Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2025-12-09

Evolution Petroleum (EPM)

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.

$1,315,704
Kelly Loyd total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
91.84%
Say-on-pay support, latest vote
Companies that benchmark against EPM
No companies currently name EPM as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Kelly Loyd$375,000$534,672$356,250$49,782$1,315,704
President & Chief Executive Officer
J. Mark Bunch305,000289,914217,31348,156860,382
Chief Operating Officer
Ryan Stash292,200277,747208,19350,610828,749
Senior Vice President, Chief Financial Officer & Treasurer

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
Kelly Loyd$1,315,704
J. Mark Bunch860,382
Ryan Stash828,749

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
J. Mark BunchRSU2024-09-1718,862$108,079
J. Mark BunchPSU2024-09-1737,72537,725181,835
Kelly LoydPSU2024-09-1769,57369,573335,342
Kelly LoydRSU2024-09-1734,787199,330
Ryan StashRSU2024-09-1718,071103,547
Ryan StashPSU2024-09-1736,14136,141174,200
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
J. Mark Bunch$108,079$181,835$062.7%
Kelly Loyd199,330335,342062.7%
Ryan Stash103,547174,200062.7%

% 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
Kelly LoydRSU232,290$1,091,763
J. Mark BunchRSU136,118639,755
Ryan StashRSU94,500444,150
Kelly LoydPSU91,627430,647
J. Mark BunchPSU49,683233,510
Ryan StashPSU47,597223,706
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation programs are designed to incentivize the named executive officers to build meaningful retained stock value over the short and long-term. The primary strategy is to provide a substantial portion of compensation in the form of long-term equity incentives to align interests with stockholders and conserve cash.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policy
Anti-hedgingtrue
Anti-pledging
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-12-0417,048,7771,513,891375,82391.84%Passed
20242024-12-0518,062,831779,716251,01795.86%Passed
20232023-12-0718,577,891569,211173,68797.03%Passed
20222022-12-0819,998,893692,530277,29996.65%Passed
20212021-12-0920,494,828548,193380,09297.39%Passed
20202020-12-0922,210,7411,250,273115,86694.67%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
20252025-12-0491.84%a
20242024-12-0595.86%b
20232023-12-0797.03%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.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Robert S. HerlinEmployee director · Board Chair · Investment · Sustainability$123,076$99,303$8,311$230,690
William E. DozierIndependent · Compensation (Chair) · Investment96,87199,3038,311204,485
Marjorie A. HargraveIndependent · Compensation · Nominating and Corporate Governance · Audit (Chair)94,09099,3038,311201,704
Edward J. DiPaoloIndependent · Lead Independent Director · Compensation · Nominating and Corporate Governance (Chair) · Audit83,50099,3038,311191,114
Myra C. BierriaIndependent · Nominating and Corporate Governance · Sustainability (Chair) · Audit83,00099,3038,311190,614
Kelly W. LoydEmployee director · Investment (Chair) · Sustainability0
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$100,000
Per board meeting fee$1,500
Committee chair fees (audit / comp / nom-gov)18,000 / 12,000 / 12,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$480,537
Equity awards (grant-date value)$496,515
All other compensation$41,555
Total cost of the board$1,018,607

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.

VTS Vitesse Energy, Inc. J. Mark Bunch
10a

Peer reciprocity

Of the companies Evolution Petroleum 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.

Vitesse Energy, Inc. (VTS)

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 Evolution Petroleum.

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
1Evolution Petroleum2025Kelly Loyd$375,000$534,672$356,250$1,315,704
Vitesse Energy, Inc.not 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
Evolution Petroleumnot disclosednot disclosednot disclosednot disclosed
Vitesse Energy, Inc.not 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, Kelly LoydDEF 14A2025-10-230001104659-25-101832Section “Executive Compensation”. As printed: 1,315,704. Filing ↗
2Section 01, J. Mark BunchDEF 14A2025-10-230001104659-25-101832Section “Executive Compensation”. As printed: 860,382. Filing ↗
3Section 01, Ryan StashDEF 14A2025-10-230001104659-25-101832Section “Executive Compensation”. As printed: 828,749. Filing ↗
4Section 03, J. Mark Bunch RSUDEF 14A2025-10-230001104659-25-101832Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 880300–880307
5Section 03, J. Mark Bunch PSUDEF 14A2025-10-230001104659-25-101832Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 875646–875653
6Section 03, Kelly Loyd PSUDEF 14A2025-10-230001104659-25-101832Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 862326–862333
7Section 03, Kelly Loyd RSUDEF 14A2025-10-230001104659-25-101832Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 866562–866569
8Section 03, Ryan Stash RSUDEF 14A2025-10-230001104659-25-101832Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 893652–893659
9Section 03, Ryan Stash PSUDEF 14A2025-10-230001104659-25-101832Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 889381–889388
10Section 08, Robert S. HerlinDEF 14A2025-10-230001104659-25-101832Section “Director Compensation”. As printed: 230,690. Filing ↗machine: span 235893–235900
11Section 08, William E. DozierDEF 14A2025-10-230001104659-25-101832Section “Director Compensation”. As printed: 204,485. Filing ↗machine: span 229137–229144
12Section 08, Marjorie A. HargraveDEF 14A2025-10-230001104659-25-101832Section “Director Compensation”. As printed: 201,704. Filing ↗machine: span 232351–232358
13Section 08, Edward J. DiPaoloDEF 14A2025-10-230001104659-25-101832Section “Director Compensation”. As printed: 191,114. Filing ↗machine: span 225679–225686
14Section 08, Myra C. BierriaDEF 14A2025-10-230001104659-25-101832Section “Director Compensation”. As printed: 190,614. Filing ↗machine: span 222487–222494
15Section 08, Kelly W. LoydDEF 14A2025-10-230001104659-25-101832Section “Director Compensation”. As printed: 0. Filing ↗
16Section 06, 2025 voteForm 8-K2025-12-090001104659-25-119669Item 5.07 · say-on-pay result. As reported: 91.84% (votes for as printed: 17,048,777). Filing ↗
17Section 06, 2024 voteForm 8-K2024-12-100001558370-24-016121Item 5.07 · say-on-pay result. As reported: 95.86% (votes for as printed: 18,062,831). Filing ↗
18Section 06, 2023 voteForm 8-K2023-12-080001558370-23-019696Item 5.07 · say-on-pay result. As reported: 97.03% (votes for as printed: 18,577,891). Filing ↗
19Section 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
20Section 09b board cost (computed)ComputedcomputedCash 480,537 + equity 496,515 + all other 41,555 = 1,018,607, summed across the director compensation table rows.machine: formula: Σ = 1,018,607
21Evolution Petroleum (subject), Section 10b CEO totalDEF 14A2025-10-230001104659-25-101832CEO total compensation as printed in Evolution Petroleum's own proxy. As printed: 1,315,704. Filing ↗