executive Vice President, Technical and Business Development

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
George Maxwell$3,001,723$3,001,723$3,001,723+0
Thor Pruckl1,749,8691,749,8691,749,869+0
Ronald Bain1,475,1811,475,1811,475,181+0
Matthew Powers1,128,8131,128,8131,128,813+0
Casey Donohue649,791

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
Ronald BainRSU2025-06-0591,650$307,944
Ronald BainRSU2025-06-05132,356444,716
Casey DonohueRSU2025-06-0524,55482,501
Casey DonohueRSU2025-06-0535,45981,201
George MaxwellRSU2025-06-05356,4221,197,578
George MaxwellRSU2025-06-05246,805829,268
Matthew PowersRSU2025-06-0589,817301,785
Matthew PowersRSU2025-06-0562,194208,972
Thor PrucklRSU2025-06-05121,817409,305
Thor PrucklRSU2025-06-05175,922591,098
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Ronald Bain$752,660$0$00.0%
Casey Donohue163,702000.0%
George Maxwell2,026,846000.0%
Matthew Powers510,757000.0%
Thor Pruckl1,000,403000.0%

% 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
Ronald BainRSU34,446$125,383
George MaxwellRSU246,805898,370
Casey DonohueRSU24,55489,377
Thor PrucklRSU11,93343,436
Thor PrucklRSU45,784166,654
Matthew PowersRSU6,96125,338
George MaxwellRSU356,4221,297,376
Thor PrucklRSU175,922640,356
Ronald BainRSU132,356481,776
Thor PrucklRSU121,817443,414
George MaxwellRSU94,104342,539
Ronald BainRSU91,650333,606
Matthew PowersRSU89,817326,934
Matthew PowersRSU62,194226,386
Casey DonohueRSU35,459129,071
George MaxwellRSU32,816119,450
Matthew PowersRSU23,37485,081
Ronald BainRSU11,93343,436
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is intended to attract, retain and motivate high caliber executives who are committed to supporting the growth of our business, and to align our executives' goals with those of our shareholders. Our program is designed to reward executives for increasing shareholder value, attract and retain talent, recognize individual performance, balance rewards for short-term and long-term results, and manage risk.

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
20262026-06-0453,859,1111,487,492693,29997.31%Passed
20252025-06-0555,247,3533,809,182274,58793.55%Passed
20242024-06-0645,823,0498,581,757283,41484.23%Passed
20212021-06-0324,704,2283,421,316229,34087.84%Passed
20192019-06-0614,724,48513,957,71489,58651.18%Passed
20182018-05-0918,086,2338,034,525735,30167.35%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
20262026-06-0497.31%a
20252025-06-0593.55%b
20242024-06-0684.23%c

a. Approved under the standard stated in the filing — “Therefore, abstentions will have no effect on the outcome of the proposals for the ratification of the appointment of the independent registered public accounting firm, the advisory vote to approve our executive compensation or the approval of the LTIP Amendment.”.

b. Approved under the standard stated in the filing — “For this proposal, abstentions and broker non-votes will not be considered "votes cast" and will have no effect on the vote.”.

c. Approved under the standard stated in the filing — “For this proposal, abstentions and broker non-votes will not be considered "votes cast" and will have no effect on the vote.”.

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.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Andrew L. FawthropIndependent · Board Chair · Audit · Compensation (Chair) · Environmental, Social and Governance (Chair) · Strategic and Reserves (Chair) · ESG · Strategic Committee (Chair) · Technical and Reserves$221,000$110,003$331,003
Cathy StubbsIndependent · Audit · Compensation · Environmental, Social and Governance · Strategic and Reserves · Technical and Reserves · ESG · Strategic111,000110,003221,003
Fabrice Nze-BekaleIndependent · Audit · Compensation · Strategic and Reserves · ESG (Chair) · Strategic Committee103,750110,003213,753
Edward LaFehrIndependent · Audit · Compensation · Environmental, Social and Governance · Strategic and Reserves · Technical and Reserves (Chair) · ESG · Strategic Committee102,000110,003212,003
George W. M. MaxwellEmployee director · Strategic and Reserves · Technical and Reserves · Strategic Committee · Corporate Governance0
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer
Per board meeting fee$2,000
Committee chair fees (audit / comp / nom-gov)20,000
Stock ownership guideline$250,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$537,750
Equity awards (grant-date value)$440,012
All other compensation$0
Total cost of the board$977,762

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.

KOS Kosmos Energy Ltd. Afentra PLCCAP Capricorn Energy PLC
10a

Peer reciprocity

Of the companies Vaalco 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.

Kosmos Energy Ltd. (KOS)29 Capricorn Energy PLC (CAP)

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 Vaalco 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
1Kosmos Energy Ltd.2025Andrew Inglis$1,196,681$3,715,420$0$0$4,976,958
2Vaalco Energy2025George Maxwell632,2251,659,7280632,9633,001,723
Capricorn Energy PLCnot 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
Vaalco Energynot disclosedRestricted Stock 50 · Performance Restricted Stock 50not disclosednot disclosed
Capricorn Energy PLCnot disclosednot disclosednot disclosednot disclosed
Kosmos Energy Ltd.not disclosedPSU 67 · RSU 33not disclosedMeridian 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, George MaxwellDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation”. As printed: 3,001,723. Filing ↗
2Section 01, Thor PrucklDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation”. As printed: 1,749,869. Filing ↗
3Section 01, Ronald BainDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation”. As printed: 1,475,181. Filing ↗
4Section 01, Matthew PowersDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation”. As printed: 1,128,813. Filing ↗
5Section 01, Casey DonohueDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation”. As printed: 649,791. Filing ↗
6Section 03, Ronald Bain RSUDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 871417–871424
7Section 03, Ronald Bain RSUDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 876297–876304
8Section 03, Casey Donohue RSUDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 917239–917245
9Section 03, Casey Donohue RSUDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 922142–922148
10Section 03, George Maxwell RSUDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 861001–861010
11Section 03, George Maxwell RSUDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 856096–856103
12Section 03, Matthew Powers RSUDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 906918–906925
13Section 03, Matthew Powers RSUDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 902039–902046
14Section 03, Thor Pruckl RSUDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 886713–886720
15Section 03, Thor Pruckl RSUDEF 14A2026-04-240001104659-26-048000Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 891618–891625
16Section 08, Andrew L. FawthropDEF 14A2026-04-240001104659-26-048000Section “Director Compensation”. As printed: 331,003. Filing ↗machine: span 425508–425515
17Section 08, Cathy StubbsDEF 14A2026-04-240001104659-26-048000Section “Director Compensation”. As printed: 221,003. Filing ↗machine: span 431006–431013
18Section 08, Fabrice Nze-BekaleDEF 14A2026-04-240001104659-26-048000Section “Director Compensation”. As printed: 213,753. Filing ↗machine: span 433699–433706
19Section 08, Edward LaFehrDEF 14A2026-04-240001104659-26-048000Section “Director Compensation”. As printed: 212,003. Filing ↗machine: span 435785–435792
20Section 08, George W. M. MaxwellDEF 14A2026-04-240001104659-26-048000Section “Director Compensation”. As printed: 0. Filing ↗
21Section 06, 2026 voteForm 8-K2026-06-040000894627-26-000033Item 5.07 · say-on-pay result. As reported: 97.31% (votes for as printed: 53,859,111). Filing ↗
22Section 06, 2025 voteForm 8-K2025-06-060000894627-25-000028Item 5.07 · say-on-pay result. As reported: 93.55% (votes for as printed: 55,247,353). Filing ↗
23Section 06, 2024 voteForm 8-K2024-06-060001437749-24-019440Item 5.07 · say-on-pay result. As reported: 84.23% (votes for as printed: 45,823,049). Filing ↗
24Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
25Section 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
26Section 09b board cost (computed)ComputedcomputedCash 537,750 + equity 440,012 + all other 0 = 977,762, summed across the director compensation table rows.machine: formula: Σ = 977,762
27Kosmos Energy Ltd., Section 10b CEO totalDEF 14A2026-04-160001140361-26-014971CEO total compensation as printed in Kosmos Energy Ltd.'s own proxy. As printed: 4,976,958. Filing ↗machine: r2 · c22 · span 925119–925128
28Vaalco Energy (subject), Section 10b CEO totalDEF 14A2026-04-240001104659-26-048000CEO total compensation as printed in Vaalco Energy's own proxy. As printed: 3,001,723. Filing ↗
29Section 10a, Kosmos Energy Ltd. reciprocityDEF 14A0001140361-26-014971Kosmos Energy Ltd.'s most recent proxy was read; its disclosed peer group does not include Vaalco Energy. Filing ↗