Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-02

Northern Oil & Gas (NOG)

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.

$5,602,413
Nicholas O'Grady total, FY2025
20th
CEO pay percentile vs peers
25:1
CEO-to-median pay ratio
96.43%
Say-on-pay support, latest vote
Companies that benchmark against NOG
5 companies name NOG as a compensation peer

Each company listed discloses NOG 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 NOG 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
Nicholas O'Grady$925,000$0$2,815,683$0$1,638,564$0$223,166$5,602,413
Chief Executive Officer
Adam Dirlam615,00001,358,5990871,4050154,0362,999,041
President
Chad Allen512,5000755,2800622,4320135,5622,025,774
Chief Financial Officer
James Evans497,5000647,7480605,8000134,1141,885,161
Chief Technical Officer
Erik Romslo487,5000588,8610444,5300127,4551,648,346
Chief Legal Officer & Secretary

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
Nicholas O'Grady$5,602,413
Adam Dirlam2,999,041
Chad Allen2,025,774
James Evans1,885,161
Erik Romslo1,648,346

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

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Bahram AkradiDirector2026-06-22A25,760$19$499,741CommonForm 4 ↗
William KimbleDirector2026-06-30A2,41000CommonForm 4 ↗
Jennifer PomerantzDirector2026-06-30A3,78800CommonForm 4 ↗
Bahram AkradiDirector2026-06-30A6,33600CommonForm 4 ↗
Lisa MeierDirector2026-06-30A2,41000CommonForm 4 ↗
Stuart LasherDirector2026-06-30A2,41000CommonForm 4 ↗
Michael FrantzDirector2026-06-30A2,41000CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
James EvansPRSU$647,748
Erik RomsloPRSU588,861
Chad AllenPRSU755,280
Nicholas O'GradyPRSU2,815,683
Adam DirlamPRSU1,358,599
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% 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
Nicholas O'GradyRSU108,366$2,326,618
Adam DirlamRSU57,2031,228,148
Chad AllenRSU38,509826,788
Adam DirlamPSU268,9255,773,815
Erik RomsloPSU164,3513,528,612
Chad AllenPSU205,7154,416,708
Nicholas O'GradyPSU550,43311,817,787
James EvansPSU166,1263,566,721
James EvansRSU36,853791,234
Erik RomsloRSU30,412652,946
05

Incentive-plan design — the Compensation Discussion & Analysis

To recruit and retain the most qualified and competent individuals as executive officers, we strive to maintain a compensation program that is competitive with our peer group and with respect to the general profession of our executives. We remain committed to hiring and retaining qualified, motivated employees at all levels within the organization while ensuring that all forms of compensation are aligned with business needs. Our compensation program is intended to incentivize exceptional organizational and individual performance, and to support the successful attainment of our vision, values and business objectives.

CEO STI target (% of salary)120%
CEO LTI target (% of salary)
Independent consultantWillis Towers Watson
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2180,671,2632,986,714563,77896.43%Passed
20252025-05-2273,313,9598,345,232248,00989.78%Passed
20242024-05-2371,958,02514,111,452648,34783.6%Passed
20232023-05-2567,355,498870,380288,46398.72%Passed
20222022-05-2557,897,217869,038176,24998.52%Passed
20212021-05-2738,268,310409,707132,17498.94%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
20262026-05-2196.43%a
20252025-05-2289.78%b
20242024-05-2383.6%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect upon the outcome of the vote on this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect upon the outcome of the vote on this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions will not be counted for voting purposes with respect to any of the proposals to be voted on.”.

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)25 : 1
CEO total compensation$5,602,413
Median employee compensation$221,354
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Bahram AkradiIndependent · Board Chair · Compensation$190,000$560,000$0$0$0$750,000
Jennifer PomerantzIndependent · Compensation · Governance, Nominating and ESG (Chair)227,500175,000000402,500
Stuart LasherIndependent · Compensation (Chair) · Governance, Nominating and ESG227,500175,000000402,500
Michael FrantzIndependent · Audit · Governance, Nominating and ESG202,500175,000000377,500
Roy (Ernie) EasleyIndependent · Governance, Nominating and ESG · Not standing for re-election115,000175,000000290,000
William KimbleIndependent · Audit (Chair)110,000175,000000285,000
Lisa BromileyIndependent · Audit97,500175,000000272,500
Jack KingIndependent · Departed during FY63,30443,750000107,054
Nicholas O'GradyEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 25,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,233,304
Equity awards (grant-date value)$1,653,750
All other compensation$0
Total cost of the board$2,887,054

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.

PR Permian Resources CorporationGRNT Granite Ridge Resources, Inc.KRP Kimbell Royalty Partners, LPBRY Berry Corporation Sitio Royalties Corp.SM SM Energy CompanyVTLE Vital Energy, Inc.WTI W&T Offshore, Inc.CIVI Civitas Resources, Inc.MTDR Matador Resources CompanyCRGY Crescent Energy CompanyVTS Vitesse Energy, Inc.CHRD Chord Energy CorporationHPK HighPeak Energy, Inc.MGY Magnolia Oil & Gas CorporationTALO Talos Energy Inc.
10a

Peer reciprocity

Of the companies Northern Oil & Gas 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.

Permian Resources Corporation (PR)39 Granite Ridge Resources, Inc. (GRNT) Kimbell Royalty Partners, LP (KRP) Berry Corporation (BRY) SM Energy Company (SM)40 Vital Energy, Inc. (VTLE) W&T Offshore, Inc. (WTI)41 Civitas Resources, Inc. (CIVI)42 Matador Resources Company (MTDR)43 Crescent Energy Company (CRGY) Vitesse Energy, Inc. (VTS) Chord Energy Corporation (CHRD) HighPeak Energy, Inc. (HPK) Magnolia Oil & Gas Corporation (MGY) Talos Energy Inc. (TALO)

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 Northern Oil & Gas.

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
1Permian Resources Corporation2025William Hickey III$0$11,432,842$0$0$11,432,842
2Matador Resources Company2024Joseph Foran1,500,0003,010,30003,900,0008,437,049
3Civitas Resources, Inc.2024M. Christopher Doyle1,431,1506,933,919008,385,769
4W&T Offshore, Inc.2025Tracy Krohn800,0004,317,2890967,2006,183,187
5Northern Oil & Gas2025Nicholas O'Grady925,0002,815,68301,638,5645,602,413
6SM Energy Company2025Elizabeth McDonald576,3692,299,9950536,0244,475,172
7Granite Ridge Resources, Inc.2024Luke Brandenberg500,000481,438107,81301,461,306
Kimbell Royalty Partners, LPnot in coverage universe
Berry Corporationnot in coverage universe
Vital Energy, Inc.not in coverage universe
Crescent Energy Companynot in coverage universe
Vitesse Energy, Inc.not in coverage universe
Chord Energy Corporationnot in coverage universe
HighPeak Energy, Inc.not in coverage universe
Magnolia Oil & Gas Corporationnot in coverage universe
Talos 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
Northern Oil & Gas136.5%MSU 88 · RSU 12Yes — 3-Year Absolute TSRWillis Towers Watson
Berry Corporationnot disclosednot disclosednot disclosednot disclosed
Chord Energy Corporationnot disclosednot disclosednot disclosednot disclosed
Civitas Resources, Inc.not disclosedPSU 70 · RSU 30Yes — Absolute TSRMeridian Compensation Partners, LLC
Crescent Energy Companynot disclosednot disclosednot disclosednot disclosed
Granite Ridge Resources, Inc.not disclosednot disclosednot disclosedDana Krieg
HighPeak Energy, Inc.not disclosednot disclosednot disclosednot disclosed
Kimbell Royalty Partners, LPnot disclosednot disclosednot disclosednot disclosed
Magnolia Oil & Gas Corporationnot disclosednot disclosednot disclosednot disclosed
Matador Resources Company260%PSU 50 · Cash LTI 50NoMeridian Compensation Partners, LLC
Permian Resources Corporation150%PSU 100Yes — Relative TSRMeridian Compensation Partners, LLC
SM Energy Company93%PSU 60 · RSU 40Yes — Absolute TSRFrederic W. Cook & Co., Inc.
Talos Energy Inc.not disclosednot disclosednot disclosednot disclosed
Vital Energy, Inc.not disclosednot disclosednot disclosednot disclosed
Vitesse Energy, Inc.not disclosednot disclosednot disclosednot disclosed
W&T Offshore, Inc.121.88%PSU 60 · RSU 40Yes — TSRMeridian

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, Nicholas O'GradyDEF 14A2026-04-100001104485-26-000013Section “2025 Summary Compensation Table”. As printed: 5,602,413. Filing ↗machine: t117 · r4 · c12 · span 550610–550619
2Section 01, Adam DirlamDEF 14A2026-04-100001104485-26-000013Section “2025 Summary Compensation Table”. As printed: 2,999,041. Filing ↗machine: r7 · c21 · span 558973–558982
3Section 01, Chad AllenDEF 14A2026-04-100001104485-26-000013Section “2025 Summary Compensation Table”. As printed: 2,025,774. Filing ↗machine: r10 · c21 · span 566916–566925
4Section 01, James EvansDEF 14A2026-04-100001104485-26-000013Section “2025 Summary Compensation Table”. As printed: 1,885,161. Filing ↗machine: r13 · c21 · span 575285–575294
5Section 01, Erik RomsloDEF 14A2026-04-100001104485-26-000013Section “2025 Summary Compensation Table”. As printed: 1,648,346. Filing ↗machine: r16 · c21 · span 583275–583284
6Section 03, James Evans PRSUDEF 14A2026-04-100001104485-26-000013Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t117 · r13 · c6 · span 574385–574392
7Section 03, Erik Romslo PRSUDEF 14A2026-04-100001104485-26-000013Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t117 · r16 · c6 · span 582225–582232
8Section 03, Chad Allen PRSUDEF 14A2026-04-100001104485-26-000013Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t117 · r10 · c6 · span 565866–565873
9Section 03, Nicholas O'Grady PRSUDEF 14A2026-04-100001104485-26-000013Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t117 · r4 · c6 · span 549556–549565
10Section 03, Adam Dirlam PRSUDEF 14A2026-04-100001104485-26-000013Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t117 · r7 · c6 · span 558071–558080
11Section 07, pay ratioDEF 14A2026-04-100001104485-26-000013Section “CEO Pay Ratio”. As printed: 25 : 1. Filing ↗machine: span 753958–753960
12Section 08, Bahram AkradiDEF 14A2026-04-100001104485-26-000013Section “Director Compensation”. As printed: 750,000. Filing ↗machine: t156 · r3 · c5 · span 853380–853387
13Section 08, Jennifer PomerantzDEF 14A2026-04-100001104485-26-000013Section “Director Compensation”. As printed: 402,500. Filing ↗machine: t156 · r10 · c5 · span 863429–863436
14Section 08, Stuart LasherDEF 14A2026-04-100001104485-26-000013Section “Director Compensation”. As printed: 402,500. Filing ↗machine: t156 · r9 · c5 · span 861844–861851
15Section 08, Michael FrantzDEF 14A2026-04-100001104485-26-000013Section “Director Compensation”. As printed: 377,500. Filing ↗machine: t156 · r6 · c5 · span 857513–857520
16Section 08, Roy (Ernie) EasleyDEF 14A2026-04-100001104485-26-000013Section “Director Compensation”. As printed: 290,000. Filing ↗machine: t156 · r5 · c5 · span 856136–856143
17Section 08, William KimbleDEF 14A2026-04-100001104485-26-000013Section “Director Compensation”. As printed: 285,000. Filing ↗machine: t156 · r7 · c5 · span 858890–858897
18Section 08, Lisa BromileyDEF 14A2026-04-100001104485-26-000013Section “Director Compensation”. As printed: 272,500. Filing ↗machine: t156 · r4 · c5 · span 854755–854762
19Section 08, Jack KingDEF 14A2026-04-100001104485-26-000013Section “Director Compensation”. As printed: 107,054. Filing ↗machine: t156 · r8 · c5 · span 860468–860475
20Section 08, Nicholas O'GradyDEF 14A2026-04-100001104485-26-000013Section “Director Compensation”. As printed: 0. Filing ↗
21Section 02, Bahram Akradi 2026-06-22Form 42026-06-240001295679-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, William Kimble 2026-06-30Form 42026-07-020001640076-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Jennifer Pomerantz 2026-06-30Form 42026-07-020001899076-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Bahram Akradi 2026-06-30Form 42026-07-020001295679-26-000017Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Lisa Meier 2026-06-30Form 42026-07-020001287481-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Stuart Lasher 2026-06-30Form 42026-07-020001804333-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Michael Frantz 2026-06-30Form 42026-07-020001682436-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
28Section 06, 2026 voteForm 8-K2026-05-260001104485-26-000023Item 5.07 · say-on-pay result. As reported: 96.43% (votes for as printed: 80,671,263). Filing ↗
29Section 06, 2025 voteForm 8-K2025-05-270001104485-25-000106Item 5.07 · say-on-pay result. As reported: 89.78% (votes for as printed: 73,313,959). Filing ↗
30Section 06, 2024 voteForm 8-K2024-05-280001104485-24-000118Item 5.07 · say-on-pay result. As reported: 83.6% (votes for as printed: 71,958,025). Filing ↗
31Section 09b board cost (computed)ComputedcomputedCash 1,233,304 + equity 1,653,750 + all other 0 = 2,887,054, summed across the director compensation table rows.machine: formula: Σ = 2,887,054
32Permian Resources Corporation, Section 10b CEO totalDEF 14A2026-04-060001658566-26-000062CEO total compensation as printed in Permian Resources Corporation's own proxy. As printed: 11,432,842. Filing ↗machine: t148 · r2 · c4 · span 951392–951402
33Matador Resources Company, Section 10b CEO totalDEF 14A2025-04-280001520006-25-000125CEO total compensation as printed in Matador Resources Company's own proxy. As printed: 8,437,049. Filing ↗machine: r2 · c6 · span 2079441–2079451
34Civitas Resources, Inc., Section 10b CEO totalDEF 14A2025-04-210001558370-25-005077CEO total compensation as printed in Civitas Resources, Inc.'s own proxy. As printed: 8,385,769. Filing ↗machine: t156 · r5 · c14 · span 1210375–1210384
35W&T Offshore, Inc., Section 10b CEO totalDEF 14A2026-04-230001104659-26-047016CEO total compensation as printed in W&T Offshore, Inc.'s own proxy. As printed: 6,183,187. Filing ↗machine: r1 · c42 · span 1563753–1563762
36Northern Oil & Gas (subject), Section 10b CEO totalDEF 14A2026-04-100001104485-26-000013CEO total compensation as printed in Northern Oil & Gas's own proxy. As printed: 5,602,413. Filing ↗machine: t117 · r4 · c12 · span 550610–550619
37SM Energy Company, Section 10b CEO totalDEF 14A2026-04-080000893538-26-000048CEO total compensation as printed in SM Energy Company's own proxy. As printed: 4,475,172. Filing ↗machine: span 673171–673180
38Granite Ridge Resources, Inc., Section 10b CEO totalDEF 14A2025-04-080001928446-25-000017CEO total compensation as printed in Granite Ridge Resources, Inc.'s own proxy. As printed: 1,461,306. Filing ↗machine: span 290882–290892
39Section 10a, Permian Resources Corporation reciprocityDEF 14A0001658566-26-000062Permian Resources Corporation names Northern Oil & Gas in its own disclosed peer group (read from its most recent proxy). Filing ↗
40Section 10a, SM Energy Company reciprocityDEF 14A0000893538-26-000048SM Energy Company names Northern Oil & Gas in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, W&T Offshore, Inc. reciprocityDEF 14A0001104659-26-047016W&T Offshore, Inc.'s most recent proxy was read; its disclosed peer group does not include Northern Oil & Gas. Filing ↗
42Section 10a, Civitas Resources, Inc. reciprocityDEF 14A0001558370-25-005077Civitas Resources, Inc.'s most recent proxy was read; its disclosed peer group does not include Northern Oil & Gas. Filing ↗
43Section 10a, Matador Resources Company reciprocityDEF 14A0001520006-26-000013Matador Resources Company's most recent proxy was read; its disclosed peer group does not include Northern Oil & Gas. Filing ↗