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.
Each company listed discloses PBF 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 PBF 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 |
|---|---|---|---|---|---|---|---|---|
| Matthew Lucey | $1,250,000 | $312,500 | $5,767,000 | $0 | $0 | $431,397 | $126,123 | $7,887,020 |
| President and Chief Executive Officer | ||||||||
| T. Paul Davis | 632,500 | 158,125 | 2,487,427 | 0 | 0 | 268,436 | 73,259 | 3,619,747 |
| SVP-Supply, Trading and Optimization | ||||||||
| Thomas O'Connor | 632,500 | 158,125 | 2,487,427 | 0 | 0 | 228,964 | 77,759 | 3,584,775 |
| Former SVP-Commodity Risk & Strategy | ||||||||
| Trecia Canty | 632,500 | 158,125 | 2,487,427 | 0 | 0 | 217,562 | 73,259 | 3,550,861 |
| SVP-General Counsel | ||||||||
| Joseph Marino | 406,250 | 101,563 | 2,487,427 | 0 | 0 | 96,241 | 34,246 | 3,125,727 |
| SVP-Chief Financial Officer | ||||||||
| Karen Davis | 495,000 | 0 | 0 | 0 | 0 | 186,403 | 68,621 | 750,024 |
| Former SVP-Chief Financial 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 | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Matthew Lucey | $7,887,020 | $8,837,500 | $12,240,872 | −950,480 |
| T. Paul Davis | 3,619,747 | — | 8,562,834 | — |
| Thomas O'Connor | 3,584,775 | — | 5,384,550 | — |
| Trecia Canty | 3,550,861 | — | 5,390,007 | — |
| Joseph Marino | 3,125,727 | — | — | — |
| Karen Davis | 750,024 | 3,890,608 | 8,562,834 | −3,140,584 |
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 |
|---|---|---|---|---|---|---|---|
| Matthew Lucey | PSU | — | — | — | — | — | $5,767,000 |
| Joseph Marino | PSU | — | — | — | — | — | 2,487,427 |
| Trecia Canty | PSU | — | — | — | — | — | 2,487,427 |
| Thomas O'Connor | PSU | — | — | — | — | — | 2,487,427 |
| T. Paul Davis | PSU | — | — | — | — | — | 2,487,427 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Matthew Lucey | $0 | $5,767,000 | $0 | 100.0% |
| Joseph Marino | 0 | 2,487,427 | 0 | 100.0% |
| Trecia Canty | 0 | 2,487,427 | 0 | 100.0% |
| Thomas O'Connor | 0 | 2,487,427 | 0 | 100.0% |
| T. Paul Davis | 0 | 2,487,427 | 0 | 100.0% |
% 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 |
|---|---|---|---|---|
| Davis | RSU | 18,078 | — | $510,161 |
| Trecia Canty | PSU | 30,353 | — | 831,520 |
| Thomas O'Connor | RSU | 18,078 | — | 510,161 |
| Joseph Marino | PSU | 30,353 | — | 831,520 |
| Thomas O'Connor | PSU | 19,036 | — | 542,431 |
| Davis | PSU | 19,036 | — | 542,431 |
| Thomas O'Connor | PSU | 30,353 | — | 831,520 |
| Davis | RSU | 10,634 | — | 310,991 |
| Trecia Canty | RSU | 10,634 | — | 310,991 |
| Matthew Lucey | PSU | 55,902 | — | 1,592,927 |
| Matthew Lucey | RSU | 53,089 | — | 1,498,172 |
| Matthew Lucey | RSU | 41,927 | — | 1,226,155 |
| Matthew Lucey | PSU | 42,984 | — | 1,165,726 |
| Davis | PSU | 30,353 | — | 831,520 |
| Matthew Lucey | PSU | 22,664 | — | 668,475 |
| Davis | PSU | 19,572 | — | 530,793 |
| Trecia Canty | RSU | 18,078 | — | 510,161 |
| Joseph Marino | PSU | 18,540 | — | 502,805 |
| Davis | PSU | 18,540 | — | 502,805 |
| Thomas O'Connor | PSU | 18,540 | — | 502,805 |
| Thomas O'Connor | RSU | 10,634 | — | 310,991 |
| Davis | PSU | 7,157 | — | 215,390 |
| Davis | PSU | 6,223 | — | 183,547 |
| Davis | PSU | 5,748 | — | 169,537 |
| Joseph Marino | PSU | 3,607 | — | 102,781 |
| Joseph Marino | RSU | 3,426 | — | 96,682 |
| Joseph Marino | RSU | 2,051 | — | 59,981 |
| Davis | RSU | 11,512 | — | 312,205 |
| Joseph Marino | PSU | 1,089 | — | 32,120 |
| Trecia Canty | PSU | 19,036 | — | 542,431 |
| Trecia Canty | PSU | 5,748 | — | 169,537 |
| Trecia Canty | PSU | 18,540 | — | 502,850 |
| Thomas O'Connor | PSU | 5,748 | — | 169,537 |
| Matthew Lucey | PSU | 70,372 | — | 1,927,841 |
| Davis | PSU | 20,608 | — | 587,225 |
Our compensation arrangements are designed to ensure that our executives are rewarded appropriately for their contributions to our growth and profitability and that the compensation is demonstrably contingent upon and linked to our sustained success.
| CEO STI target (% of salary) | 150% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Pay Governance LLC |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-04-28 | 88,310,741 | 8,675,183 | 314,285 | 91.06% | Passed |
| 2025 | 2025-04-29 | 89,414,573 | 9,346,411 | 828,104 | 90.54% | Passed |
| 2024 | 2024-04-30 | 91,134,824 | 2,513,608 | 101,578 | 97.32% | Passed |
| 2023 | 2023-05-03 | 83,267,801 | 4,803,341 | 102,117 | 94.55% | Passed |
| 2022 | 2022-05-26 | 99,421,196 | 1,307,065 | 127,259 | 98.7% | Passed |
| 2021 | 2021-05-27 | 62,983,428 | 3,051,560 | 143,089 | 95.38% | 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.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-04-28 | 91.06%a |
| 2025 | 2025-04-29 | 90.54%b |
| 2024 | 2024-04-30 | 97.32%c |
a. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not counted as votes cast and have no effect on the proposal.”.
b. Approved under the standard stated in the filing — “Abstentions have no effect on this proposal.”.
c. Approved under the standard stated in the filing — “Abstentions have no effect on this proposal.”.
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.
| Ratio (CEO : median employee) | 41.6 : 1 |
|---|---|
| CEO total compensation | $7,887,020 |
| Median employee compensation | $189,492 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| S. Eugene EdwardsIndependent · Lead Independent Director · Nominating and Corporate Governance Committee · Health, Safety and Environment Committee | $165,000 | $175,000 | $0 | — | $0 | $340,000 |
| Kimberly S. LubelIndependent · Audit Committee (Chair) · Health, Safety and Environment Committee | 155,000 | 175,000 | 0 | — | 0 | 330,000 |
| Lawrence M. ZiembaIndependent · Health, Safety and Environment Committee (Chair) | 150,000 | 175,000 | 0 | — | 0 | 325,000 |
| Spencer AbrahamIndependent · Compensation Committee · Nominating and Corporate Governance Committee (Chair) | 150,000 | 175,000 | 0 | — | 0 | 325,000 |
| Paul J. Donahue JrIndependent · Audit Committee · Compensation Committee (Chair) | 143,333 | 175,000 | 0 | — | 0 | 318,333 |
| George E. OgdenIndependent · Audit Committee | 130,000 | 175,000 | 0 | — | 0 | 305,000 |
| Damian W. WilmotIndependent · Compensation Committee · Nominating and Corporate Governance Committee | 130,000 | 175,000 | 0 | — | 0 | 305,000 |
| Georganne HodgesIndependent · Audit Committee | 130,000 | 175,000 | 0 | — | 0 | 305,000 |
| Thomas J. NimbleyEmployee director · Board Chair | 65,000 | 175,000 | 0 | — | 0 | 240,000 |
| Karen B. DavisIndependent | 32,500 | 102,083 | 0 | — | 0 | 134,583 |
| Matthew C. LuceyEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $130,000 |
|---|---|
| Annual equity retainer | $175,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | 3x annual cash retainer |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $1,250,833 |
| Equity awards (grant-date value) | $1,677,083 |
| All other compensation | $0 |
| Total cost of the board | $2,927,916 |
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 PBF 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.
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 PBF Energy.
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 | Valero Energy Corporation | 2025 | R. Lane Riggs | $1,720,000 | $15,760,536 | $0 | $5,482,810 | $34,228,523 |
| 2 | Phillips 66 Company | 2025 | Mark Lashier | 1,741,667 | 16,185,204 | 0 | 3,734,134 | 23,113,403 |
| 3 | Marathon Petroleum Corporation | 2025 | Maryann Mannen | 1,400,000 | 13,391,322 | 0 | 3,303,300 | 19,016,261 |
| 4 | HF Sinclair Corporation | 2025 | Timothy Go | 1,204,615 | 9,977,382 | 0 | 2,668,968 | 14,278,553 |
| 5 | CVR Energy | 2025 | David Lamp | 1,200,000 | 1,678,683 | 0 | 2,034,000 | 8,602,449 |
| 6 | PBF Energy | 2025 | Matthew Lucey | 1,250,000 | 5,767,000 | 0 | 0 | 7,887,020 |
| — | Delek US Holdings, 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.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| PBF Energy | not disclosed | RSU 40 · PSU 30 · Cash LTI 30 | Yes — Relative TSR | Pay Governance LLC |
| CVR Energy | 113% | RSU 100 | not disclosed | None (not engaged in 2025) |
| Delek US Holdings, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| HF Sinclair Corporation | not disclosed | not disclosed | not disclosed | Meridian Compensation Partners, LLC |
| Marathon Petroleum Corporation | 143% | not disclosed | Yes — Relative TSR | FW Cook |
| Phillips 66 Company | 134% | PSU 70 · RSU 30 | Yes — Relative TSR | Mercer |
| Valero Energy Corporation | 199.23% | PSU 50 · RSU 50 | Yes — Relative TSR | Exequity LLP |
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, Matthew Lucey | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “2025 SUMMARY COMPENSATION TABLE” · page 40. As printed: 7,887,020. Filing ↗machine: r2 · c27 · span 1240387–1240396 |
| 2 | Section 01, T. Paul Davis | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “2025 SUMMARY COMPENSATION TABLE” · page 40. As printed: 3,619,747. Filing ↗machine: r15 · c27 · span 1261796–1261805 |
| 3 | Section 01, Thomas O'Connor | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “2025 SUMMARY COMPENSATION TABLE” · page 40. As printed: 3,584,775. Filing ↗machine: t246 · r12 · c27 · span 1293473–1293482 |
| 4 | Section 01, Trecia Canty | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “2025 SUMMARY COMPENSATION TABLE” · page 40. As printed: 3,550,861. Filing ↗machine: t246 · r9 · c27 · span 1277621–1277630 |
| 5 | Section 01, Joseph Marino | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “2025 SUMMARY COMPENSATION TABLE” · page 40. As printed: 3,125,727. Filing ↗machine: r5 · c27 · span 1255980–1255989 |
| 6 | Section 01, Karen Davis | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “2025 SUMMARY COMPENSATION TABLE” · page 40. As printed: 750,024. Filing ↗machine: r15 · c27 · span 1309413–1309420 |
| 7 | Section 03, Matthew Lucey PSU | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t246 · r2 · c12 · span 1237545–1237554 |
| 8 | Section 03, Joseph Marino PSU | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t246 · r5 · c12 · span 1253134–1253143 |
| 9 | Section 03, Trecia Canty PSU | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t246 · r9 · c12 · span 1274732–1274741 |
| 10 | Section 03, Thomas O'Connor PSU | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t246 · r12 · c12 · span 1290584–1290593 |
| 11 | Section 03, T. Paul Davis PSU | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t246 · r6 · c12 · span 1258907–1258916 |
| 12 | Section 07, pay ratio | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “CEO Pay Ratio”. As printed: 41.6 : 1. Filing ↗ |
| 13 | Section 08, S. Eugene Edwards | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Director Compensation”. As printed: 340,000. Filing ↗machine: t354 · r5 · c9 · span 2066229–2066236 |
| 14 | Section 08, Kimberly S. Lubel | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Director Compensation”. As printed: 330,000. Filing ↗machine: t354 · r7 · c9 · span 2070276–2070283 |
| 15 | Section 08, Lawrence M. Ziemba | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Director Compensation”. As printed: 325,000. Filing ↗machine: t354 · r11 · c9 · span 2077990–2077997 |
| 16 | Section 08, Spencer Abraham | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Director Compensation”. As printed: 325,000. Filing ↗machine: t354 · r2 · c9 · span 2060101–2060108 |
| 17 | Section 08, Paul J. Donahue Jr | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Director Compensation”. As printed: 318,333. Filing ↗machine: t354 · r4 · c9 · span 2064205–2064212 |
| 18 | Section 08, George E. Ogden | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Director Compensation”. As printed: 305,000. Filing ↗machine: t354 · r9 · c9 · span 2074378–2074385 |
| 19 | Section 08, Damian W. Wilmot | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Director Compensation”. As printed: 305,000. Filing ↗machine: t354 · r10 · c9 · span 2076401–2076408 |
| 20 | Section 08, Georganne Hodges | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Director Compensation”. As printed: 305,000. Filing ↗machine: t354 · r6 · c9 · span 2068252–2068259 |
| 21 | Section 08, Thomas J. Nimbley | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Director Compensation”. As printed: 240,000. Filing ↗machine: t354 · r8 · c9 · span 2072356–2072363 |
| 22 | Section 08, Karen B. Davis | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Director Compensation”. As printed: 134,583. Filing ↗machine: t354 · r3 · c9 · span 2062178–2062185 |
| 23 | Section 08, Matthew C. Lucey | DEF 14A | 2026-03-17 | 0001140361-26-009843 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 24 | Section 06, 2026 vote | Form 8-K | 2026-04-30 | 0001534504-26-000020 | Item 5.07 · say-on-pay result. As reported: 91.06% (votes for as printed: 88,310,741). Filing ↗ |
| 25 | Section 06, 2025 vote | Form 8-K | 2025-05-02 | 0001534504-25-000034 | Item 5.07 · say-on-pay result. As reported: 90.54% (votes for as printed: 89,414,573). Filing ↗ |
| 26 | Section 06, 2024 vote | Form 8-K | 2024-05-01 | 0001534504-24-000020 | Item 5.07 · say-on-pay result. As reported: 97.32% (votes for as printed: 91,134,824). Filing ↗ |
| 27 | 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) |
| 28 | 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 |
| 29 | Section 09b board cost (computed) | Computed | — | computed | Cash 1,250,833 + equity 1,677,083 + all other 0 = 2,927,916, summed across the director compensation table rows.machine: formula: Σ = 2,927,916 |
| 30 | Valero Energy Corporation, Section 10b CEO total | DEF 14A | — | — | CEO total compensation as printed in Valero Energy Corporation's own proxy. As printed: 34,228,523. |
| 31 | Phillips 66 Company, Section 10b CEO total | DEF 14A | 2026-04-02 | 0001534701-26-000010 | CEO total compensation as printed in Phillips 66 Company's own proxy. As printed: 23,113,403. Filing ↗machine: t231 · r4 · c13 · span 1318456–1318466 |
| 32 | Marathon Petroleum Corporation, Section 10b CEO total | DEF 14A | 2026-03-16 | 0001510295-26-000023 | CEO total compensation as printed in Marathon Petroleum Corporation's own proxy. As printed: 19,016,261. Filing ↗machine: t228 · r3 · c8 · span 2936922–2936932 |
| 33 | HF Sinclair Corporation, Section 10b CEO total | DEF 14A | 2026-03-31 | 0001193125-26-134743 | CEO total compensation as printed in HF Sinclair Corporation's own proxy. As printed: 14,278,553. Filing ↗machine: span 891119–891129 |
| 34 | CVR Energy, Section 10b CEO total | DEF 14A | 2026-04-21 | 0001376139-26-000022 | CEO total compensation as printed in CVR Energy's own proxy. As printed: 8,602,449. Filing ↗machine: span 526205–526214 |
| 35 | PBF Energy (subject), Section 10b CEO total | DEF 14A | 2026-03-17 | 0001140361-26-009843 | CEO total compensation as printed in PBF Energy's own proxy. As printed: 7,887,020. Filing ↗machine: r2 · c27 · span 1240387–1240396 |
| 36 | Section 10a, HF Sinclair Corporation reciprocity | DEF 14A | — | 0001193125-26-134743 | HF Sinclair Corporation names PBF Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 37 | Section 10a, Phillips 66 Company reciprocity | DEF 14A | — | 0001534701-26-000010 | Phillips 66 Company names PBF Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 38 | Section 10a, CVR Energy reciprocity | DEF 14A | — | 0001376139-26-000022 | CVR Energy names PBF Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 39 | Section 10a, Marathon Petroleum Corporation reciprocity | DEF 14A | — | 0001510295-26-000023 | Marathon Petroleum Corporation's most recent proxy was read; its disclosed peer group does not include PBF Energy. Filing ↗ |
| 40 | Section 10a, Valero Energy Corporation reciprocity | DEF 14A | — | 0001628280-26-019806 | Valero Energy Corporation names PBF Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗ |