Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-01

Unitil (UTL)

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.

$3,189,116
Thomas Meissner Jr. total, FY2025
1st
CEO pay percentile vs peers
21:1
CEO-to-median pay ratio
96.87%
Say-on-pay support, latest vote
Companies that benchmark against UTL
5 companies name UTL as a compensation peer

Each company listed discloses UTL 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 UTL 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
Thomas Meissner Jr.$744,066$0$751,842$0$662,591$860,413$170,204$3,189,116
Chairman of the Board & Chief Executive Officer
Robert Hevert486,0000348,5430332,910154,314293,0991,614,866
President & Chief Administrative Officer
Daniel Hurstak352,8920225,3420217,55881,282121,923998,997
Senior Vice President, Chief Financial Officer & Treasurer
Christopher LeBlanc306,3750101,0880147,079228,05980,680863,281
Senior Vice President, Gas Operations
Justin Eisfeller296,9510101,0880142,388170,30972,149782,885
Vice President & Chief Technology 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 FY20242025
Thomas Meissner Jr.$3,189,116$2,572,032$2,625,890+617,084
Robert Hevert1,614,8661,319,4621,088,405+295,404
Daniel Hurstak998,997875,878661,326+123,119
Christopher LeBlanc863,281648,295709,806+214,986
Justin Eisfeller782,885664,845710,536+118,040

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

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Christopher LeBlancPSU2025-01-284809609601,440$50,544
Justin EisfellerPSU2025-01-284809609601,44050,544
Thomas Meissner Jr.PSU2025-01-283,5707,1407,14010,710375,921
Robert HevertPSU2025-01-281,6553,3103,3104,965174,272
Daniel HurstakPSU2025-01-281,0702,1402,1403,210112,671
Christopher LeBlancPSU2025-01-2896096096096050,544
Thomas Meissner Jr.PSU2025-01-287,1407,1407,1407,140375,921
Justin EisfellerPSU2025-01-2896096096096050,544
Daniel HurstakPSU2025-01-282,1402,1402,1402,140112,671
Robert HevertPSU2025-01-283,3103,3103,3103,310174,272
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Christopher LeBlanc$0$101,088$0100.0%
Justin Eisfeller0101,0880100.0%
Thomas Meissner Jr.0751,8420100.0%
Robert Hevert0348,5440100.0%
Daniel Hurstak0225,3420100.0%

% 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
Justin EisfellerRSU443$21,435
Daniel HurstakRSU3,658177,169
Robert HevertRSU6,620320,673
Daniel HurstakRSU4,280207,323
Daniel HurstakRSU44321,435
Thomas Meissner Jr.RSU10,230495,541
Thomas Meissner Jr.RSU3,463167,724
Thomas Meissner Jr.RSU14,280691,723
Robert HevertRSU5,583270,416
Justin EisfellerRSU1,45570,040
Christopher LeBlancRSU44321,435
Justin EisfellerRSU1,92093,005
Christopher LeBlancRSU1,75084,777
Justin EisfellerRSU1,75084,777
Christopher LeBlancRSU1,92093,005
Robert HevertRSU3,030146,773
Thomas Meissner Jr.RSU12,338597,629
Robert HevertRSU79338,389
Daniel HurstakRSU1,45570,480
Christopher LeBlancRSU1,45570,040
05

Incentive-plan design — the Compensation Discussion & Analysis

Annual compensation (currently defined as base salary, cash incentive and equity compensation for the Company's employees, including the Executive Officers) should generally target the national market median, which is defined as the middle, or the 50th percentile, of the compensation marketplace.

CEO STI target (% of salary)65%
CEO LTI target (% of salary)
Independent consultantWillis Towers
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-2913,722,103443,02387,12696.87%Passed
20252025-04-3011,582,1101,138,44168,40891.05%Passed
20242024-05-0112,118,280348,04197,46497.21%Passed
20232023-04-2611,825,693288,16468,04097.62%Passed
20222022-04-2711,521,781356,479108,61597%Passed
20212021-04-2810,090,821467,522150,44495.57%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
20262026-04-2996.87%a
20252025-04-3091.05%b
20242024-05-0197.21%c

a. Approved under the standard stated in the filing — “Therefore, abstentions and broker non-votes will have no effect on the other matters.”.

b. Approved under the standard stated in the filing — “Therefore, abstentions and broker non-votes will have no effect on the other matters.”.

c. Approved under the standard stated in the filing — “Therefore, abstentions and broker non-votes will have no effect on the other matters.”.

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)21 : 1
CEO total compensation$3,189,116
Median employee compensation$153,766
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Mark H. CollinIndependent · Audit$104,500$114,981$0$254,931$483,094
Michael B. GreenIndependent · Lead Independent Director · Audit · Executive · Nominating and Governance · Not standing for re-election122,000114,98101,095238,076
Winfield S. BrownIndependent · Compensation (Chair) · Executive · Nominating and Governance106,000114,98101,095222,076
Justine VogelIndependent · Audit (Chair) · Executive106,000114,98101,095222,076
David A. WhiteleyIndependent · Compensation · Executive · Nominating and Governance (Chair)106,000114,98101,095222,076
Anne L. AlonzoIndependent · Audit · Compensation94,000114,98101,095210,076
Suzanne FosterIndependent · Nominating and Governance94,000114,98101,095210,076
Neveen F. AwadIndependent · Compensation · Nominating and Governance94,000114,98101,095210,076
Jane Lewis-RaymondIndependent · Compensation87,000114,98101,095203,076
Katherine KountzeIndependent · Audit · Newly elected58,02976,6850731135,445
Edward F. GodfreyIndependent · Audit · Departed during FY47,00038,9250-26585,660
Thomas P. Meissner JrEmployee director · Board Chair · Executive000000
09

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$115,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,018,529
Equity awards (grant-date value)$1,150,439
All other compensation$264,157
Total cost of the board$2,433,125

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 Unitil 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 Unitil.

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
1Otter Tail Corporation2025Charles MacFarlane$867,578$3,149,276$0$1,471,194$6,792,688
2ONE Gas, Inc.2025Robert McAnnally925,0003,154,36101,300,0005,575,027
3Northwestern Corporation2025Brian Bird921,2632,700,0220743,4005,016,745
4Avista Corporation2025Heather Rosentrater786,8452,653,7430897,7324,773,308
5PNM Resources, Inc.2025Joseph Tarry839,4622,275,0110495,0583,903,948
6ALLETE, Inc.2024Bethany Owen871,1751,378,13801,329,6923,720,063
7Northwest Natural Gas Company2025Justin Palfreyman812,5001,726,2080726,4063,695,467
8MGE Energy, Inc.2025Jeffrey Keebler795,8331,402,8810865,9203,613,508
9Unitil2025Thomas Meissner Jr.744,066751,8420662,5913,189,116
Genie Energy, Ltd.not in coverage universe
Chesapeake Utilities Corporationnot 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
Unitil137%PSU 50 · RSU 50NoWillis Towers
ALLETE, Inc.153.2%PSU 75 · RSU 25Yes — Relative TSRPearl Meyer
Avista Corporation114%PSU 65 · RSU 35NoMeridian Compensation Partners
Chesapeake Utilities Corporationnot disclosednot disclosednot disclosednot disclosed
Genie Energy, Ltd.not disclosednot disclosednot disclosednot disclosed
MGE Energy, Inc.135.3%PSU 50 · RSU 50Yes — Relative Total Shareholder Return (TSR)FW Cook
Northwest Natural Gas Company138.8%PSU 65 · RSU 35NoPay Governance
Northwestern Corporation80%PSU 70 · RSU 30Yes — TSR relative to peer groupWillis Towers Watson (WTW)
ONE Gas, Inc.140.6%PSU 70 · RSU 30Yes — Relative TSRMeridian Compensation Partners
Otter Tail Corporationnot disclosedPSU 75 · RSU 25Yes — Three-Year TSR performance relative to peer groupWTW
PNM Resources, Inc.50%PSU 70 · RSU 30Yes — Relative TSR GoalPay Governance

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, Thomas Meissner Jr.DEF 14A2026-03-270001193125-26-128263Section “Summary Compensation Table”. As printed: 3,189,116. Filing ↗machine: t214 · span 819224–819233
2Section 01, Robert HevertDEF 14A2026-03-270001193125-26-128263Section “Summary Compensation Table”. As printed: 1,614,866. Filing ↗machine: t214 · r7 · c41 · span 830325–830334
3Section 01, Daniel HurstakDEF 14A2026-03-270001193125-26-128263Section “Summary Compensation Table”. As printed: 998,997. Filing ↗machine: t214 · r10 · c41 · span 841212–841219
4Section 01, Christopher LeBlancDEF 14A2026-03-270001193125-26-128263Section “Summary Compensation Table”. As printed: 863,281. Filing ↗machine: t214 · r16 · c41 · span 863058–863065
5Section 01, Justin EisfellerDEF 14A2026-03-270001193125-26-128263Section “SUMMARY COMPENSATION TABLE”. As printed: 782,885. Filing ↗machine: t214 · r13 · c41 · span 852136–852143
6Section 03, Christopher LeBlanc PSUDEF 14A2026-03-270001193125-26-128263Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t243 · r34 · c46 · span 1128487–1128493
7Section 03, Justin Eisfeller PSUDEF 14A2026-03-270001193125-26-128263Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t243 · r28 · c46 · span 1113162–1113168
8Section 03, Thomas Meissner Jr. PSUDEF 14A2026-03-270001193125-26-128263Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t243 · r10 · c46 · span 1067314–1067321
9Section 03, Robert Hevert PSUDEF 14A2026-03-270001193125-26-128263Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t243 · r16 · c46 · span 1082636–1082643
10Section 03, Daniel Hurstak PSUDEF 14A2026-03-270001193125-26-128263Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t243 · r22 · c46 · span 1097842–1097849
11Section 03, Christopher LeBlanc PSUDEF 14A2026-03-270001193125-26-128263Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t243 · r34 · c46 · span 1128487–1128493
12Section 03, Thomas Meissner Jr. PSUDEF 14A2026-03-270001193125-26-128263Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t243 · r10 · c46 · span 1067314–1067321
13Section 03, Justin Eisfeller PSUDEF 14A2026-03-270001193125-26-128263Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t243 · r28 · c46 · span 1113162–1113168
14Section 03, Daniel Hurstak PSUDEF 14A2026-03-270001193125-26-128263Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t243 · r22 · c46 · span 1097842–1097849
15Section 03, Robert Hevert PSUDEF 14A2026-03-270001193125-26-128263Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t243 · r16 · c46 · span 1082636–1082643
16Section 07, pay ratioDEF 14A2026-03-270001193125-26-128263Section “CEO Pay Ratio”. As printed: 21 : 1. Filing ↗machine: span 635329–635338
17Section 08, Mark H. CollinDEF 14A2026-03-270001193125-26-128263Section “Director Compensation”. As printed: 483,094. Filing ↗machine: t314 · r13 · c17 · span 1595919–1595926
18Section 08, Michael B. GreenDEF 14A2026-03-270001193125-26-128263Section “Director Compensation”. As printed: 238,076. Filing ↗machine: t314 · r19 · c17 · span 1609799–1609806
19Section 08, Winfield S. BrownDEF 14A2026-03-270001193125-26-128263Section “Director Compensation”. As printed: 222,076. Filing ↗machine: t314 · r11 · c17 · span 1591085–1591092
20Section 08, Justine VogelDEF 14A2026-03-270001193125-26-128263Section “Director Compensation”. As printed: 222,076. Filing ↗machine: t314 · r27 · c17 · span 1628449–1628456
21Section 08, David A. WhiteleyDEF 14A2026-03-270001193125-26-128263Section “Director Compensation”. As printed: 222,076. Filing ↗machine: t314 · r29 · c17 · span 1633072–1633079
22Section 08, Anne L. AlonzoDEF 14A2026-03-270001193125-26-128263Section “Director Compensation”. As printed: 210,076. Filing ↗machine: t314 · r7 · c17 · span 1581838–1581845
23Section 08, Suzanne FosterDEF 14A2026-03-270001193125-26-128263Section “Director Compensation”. As printed: 210,076. Filing ↗machine: t314 · r15 · c17 · span 1600545–1600552
24Section 08, Neveen F. AwadDEF 14A2026-03-270001193125-26-128263Section “Director Compensation”. As printed: 210,076. Filing ↗machine: t314 · r9 · c17 · span 1586463–1586470
25Section 08, Jane Lewis-RaymondDEF 14A2026-03-270001193125-26-128263Section “Director Compensation”. As printed: 203,076. Filing ↗machine: t314 · r23 · c17 · span 1619083–1619090
26Section 08, Katherine KountzeDEF 14A2026-03-270001193125-26-128263Section “Director Compensation”. As printed: 135,445. Filing ↗machine: t314 · r21 · c17 · span 1614439–1614446
27Section 08, Edward F. GodfreyDEF 14A2026-03-270001193125-26-128263Section “Director Compensation”. As printed: 85,660. Filing ↗machine: t314 · r17 · c17 · span 1605171–1605177
28Section 08, Thomas P. Meissner JrDEF 14A2026-03-270001193125-26-128263Section “Director Compensation”. As printed: 0. Filing ↗
29Section 06, 2026 voteForm 8-K2026-05-010000755001-26-000008Item 5.07 · say-on-pay result. As reported: 96.87% (votes for as printed: 13,722,103). Filing ↗
30Section 06, 2025 voteForm 8-K2025-05-050001193125-25-112835Item 5.07 · say-on-pay result. As reported: 91.05% (votes for as printed: 11,582,110.70). Filing ↗
31Section 06, 2024 voteForm 8-K2024-05-070001193125-24-133173Item 5.07 · say-on-pay result. As reported: 97.21% (votes for as printed: 12,118,280.09). Filing ↗
32Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
33Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
34Section 09b board cost (computed)ComputedcomputedCash 1,018,529 + equity 1,150,439 + all other 264,157 = 2,433,125, summed across the director compensation table rows.machine: formula: Σ = 2,433,125
35Otter Tail Corporation, Section 10b CEO totalDEF 14A2026-03-020001466593-26-000023CEO total compensation as printed in Otter Tail Corporation's own proxy. As printed: 6,792,688. Filing ↗machine: r3 · c24 · span 879904–879913
36ONE Gas, Inc., Section 10b CEO totalDEF 14A2026-04-010001193125-26-137922CEO total compensation as printed in ONE Gas, Inc.'s own proxy. As printed: 5,575,027. Filing ↗machine: span 1271269–1271278
37Northwestern Corporation, Section 10b CEO totalDEF 14A2026-03-120001993004-26-000018CEO total compensation as printed in Northwestern Corporation's own proxy. As printed: 5,016,745. Filing ↗machine: t153 · r3 · c19 · span 752129–752138
38Avista Corporation, Section 10b CEO totalDEF 14A2026-04-010001193125-26-138034CEO total compensation as printed in Avista Corporation's own proxy. As printed: 4,773,308. Filing ↗machine: span 842223–842232
39PNM Resources, Inc., Section 10b CEO totalDEF 14A2026-04-280001108426-26-000020CEO total compensation as printed in PNM Resources, Inc.'s own proxy. As printed: 3,903,948. Filing ↗machine: t44 · r7 · c16 · span 791496–791505
40ALLETE, Inc., Section 10b CEO totalDEF 14A2025-03-310000066756-25-000043CEO total compensation as printed in ALLETE, Inc.'s own proxy. As printed: 3,720,063. Filing ↗machine: t44 · r6 · c9 · span 830445–830454
41Northwest Natural Gas Company, Section 10b CEO totalDEF 14A2026-04-170001193125-26-161075CEO total compensation as printed in Northwest Natural Gas Company's own proxy. As printed: 3,695,467. Filing ↗machine: t160 · r4 · c31 · span 760924–760933
42MGE Energy, Inc., Section 10b CEO totalDEF 14A2026-04-020001161728-26-000005CEO total compensation as printed in MGE Energy, Inc.'s own proxy. As printed: 3,613,508. Filing ↗machine: r4 · c9 · span 1077549–1077558
43Unitil (subject), Section 10b CEO totalDEF 14A2026-03-270001193125-26-128263CEO total compensation as printed in Unitil's own proxy. As printed: 3,189,116. Filing ↗machine: t214 · span 819224–819233
44Section 10a, Avista Corporation reciprocityDEF 14A0001193125-26-138034Avista Corporation's most recent proxy was read; its disclosed peer group does not include Unitil. Filing ↗
45Section 10a, Northwest Natural Gas Company reciprocityDEF 14A0001193125-26-161075Northwest Natural Gas Company names Unitil in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, PNM Resources, Inc. reciprocityDEF 14A0001108426-26-000020PNM Resources, Inc.'s most recent proxy was read; its disclosed peer group does not include Unitil. Filing ↗
47Section 10a, Otter Tail Corporation reciprocityDEF 14A0001466593-26-000023Otter Tail Corporation names Unitil in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, ALLETE, Inc. reciprocityDEF 14A0000066756-25-000043ALLETE, Inc. names Unitil in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, MGE Energy, Inc. reciprocityDEF 14A0001161728-26-000005MGE Energy, Inc. names Unitil in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Northwestern Corporation reciprocityDEF 14A0001993004-26-000018Northwestern Corporation's most recent proxy was read; its disclosed peer group does not include Unitil. Filing ↗
51Section 10a, ONE Gas, Inc. reciprocityDEF 14A0001193125-26-137922ONE Gas, Inc.'s most recent proxy was read; its disclosed peer group does not include Unitil. Filing ↗