Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-30

PBF Energy (PBF)

CEO Matthew Lucey was paid $7,887,020 in fiscal year 2025, ↓ down 10.8% from fiscal year 2024, the 17th percentile of its disclosed peer group (SEC filing 0001140361-26-009843 ↗): 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.

$7,887,020 ↓
Matthew Lucey total, FY2025
17th
CEO pay percentile vs peers
41.6:1
CEO-to-median pay ratio
91.06%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Matthew Lucey (President and Chief Executive Officer), FY2025 total compensation $7,887,020 (base salary $1,250,000) [exec_comp, SEC accession 0001140361-26-009843, filed 2026-03-17]

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PBF's next annual pay disclosure, estimated March 17, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
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 Davis632,500158,1252,487,42700268,43673,2593,619,747
SVP-Supply, Trading and Optimization
Thomas O'Connor632,500158,1252,487,42700228,96477,7593,584,775
Former SVP-Commodity Risk & Strategy
Trecia Canty632,500158,1252,487,42700217,56273,2593,550,861
SVP-General Counsel
Joseph Marino406,250101,5632,487,4270096,24134,2463,125,727
SVP-Chief Financial Officer
Karen Davis495,0000000186,40368,621750,024
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.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Matthew Lucey$7,887,020$8,837,500$12,240,872↓ −950,480
T. Paul Davis3,619,7473,734,2745,385,407↓ −114,527
Thomas O'Connor3,584,7753,693,1055,384,550↓ −108,330
Trecia Canty3,550,8613,697,1675,390,007↓ −146,306
Joseph Marino3,125,727———
Karen Davis750,0243,890,6088,562,834↓ −3,140,584

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against PBF
6 companies name PBF as a compensation peer

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.

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Joseph MarinoCFO$3,125,727
Karen DavisCFO$750,024
Matthew LuceyCEO$7,887,020
T. Paul DavisSVP$3,619,747
Thomas O'ConnorSVP$3,584,775
Trecia CantyGeneral Counsel$3,550,861
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Damian W. WilmotIndependent Director$305,000
Georganne HodgesIndependent Director$305,000
George E. OgdenIndependent Director$305,000
Kimberly S. LubelIndependent Director$330,000
Lawrence M. ZiembaIndependent Director$325,000
Paul J. Donahue JrIndependent Director$318,333
S. Eugene EdwardsLead Independent Director$340,000
Spencer AbrahamIndependent Director$325,000
Thomas J. NimbleyChair of the Board$240,000
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
Matthew LuceyPSU—————$5,767,000
Joseph MarinoPSU—————2,487,427
T. Paul DavisPSU—————2,487,427
Trecia CantyPSU—————2,487,427
Thomas O'ConnorPSU—————2,487,427
Thomas O'ConnorRSU2025-10-28——30,353—994,971
Thomas O'ConnorPSU2025-10-28—1,356,765—2,713,530746,221
Thomas O'ConnorPSU2025-10-28—18,540—37,080746,235
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Matthew Lucey$0$5,767,000$0100.0%
Joseph Marino02,487,4270100.0%
T. Paul Davis02,487,4270100.0%
Trecia Canty02,487,4270100.0%
Thomas O'Connor994,9713,979,883080.0%

% 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
Thomas O'ConnorRSU18,078—$510,161
Joseph MarinoPSU1,089—32,120
DavisPSU5,748—169,537
Matthew LuceyPSU70,372—1,927,841
Matthew LuceyPSU55,902—1,592,927
Matthew LuceyRSU53,089—1,498,172
Thomas O'ConnorPSU30,353—831,520
Matthew LuceyRSU41,927—1,226,155
Matthew LuceyRSU42,984—1,165,726
Thomas O'ConnorRSU10,634—310,991
Joseph MarinoPSU30,353—831,520
DavisPSU30,353—831,520
Trecia CantyPSU30,353—831,520
Matthew LuceyPSU22,664—668,475
DavisPSU20,608—587,225
DavisPSU19,036—542,431
Trecia CantyPSU19,036—542,431
Thomas O'ConnorPSU19,036—542,431
DavisRSU19,572—530,793
DavisRSU18,078—510,161
Trecia CantyRSU18,078—510,161
Trecia CantyRSU18,540—502,850
Joseph MarinoRSU18,540—502,805
DavisRSU18,540—502,805
Thomas O'ConnorRSU18,540—502,805
DavisRSU11,512—312,205
DavisRSU10,634—310,991
Trecia CantyRSU10,634—310,991
DavisPSU7,157—215,390
DavisPSU6,223—183,547
Trecia CantyPSU5,748—169,537
Thomas O'ConnorPSU5,748—169,537
Joseph MarinoPSU3,607—102,781
Joseph MarinoRSU3,426—96,682
Joseph MarinoRSU2,051—59,981
05

Incentive-plan design — the Compensation Discussion & Analysis

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. This linkage encourages the commonality of interests between our executives and our stockholders.

CEO STI target (% of salary)150%
CEO LTI target (% of salary)—
Independent consultantPay Governance LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-2888,310,7418,675,183314,28591.06%Passed
20252025-04-2989,414,5739,346,411828,10490.54%Passed
20242024-04-3091,134,8242,513,608101,57897.32%Passed
20232023-05-0383,267,8014,803,341102,11794.55%Passed
20222022-05-2699,421,1961,307,065127,25998.7%Passed
20212021-05-2762,983,4283,051,560143,08995.38%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.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-04-2891.06%a
20252025-04-2990.54%b
20242024-04-3097.32%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.

07

CEO pay ratio

Ratio (CEO : median employee)41.6 : 1
CEO total compensation$7,887,020
Median employee compensation$189,492
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
S. Eugene EdwardsIndependent · Lead Independent Director · Nominating and Corporate Governance Committee · Health, Safety and Environment Committee$165,000$175,000———$340,000
Kimberly S. LubelIndependent · Audit Committee · Health, Safety and Environment Committee155,000175,000———330,000
Spencer AbrahamIndependent · Compensation Committee · Nominating and Corporate Governance Committee150,000175,000———325,000
Lawrence M. ZiembaIndependent · Health, Safety and Environment Committee150,000175,000———325,000
Paul J. Donahue JrIndependent · Compensation (Chair) · Governance143,333175,000———318,333
Georganne HodgesIndependent · Audit Committee130,000175,000———305,000
George E. OgdenIndependent · Audit Committee130,000175,000———305,000
Damian W. WilmotIndependent · Compensation Committee · Nominating and Corporate Governance Committee130,000175,000———305,000
Thomas J. NimbleyNot independent · Board Chair65,000175,000———240,000
Karen B. DavisIndependent · Partial-year service · Newly elected32,500102,083———134,583
Matthew C. LuceyEmployee director · Partial-year service—————0
09

Board fee structure and ownership guideline

Annual cash retainer$130,000
Annual equity retainer$175,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline$3
09b

Total cost of the board

ComponentFY2025
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.

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.

10a

Peer reciprocity

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.

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
1Valero Energy Corporation2025R. Lane Riggs$1,720,000$15,760,536$0$5,482,810$34,228,523
2Phillips 66 Company2025Mark Lashier1,741,66716,185,20403,734,13423,113,403
3Marathon Petroleum Corporation2025Maryann Mannen1,400,00013,391,32203,303,30019,016,261
4HF Sinclair Corporation2025Timothy Go1,204,6159,977,38202,668,96814,278,553
5CVR Energy2025David Lamp1,200,0001,678,68302,034,0008,602,449
6PBF Energy2025Matthew Lucey1,250,0005,767,000007,887,020
7Delek US Holdings, Inc.2025Avigal Soreq900,0004,832,19501,895,5447,683,786

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
PBF Energynot disclosedRestricted Stock 40 · Performance Share Units 30 · Performance Units 30Yes — Relative TSRPay Governance LLC
CVR Energy113%RSU 100not disclosedNone (not engaged in 2025)
Delek US Holdings, Inc.not disclosedRSU 50 · PSU 50not disclosedPay Governance LLC
HF Sinclair Corporation151.8%not disclosedNoMeridian Compensation Partners, LLC
Marathon Petroleum Corporation143%not disclosedYes — Relative TSRFW Cook
Phillips 66 Company134%PSU 70 · RSU 30Yes — Relative TSRMercer
Valero Energy Corporation199.23%PSU 50 · RSU 50Yes — Relative TSRExequity

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.

10d

Frequently asked questions

Who was the highest-paid executive at PBF Energy in fiscal 2025?
As disclosed, Matthew Lucey (President and Chief Executive Officer) was the highest-paid executive at PBF Energy in fiscal 2025, with total compensation of $7,887,020.
How does PBF Energy's chief executive pay compare to its disclosed peer group?
As disclosed, Matthew Lucey's total compensation ranked at the 17th percentile of PBF Energy's disclosed peer group.
What is PBF Energy's CEO-to-median employee pay ratio?
As disclosed, PBF Energy's CEO-to-median employee pay ratio was 41.6:1.
How did shareholders vote on PBF Energy's executive compensation?
As disclosed, 91.06% of shareholders supported PBF Energy's executive compensation in the latest say-on-pay vote.
How much does PBF Energy spend in total on board compensation for fiscal 2025?
As disclosed, PBF Energy reported total board compensation of $2,927,916 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

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, Matthew LuceyDEF 14A2026-03-170001140361-26-009843Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 7,887,020. Filing ↗machine: r2 · c27 · span 1240387–1240396
2Section 01, T. Paul DavisDEF 14A2026-03-170001140361-26-009843Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 3,619,747. Filing ↗machine: r6 · c27 · span 1261796–1261805
3Section 01, Thomas O'ConnorDEF 14A2026-03-170001140361-26-009843Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 3,584,775. Filing ↗machine: r12 · c27 · span 1293473–1293482
4Section 01, Trecia CantyDEF 14A2026-03-170001140361-26-009843Section “2025 SUMMARY COMPENSATION TABLE” · page 40. As printed: 3,550,861. Filing ↗machine: t246 · r9 · c27 · span 1277621–1277630
5Section 01, Joseph MarinoDEF 14A2026-03-170001140361-26-009843Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 3,125,727. Filing ↗machine: r5 · c27 · span 1255980–1255989
6Section 01, Karen DavisDEF 14A2026-03-170001140361-26-009843Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 750,024. Filing ↗machine: r15 · c27 · span 1309413–1309420
7Section 03, Matthew Lucey PSUDEF 14A2026-03-170001140361-26-009843Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t246 · r2 · c12 · span 1237545–1237554
8Section 03, Joseph Marino PSUDEF 14A2026-03-170001140361-26-009843Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t246 · r5 · c12 · span 1253134–1253143
9Section 03, T. Paul Davis PSUDEF 14A2026-03-170001140361-26-009843Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t246 · r6 · c12 · span 1258907–1258916
10Section 03, Trecia Canty PSUDEF 14A2026-03-170001140361-26-009843Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t246 · r9 · c12 · span 1274732–1274741
11Section 03, Thomas O'Connor PSUDEF 14A2026-03-170001140361-26-009843Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t246 · r12 · c12 · span 1290584–1290593
12Section 03, Thomas O'Connor RSUDEF 14A2026-03-170001140361-26-009843Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1430923–1430930
13Section 03, Thomas O'Connor PSUDEF 14A2026-03-170001140361-26-009843Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1437124–1437131
14Section 03, Thomas O'Connor PSUDEF 14A2026-03-170001140361-26-009843Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1443153–1443160
15Section 07, pay ratioDEF 14A2026-03-170001140361-26-009843Section “CEO Pay Ratio”. As printed: 41.6 : 1. Filing ↗
16Section 08, S. Eugene EdwardsDEF 14A2026-03-170001140361-26-009843Section “Director Compensation”. As printed: 340,000. Filing ↗machine: span 2066103–2066243
17Section 08, Kimberly S. LubelDEF 14A2026-03-170001140361-26-009843Section “Director Compensation”. As printed: 330,000. Filing ↗machine: span 2070150–2070290
18Section 08, Spencer AbrahamDEF 14A2026-03-170001140361-26-009843Section “Director Compensation”. As printed: 325,000. Filing ↗machine: span 2059975–2060115
19Section 08, Lawrence M. ZiembaDEF 14A2026-03-170001140361-26-009843Section “Director Compensation”. As printed: 325,000. Filing ↗machine: span 2077864–2078003
20Section 08, Paul J. Donahue JrDEF 14A2026-03-170001140361-26-009843Section “Director Compensation”. As printed: 318,333. Filing ↗machine: span 2064079–2064219
21Section 08, Georganne HodgesDEF 14A2026-03-170001140361-26-009843Section “Director Compensation”. As printed: 305,000. Filing ↗machine: span 2068126–2068266
22Section 08, George E. OgdenDEF 14A2026-03-170001140361-26-009843Section “Director Compensation”. As printed: 305,000. Filing ↗machine: span 2074252–2074392
23Section 08, Damian W. WilmotDEF 14A2026-03-170001140361-26-009843Section “Director Compensation”. As printed: 305,000. Filing ↗machine: span 2076275–2076415
24Section 08, Thomas J. NimbleyDEF 14A2026-03-170001140361-26-009843Section “Director Compensation”. As printed: 240,000. Filing ↗machine: span 2072230–2072370
25Section 08, Karen B. DavisDEF 14A2026-03-170001140361-26-009843Section “Director Compensation”. As printed: 134,583. Filing ↗machine: span 2062052–2062192
26Section 08, Matthew C. LuceyDEF 14A2026-03-170001140361-26-009843Section “Director Compensation”. As printed: 0. Filing ↗
27Section 06, 2026 voteForm 8-K2026-04-300001534504-26-000020Item 5.07 · say-on-pay result. As reported: 91.06% (votes for as printed: 88,310,741). Filing ↗
28Section 06, 2025 voteForm 8-K2025-05-020001534504-25-000034Item 5.07 · say-on-pay result. As reported: 90.54% (votes for as printed: 89,414,573). Filing ↗
29Section 06, 2024 voteForm 8-K2024-05-010001534504-24-000020Item 5.07 · say-on-pay result. As reported: 97.32% (votes for as printed: 91,134,824). Filing ↗
30Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
31Section 03b vehicle mix (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
32Section 09b board cost (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
33Valero Energy Corporation, Section 10b CEO totalDEF 14A2026-03-190001628280-26-019806CEO total compensation as printed in Valero Energy Corporation's own proxy. As printed: 34,228,523. Filing ↗machine: r2 · c21 · span 1057670–1057680
34Phillips 66 Company, Section 10b CEO totalDEF 14A2026-04-020001534701-26-000010CEO total compensation as printed in Phillips 66 Company's own proxy. As printed: 23,113,403. Filing ↗machine: t231 · r4 · c13 · span 1318456–1318466
35Marathon Petroleum Corporation, Section 10b CEO totalDEF 14A2026-03-160001510295-26-000023CEO total compensation as printed in Marathon Petroleum Corporation's own proxy. As printed: 19,016,261. Filing ↗machine: t228 · r3 · c8 · span 2936922–2936932
36HF Sinclair Corporation, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134743CEO total compensation as printed in HF Sinclair Corporation's own proxy. As printed: 14,278,553. Filing ↗machine: span 891119–891129
37CVR Energy, Section 10b CEO totalDEF 14A2026-04-210001376139-26-000022CEO total compensation as printed in CVR Energy's own proxy. As printed: 8,602,449. Filing ↗machine: span 526205–526214
38PBF Energy (subject), Section 10b CEO totalDEF 14A2026-03-170001140361-26-009843CEO total compensation as printed in PBF Energy's own proxy. As printed: 7,887,020. Filing ↗machine: r2 · c27 · span 1240387–1240396
39Delek US Holdings, Inc., Section 10b CEO totalDEF 14A2026-03-100001140361-26-008842CEO total compensation as printed in Delek US Holdings, Inc.'s own proxy. As printed: 7,683,786. Filing ↗machine: r3 · c25 · span 886124–886133
40Section 10a, CVR Energy reciprocityDEF 14A—0001376139-26-000022CVR Energy names PBF Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, Delek US Holdings, Inc. reciprocityDEF 14A—0001140361-26-008842Delek US Holdings, Inc. names PBF Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, HF Sinclair Corporation reciprocityDEF 14A—0001193125-26-134743HF Sinclair Corporation names PBF Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Marathon Petroleum Corporation reciprocityDEF 14A—0001510295-26-000023Marathon Petroleum Corporation's most recent proxy was read; its disclosed peer group does not include PBF Energy. Filing ↗
44Section 10a, Phillips 66 Company reciprocityDEF 14A—0001534701-26-000010Phillips 66 Company names PBF Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Valero Energy Corporation reciprocityDEF 14A—0001628280-26-019806Valero Energy Corporation names PBF Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗

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