Fiscal year 2023 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.
Each company listed discloses ETRN 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 ETRN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Thomas Karam | $790,250 | $7,500,000 | $5,364,344 | $0 | $1,715,880 | $0 | $87,380 | $15,457,854 |
| Chairman and Chief Executive Officer | ||||||||
| Diana Charletta | 519,135 | 0 | 1,971,918 | 0 | 941,200 | 0 | 48,866 | 3,481,119 |
| President and Chief Operating Officer | ||||||||
| Kirk Oliver | 500,000 | 0 | 1,567,053 | 0 | 905,000 | 0 | 48,820 | 3,020,873 |
| Senior Vice President and Chief Financial Officer | ||||||||
| Stephen Moore | 425,000 | 0 | 1,253,656 | 0 | 769,250 | 0 | 40,669 | 2,488,575 |
| Senior Vice President and General Counsel | ||||||||
| Brian Pietrandrea | 298,633 | 0 | 391,827 | 0 | 271,500 | 0 | 30,384 | 992,344 |
| Vice President and Chief Accounting 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.
| Named executive officer | FY2023 total | FY2022 total | FY2021 total | Δ FY2022→2023 |
|---|---|---|---|---|
| Thomas Karam | $15,457,854 | $8,329,965 | $10,349,548 | +7,127,889 |
| Diana Charletta | 3,481,119 | — | 4,439,483 | — |
| Kirk Oliver | 3,020,873 | — | 3,511,947 | — |
| Stephen Moore | 2,488,575 | — | 2,777,198 | — |
| Brian Pietrandrea | 992,344 | 882,946 | 1,010,193 | +109,398 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Thomas Karam | PSU | 2023-02-27 | 189,500 | 379,000 | — | 758,000 | $3,046,099 |
| Kirk Oliver | PSU | 2023-02-27 | 55,359 | 110,717 | — | 221,434 | 889,852 |
| Stephen Moore | PSU | 2023-02-27 | 44,288 | 88,575 | — | 177,150 | 711,895 |
| Brian Pietrandrea | PSU | 2023-02-27 | 13,842 | 27,683 | — | 55,366 | 222,496 |
| Stephen Moore | RSU | 2023-02-27 | — | — | 86,960 | — | 541,761 |
| Kirk Oliver | RSU | 2023-02-27 | — | — | 108,700 | — | 677,201 |
| Diana Charletta | RSU | 2023-02-27 | — | — | 136,790 | — | 852,202 |
| Diana Charletta | PSU | 2023-02-27 | 69,659 | 139,317 | — | 278,634 | 1,119,716 |
| Thomas Karam | RSU | 2023-02-27 | — | — | 372,110 | — | 2,318,245 |
| Brian Pietrandrea | RSU | 2023-02-27 | — | — | 27,180 | — | 169,331 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Thomas Karam | $2,318,245 | $3,046,099 | $0 | 56.8% |
| Kirk Oliver | 677,201 | 889,852 | 0 | 56.8% |
| Stephen Moore | 541,761 | 711,895 | 0 | 56.8% |
| Brian Pietrandrea | 169,331 | 222,496 | 0 | 56.8% |
| Diana Charletta | 852,202 | 1,119,716 | 0 | 56.8% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Thomas Karam | RSU | 309,447 | — | $3,201,201 |
| Diana Charletta | RSU | 109,932 | — | 1,148,806 |
| Kirk Oliver | RSU | 71,880 | — | 761,902 |
| Stephen Moore | RSU | 61,136 | — | 642,391 |
| Brian Pietrandrea | RSU | 17,203 | — | 181,317 |
The program should provide total direct compensation opportunities (i.e., base salary, annual short-term incentives, and long-term incentives) that are appropriately positioned relative to the median of peer and market practices.
| CEO STI target (% of salary) | 120% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Pay Governance |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Ratio (CEO : median employee) | 113 : 1 |
|---|---|
| CEO total compensation | $15,457,854 |
| Median employee compensation | $136,801 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Robert F. VagtIndependent · Lead Independent Director · Audit · Human Capital and Compensation | $132,500 | $213,598 | $0 | — | $50,049 | $396,147 |
| Norman J. SzydlowskiIndependent · Human Capital and Compensation · Health, Safety, Sustainability and Environmental | 100,000 | 213,598 | 0 | — | 50,049 | 363,647 |
| Sarah M. BarpoulisIndependent · Corporate Governance · Health, Safety, Sustainability and Environmental (Chair) | 115,000 | 213,598 | 0 | — | 16,399 | 344,997 |
| Kenneth M. BurkeIndependent · Audit (Chair) · Corporate Governance | 120,000 | 213,598 | 0 | — | 5,049 | 338,647 |
| Vicky A. BaileyIndependent · Corporate Governance (Chair) · Health, Safety, Sustainability and Environmental | 115,000 | 213,598 | 0 | — | 9,262 | 337,860 |
| D. Mark LelandIndependent · Audit · Human Capital and Compensation (Chair) | 121,181 | 213,598 | 0 | — | 49 | 334,828 |
| Patricia K. CollawnIndependent · Human Capital and Compensation · Health, Safety, Sustainability and Environmental · Not standing for re-election · Departed during FY | 37,912 | 0 | 0 | — | 0 | 37,912 |
| Thomas F. KaramEmployee director · Board Chair | 0 | 0 | 0 | — | 0 | 0 |
| Diana M. CharlettaEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $100,000 |
|---|---|
| Annual equity retainer | $209,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 20,000 / 15,000 |
| Stock ownership guideline | 5x annual cash retainer |
| Component | FY2023 |
|---|---|
| Cash retainers and fees | $741,593 |
| Equity awards (grant-date value) | $1,281,588 |
| All other compensation | $130,857 |
| Total cost of the board | $2,154,038 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Midstream Co 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 Midstream Co.
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 | Cheniere Energy, Inc. | 2025 | Jack Fusco | $1,765,385 | $19,291,784 | $0 | $4,569,600 | $25,647,769 |
| 2 | Targa Resources Corp. | 2025 | Matthew Meloy | 1,170,667 | 16,275,993 | 0 | 0 | 21,470,708 |
| 3 | Midstream Co | 2023 | Thomas Karam | 790,250 | 5,364,344 | 0 | 1,715,880 | 15,457,854 |
| 4 | Kinder Morgan, Inc. | 2025 | Kimberly Dang | 523,077 | 11,750,027 | 0 | 0 | 12,331,566 |
| 5 | ONEOK Inc. | 2025 | Pierce Norton II | 1,000,000 | 8,771,279 | — | 1,578,000 | 12,003,335 |
| 6 | DT Midstream, Inc. | 2025 | David Slater | 852,203 | 6,282,371 | 0 | 1,839,938 | 9,328,071 |
| 7 | National Fuel Gas Company | 2025 | David Bauer | 1,095,000 | 4,170,593 | 0 | 1,881,347 | 9,119,455 |
| 8 | The Williams Companies, Inc. | 2025 | Chad Zamarin | 829,788 | 5,999,962 | 0 | 1,492,255 | 8,682,793 |
| — | Antero Midstream Corporation | — | — | — | — | — | — | 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.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Midstream Co | 181% | PSU 55 · RSU 45 | Yes — Relative TSR | Pay Governance |
| Antero Midstream Corporation | not disclosed | not disclosed | not disclosed | not disclosed |
| Cheniere Energy, Inc. | 160% | PSU 50 · RSU 50 | Yes — ATSR | Meridian |
| DT Midstream, Inc. | 152.62% | PSU 70 · RSU 30 | No | Meridian Compensation Partners LLC |
| Kinder Morgan, Inc. | 102.5% | RSU 100 | No | None retained in 2025 (used Equilar Insight benchmarking software platform instead of a compensation consultant) |
| National Fuel Gas Company | 137.455% | PSU 67 · RSU 33 | Yes — Three-year relative TSR | Korn Ferry and Meridian Compensation Partners, LLC |
| ONEOK Inc. | 105.2% | PSU 70 · RSU 30 | Yes — Total Shareholder Return (TSR) | Meridian Compensation Partners |
| Targa Resources Corp. | 190% | PSU 50 · RSU 50 | Yes — Relative TSR vs. Alerian US Midstream Index (AMUS) | Meridian Compensation Partners |
| The Williams Companies, Inc. | 136% | PSU 60 · RSU 40 | Yes — Relative TSR | FW Cook |
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.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Thomas Karam | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Summary Compensation Table” · page 45. As printed: 15,457,854. Filing ↗machine: r1 · c43 · span 963653–963663 |
| 2 | Section 01, Diana Charletta | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Summary Compensation Table” · page 45. As printed: 3,481,119. Filing ↗machine: r7 · c43 · span 994738–994747 |
| 3 | Section 01, Kirk Oliver | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Summary Compensation Table” · page 45. As printed: 3,020,873. Filing ↗machine: r4 · c43 · span 978884–978893 |
| 4 | Section 01, Stephen Moore | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Summary Compensation Table” · page 45. As printed: 2,488,575. Filing ↗machine: r10 · c43 · span 1009957–1009966 |
| 5 | Section 01, Brian Pietrandrea | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Summary Compensation Table” · page 45. As printed: 992,344. Filing ↗machine: r13 · c43 · span 1026059–1026066 |
| 6 | Section 03, Thomas Karam PSU | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “2023 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t52 · r3 · c42 · span 1105400–1105407 |
| 7 | Section 03, Kirk Oliver PSU | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “2023 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t52 · r6 · c42 · span 1127750–1127757 |
| 8 | Section 03, Stephen Moore PSU | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “2023 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t52 · r12 · c42 · span 1171939–1171945 |
| 9 | Section 03, Brian Pietrandrea PSU | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “2023 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t52 · r15 · c42 · span 1193800–1193806 |
| 10 | Section 03, Stephen Moore RSU | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “2023 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t47 · r4 · c19 · span 910555–910561 |
| 11 | Section 03, Kirk Oliver RSU | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “2023 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t47 · r2 · c19 · span 902554–902561 |
| 12 | Section 03, Diana Charletta RSU | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “2023 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t47 · r3 · c19 · span 906451–906458 |
| 13 | Section 03, Diana Charletta PSU | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “2023 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t52 · r9 · c42 · span 1149606–1149613 |
| 14 | Section 03, Thomas Karam RSU | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “2023 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t47 · r1 · c19 · span 898454–898461 |
| 15 | Section 03, Brian Pietrandrea RSU | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “2023 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t47 · r5 · c19 · span 914453–914459 |
| 16 | Section 07, pay ratio | DEF 14A | — | 0001104659-24-030225 | Section “CEO Pay Ratio”. As printed: 113 : 1.machine: span 1554981–1554989 |
| 17 | Section 08, Robert F. Vagt | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Director Compensation”. As printed: 396,147. Filing ↗machine: r7 · c24 · span 542192–542199 |
| 18 | Section 08, Norman J. Szydlowski | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Director Compensation”. As printed: 363,647. Filing ↗machine: r6 · c24 · span 538692–538699 |
| 19 | Section 08, Sarah M. Barpoulis | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Director Compensation”. As printed: 344,997. Filing ↗machine: r2 · c24 · span 524611–524618 |
| 20 | Section 08, Kenneth M. Burke | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Director Compensation”. As printed: 338,647. Filing ↗machine: r3 · c24 · span 528111–528118 |
| 21 | Section 08, Vicky A. Bailey | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Director Compensation”. As printed: 337,860. Filing ↗machine: r1 · c24 · span 521106–521113 |
| 22 | Section 08, D. Mark Leland | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Director Compensation”. As printed: 334,828. Filing ↗machine: r5 · c24 · span 535186–535193 |
| 23 | Section 08, Patricia K. Collawn | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Director Compensation”. As printed: 37,912. Filing ↗machine: r4 · c6 · span 529554–529560 |
| 24 | Section 08, Thomas F. Karam | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 25 | Section 08, Diana M. Charletta | DEF 14A | 2024-03-04 | 0001104659-24-030225 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 26 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 27 | Section 03b vehicle mix (computed) | Computed | — | computed | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 28 | Section 09b board cost (computed) | Computed | — | computed | Cash 741,593 + equity 1,281,588 + all other 130,857 = 2,154,038, summed across the director compensation table rows.machine: formula: Σ = 2,154,038 |
| 29 | Cheniere Energy, Inc., Section 10b CEO total | DEF 14A | 2026-04-07 | 0001193125-26-144572 | CEO total compensation as printed in Cheniere Energy, Inc.'s own proxy. As printed: 25,647,769. Filing ↗machine: t411 · r3 · c27 · span 1229633–1229643 |
| 30 | Targa Resources Corp., Section 10b CEO total | DEF 14A | 2026-03-26 | 0001193125-26-126280 | CEO total compensation as printed in Targa Resources Corp.'s own proxy. As printed: 21,470,708. Filing ↗machine: span 963425–963435 |
| 31 | Midstream Co (subject), Section 10b CEO total | DEF 14A | 2024-03-04 | 0001104659-24-030225 | CEO total compensation as printed in Midstream Co's own proxy. As printed: 15,457,854. Filing ↗machine: r1 · c43 · span 963653–963663 |
| 32 | Kinder Morgan, Inc., Section 10b CEO total | DEF 14A | 2026-04-02 | 0001506307-26-000024 | CEO total compensation as printed in Kinder Morgan, Inc.'s own proxy. As printed: 12,331,566. Filing ↗machine: t55 · r2 · c18 · span 515403–515413 |
| 33 | ONEOK Inc., Section 10b CEO total | DEF 14A | 2026-04-01 | 0001039684-26-000010 | CEO total compensation as printed in ONEOK Inc.'s own proxy. As printed: 12,003,335. Filing ↗machine: t163 · r2 · c27 · span 1318193–1318203 |
| 34 | DT Midstream, Inc., Section 10b CEO total | DEF 14A | 2026-03-26 | 0001140361-26-011280 | CEO total compensation as printed in DT Midstream, Inc.'s own proxy. As printed: 9,328,071. Filing ↗machine: t213 · r2 · c19 · span 834643–834652 |
| 35 | National Fuel Gas Company, Section 10b CEO total | DEF 14A | 2026-01-23 | 0001193125-26-020739 | CEO total compensation as printed in National Fuel Gas Company's own proxy. As printed: 9,119,455. Filing ↗machine: r2 · c39 · span 1246006–1246015 |
| 36 | The Williams Companies, Inc., Section 10b CEO total | DEF 14A | 2026-03-18 | 0001193125-26-112643 | CEO total compensation as printed in The Williams Companies, Inc.'s own proxy. As printed: 8,682,793. Filing ↗machine: r5 · c17 · span 4189334–4189344 |
| 37 | Section 10a, ONEOK Inc. reciprocity | DEF 14A | — | 0001039684-26-000010 | ONEOK Inc.'s most recent proxy was read; its disclosed peer group does not include Midstream Co. Filing ↗ |
| 38 | Section 10a, Kinder Morgan, Inc. reciprocity | DEF 14A | — | 0001506307-26-000024 | Kinder Morgan, Inc.'s most recent proxy was read; its disclosed peer group does not include Midstream Co. Filing ↗ |
| 39 | Section 10a, DT Midstream, Inc. reciprocity | DEF 14A | — | 0001140361-26-011280 | DT Midstream, Inc. names Midstream Co in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 40 | Section 10a, The Williams Companies, Inc. reciprocity | DEF 14A | — | 0001193125-26-112643 | The Williams Companies, Inc.'s most recent proxy was read; its disclosed peer group does not include Midstream Co. Filing ↗ |
| 41 | Section 10a, National Fuel Gas Company reciprocity | DEF 14A | — | 0001193125-26-020739 | National Fuel Gas Company's most recent proxy was read; its disclosed peer group does not include Midstream Co. Filing ↗ |
| 42 | Section 10a, Targa Resources Corp. reciprocity | DEF 14A | — | 0001193125-26-126280 | Targa Resources Corp.'s most recent proxy was read; its disclosed peer group does not include Midstream Co. Filing ↗ |
| 43 | Section 10a, Cheniere Energy, Inc. reciprocity | DEF 14A | — | 0001193125-26-144572 | Cheniere Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include Midstream Co. Filing ↗ |