Company: ATO
Filing Date: 2025-12-09
Form Type: PRE 14A
Source: 0000731802-25-000061
Chunk: 28

Company: ATMOS ENERGY CORP
Filing Date: 2025-12-09
Form: PRE 14A
Chunk 28
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 gas distribution, which is represented primarily by companies in our proxy peer group, as discussed below under “Competitive Executive Compensation Benchmarking,” beginning on page 43. We believe this strategy fosters a philosophy of “pay for executive performance” through the use of both annual and long-term incentive compensation. The pay mix at target grant date value for our CEO and other named executive officers for fiscal 2025 was primarily long-term and performance-based, as shown in the graphics below.

#### Fiscal 2025 Target Compensation Mix
| CEO |     | Average for Other Named Executive Officers |

#### 36Atmos Energy
Compensation Discussion & Analysis

#### Fiscal 2025 Executive Compensation Program
The following table summarizes the various elements of compensation that we provided to our named executive officers for fiscal 2025. See “2025 Elements of Compensation” beginning on page 39for a more detailed discussion of each element, why we pay each element, how we determine the amount we pay under each element and how each element fits into our overall compensation objectives.

We do not have any individual compensation policies or plans that are not applied consistently to all our named executive officers.

|                                  |     | Element                                                                                                                    |     | Description                                                                                                                                                    |     | Objective within                                                                                          
 Compensation Program                                                                                      |
|                                  |     | Base Salary                                                                                                                |     | Fixed cash compensation, subject to annual review                                                                                                              
 Adjusted in response to changes in performance, duties, strategic importance, or competitive salary practices                                                  |     | •Reflects roles, responsibilities, skills, experience, and performance                                    
 •Provides base compensation at a level consistent with competitive salary practices                       |
|                                  |     | Annual Incentive Compensation                                                                                              |     | Annual cash performance award based on achievement of Company financial performance measures                                                                   
 Option to convert all or portion of award to time-based RSUs under our LTIP with three-year cliff vesting at a 20% premium                                     
 Payout is limited to target if TSR is negative for the fiscal year                                                                                             |     | •Increases alignment of senior management and shareholders’ interests by linking pay and performance      
 •Promotes achievement of annual Company financial goals by linking pay to attainment of such goals        |
| Long-Term Incentive Compensation |     | 75% in performance-based RSUs payable only if performance goals are achieved over the three-fiscal year performance period 
 25% in time-based RSUs also payable, with cliff vesting, at the end of the three-fiscal year period                        
 Payout for performance