CEO Paul Nester was paid $1,014,851 in fiscal year 2025, ↓ down 4.4% from fiscal year 2024, the 29th percentile of its disclosed peer group (SEC filing 0001437749-25-037188 ↗): 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.
$1,014,851 ↓ Paul Nester total, FY2025 | 29th CEO pay percentile vs peers | 11:1 CEO-to-median pay ratio | 98.63% Say-on-pay support, latest vote |
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RGCO's next annual pay disclosure, estimated December 13, 2026.est. Filing ↗
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Paul Nester | $467,084 | $0 | $288,225 | $0 | $184,866 | $24,993 | $49,683 | $1,014,851 |
| President & CEO | ||||||||
| Timothy Mulvaney | 259,766 | 0 | 118,125 | 0 | 89,381 | 54,402 | 62,387 | 584,061 |
| Vice President, Treasurer & CFO | ||||||||
| Lawrence Oliver | 269,141 | 0 | 115,500 | 0 | 90,750 | 33,192 | 46,365 | 554,948 |
| Sr. Vice President, Corp. 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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Paul Nester | $1,014,851 | $1,061,983 | $1,054,041 | ↓ −47,132 |
| Timothy Mulvaney | 584,061 | — | — | — |
| Lawrence Oliver | 554,948 | 541,694 | 455,147 | ↑ +13,254 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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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.
| Executive | Role | FY2025 total |
|---|---|---|
| Paul Nester | CEO | $1,014,851 |
| Lawrence Oliver | Executive | $554,948 |
| Timothy Mulvaney | CFO | $584,061 |
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| Abney S. Boxley III | Independent Director | $78,250 |
| Elizabeth A. McClanahan | Independent Director | $55,850 |
| J. Allen Layman | Independent Director | $60,100 |
| Jacqueline L. Archer | Independent Director | $61,100 |
| John B. Williamson III | Chair of the Board | $71,600 |
| Maryellen F. Goodlatte | Independent Director | $76,850 |
| Nancy Howell Agee | Independent Director | $71,600 |
| Robert B. Johnston | Independent Director | $55,850 |
| T. Joe Crawford | Independent Director | $65,350 |
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Paul Nester | RSA | 2025-10-27 | — | — | 13,679 | — | $288,225 |
| Timothy Mulvaney | RSA | 2025-10-27 | — | — | 5,606 | — | 118,125 |
| Lawrence Oliver | RSA | 2025-10-27 | — | — | 5,482 | — | 115,500 |
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.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Paul Nester | RSU | 8,883 | — | $199,335 |
| Paul Nester | RSU | 6,946 | — | 155,868 |
| Lawrence Oliver | RSU | 3,398 | — | 76,251 |
| Timothy Mulvaney | RSU | 2,832 | — | 63,550 |
| Lawrence Oliver | RSU | 2,179 | — | 48,897 |
| Timothy Mulvaney | RSU | 2,000 | — | 44,880 |
| Lawrence Oliver | Option | 5,000 | 16.62 | — |
| Lawrence Oliver | Option | 1,000 | 19.9 | — |
| Lawrence Oliver | Option | 3,000 | 22.93 | — |
| Lawrence Oliver | Option | 5,000 | 27.87 | — |
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | — |
| Anti-hedging | — |
| Anti-pledging | — |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-01-26 | 7,119,486 | 98,873 | 40,450 | 98.63% | Passed |
| 2025 | 2025-01-27 | 6,282,641 | 125,826 | 49,633 | 98.04% | Passed |
| 2024 | 2024-01-29 | 6,497,252 | 147,072 | 47,338 | 97.79% | Passed |
| 2023 | 2023-01-23 | 5,905,714 | 88,366 | 63,136 | 98.53% | Passed |
| 2022 | 2022-01-24 | 4,084,452 | 770,981 | 89,995 | 84.12% | Passed |
| 2021 | 2021-02-01 | 3,510,341 | 1,123,634 | 65,232 | 75.75% | 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 | 2026-01-26 | 98.63%a |
| 2025 | 2025-01-27 | 98.04%b |
| 2024 | 2024-01-29 | 97.79%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.
| Ratio (CEO : median employee) | 11 : 1 |
|---|---|
| CEO total compensation | — |
| Median employee compensation | $90,935 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Abney S. Boxley IIIIndependent · Compensation · Audit (Chair) | $78,250 | — | — | — | — | $78,250 |
| Maryellen F. GoodlatteIndependent · Nominating/Governance (Chair) · Audit | 76,850 | 0 | — | — | — | 76,850 |
| Nancy Howell AgeeIndependent · Compensation (Chair) · Nominating/Governance | 71,600 | — | — | — | — | 71,600 |
| John B. Williamson IIIIndependent · Board Chair | 71,600 | — | — | — | — | 71,600 |
| T. Joe CrawfordIndependent · Compensation · Audit | 65,350 | — | — | — | — | 65,350 |
| Jacqueline L. ArcherIndependent · Audit · Finance & Audit (Chair) | 61,100 | — | — | — | — | 61,100 |
| J. Allen LaymanIndependent · Compensation · Nominating/Governance | 60,100 | 0 | — | — | — | 60,100 |
| Robert B. JohnstonIndependent · Nominating/Governance | 55,850 | 0 | — | — | — | 55,850 |
| Elizabeth A. McClanahanIndependent · Nominating/Governance | 55,850 | — | — | — | — | 55,850 |
| Annual cash retainer | $52,800 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 13,200 / 12,000 / 12,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $596,550 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $596,550 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
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 | RGC Resources | 2025 | Paul Nester | $467,084 | $288,225 | $0 | $184,866 | $1,014,851 |
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.
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.
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, Paul Nester | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Executive Compensation”. As printed: 1,014,851. Filing ↗machine: span 253316–253325 |
| 2 | Section 01, Timothy Mulvaney | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Executive Compensation”. As printed: 584,061. Filing ↗machine: r6 · c32 · span 268589–268596 |
| 3 | Section 01, Lawrence Oliver | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Executive Compensation”. As printed: 554,948. Filing ↗machine: r10 · c32 · span 280377–280384 |
| 4 | Section 03, Paul Nester RSA | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗ |
| 5 | Section 03, Timothy Mulvaney RSA | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗ |
| 6 | Section 03, Lawrence Oliver RSA | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗ |
| 7 | Section 07, pay ratio | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “CEO Pay Ratio”. As printed: 11 : 1. Filing ↗ |
| 8 | Section 08, Abney S. Boxley III | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Director Compensation”. As printed: 78,250. Filing ↗machine: span 145706–145712 |
| 9 | Section 08, Maryellen F. Goodlatte | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Director Compensation”. As printed: 76,850. Filing ↗machine: span 149956–149962 |
| 10 | Section 08, Nancy Howell Agee | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Director Compensation”. As printed: 71,600. Filing ↗machine: span 140933–140939 |
| 11 | Section 08, John B. Williamson III | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Director Compensation”. As printed: 71,600. Filing ↗machine: span 159971–159977 |
| 12 | Section 08, T. Joe Crawford | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Director Compensation”. As printed: 65,350. Filing ↗machine: span 148578–148584 |
| 13 | Section 08, Jacqueline L. Archer | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Director Compensation”. As printed: 61,100. Filing ↗machine: span 143324–143330 |
| 14 | Section 08, J. Allen Layman | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Director Compensation”. As printed: 60,100. Filing ↗machine: span 154706–154712 |
| 15 | Section 08, Robert B. Johnston | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Director Compensation”. As printed: 55,850. Filing ↗machine: span 152332–152338 |
| 16 | Section 08, Elizabeth A. McClanahan | DEF 14A | 2025-12-09 | 0001437749-25-037188 | Section “Director Compensation”. As printed: 55,850. Filing ↗machine: span 158087–158093 |
| 17 | Section 06, 2026 vote | Form 8-K | 2026-01-28 | 0001437749-26-002328 | Item 5.07 · say-on-pay result. As reported: 98.63% (votes for as printed: 7,119,486). Filing ↗ |
| 18 | Section 06, 2025 vote | Form 8-K | 2025-01-30 | 0001437749-25-002223 | Item 5.07 · say-on-pay result. As reported: 98.04% (votes for as printed: 6,282,641). Filing ↗ |
| 19 | Section 06, 2024 vote | Form 8-K | 2024-02-02 | 0001437749-24-002959 | Item 5.07 · say-on-pay result. As reported: 97.79% (votes for as printed: 6,497,252). Filing ↗ |
| 20 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 21 | Section 09b board cost (computed) | Computed | — | — | Cash 596,550 + equity 0 + all other 0 = 596,550, summed across the director compensation table rows.machine: formula: Σ = 596,550 |
| 22 | RGC Resources (subject), Section 10b CEO total | DEF 14A | 2025-12-09 | 0001437749-25-037188 | CEO total compensation as printed in RGC Resources's own proxy. As printed: 1,014,851. Filing ↗machine: span 253316–253325 |
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