Company: MGY
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0001558370-25-003377
Chunk: 15

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 15
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 Manual. Mr. Larson has historically been one of the director nominees of EnerVest, Ltd. (“EnerVest”), which was considered by the Board in its determination of Mr. Larson’s independence. EnerVest has not had any director nomination rights since 2022 and currently owns less than 5% of the Company. Certain of our directors have from time to time been directors or executive officers at companies on whose board of directors other of our directors have served. There are no family relationships between any of the nominees for director or between any nominee and any executive officer of Magnolia.

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| Magnolia Oil & Gas | 14 | 2025 Proxy Statement |

Corporate Governance

Board Role in Risk Oversight In its risk oversight role, the Board has the responsibility to oversee the Company’s risk management process to ensure its adequacy and that it is implemented properly by management. The Board meets regularly with senior management, including the executive officers, to discuss strategy and risks facing the Company. Senior management also attends Board meetings, as well as certain committee meetings, in order to review impacts to our operations, assess our progress on internal priorities, and address any questions or concerns raised by directors on risk management and any other matters, including but not limited to the regulation of emissions, our environmental commitments, climate-related risk, and the health and safety aspects of our business. The Board monitors these risks, including stakeholder concerns, to ensure that the Company responds accordingly. The committees of the Board also assist the Board in fulfilling its oversight responsibilities in certain areas of risk as follows:

| Audit Committee                                                                                                                                                                         | Compensation Committee                                                                                                                                                   | Governance Committee                                                                                                                                                                                 |
| Assists the Board in fulfilling its oversight responsibilities with respect to management of major risk exposures, including in the areas of financial reporting and internal controls. | Develops compensation arrangements designed to attract and retain employees, while appropriately reflecting Company performance and aligning with stockholder interests. | Assists the Board in fulfilling its oversight responsibilities with respect to the management of risks associated with the Board’s organization, membership and structure, and corporate governance. |
| Has general oversight over cybersecurity risks and management’s cybersecurity policies and practices.                                                                                   | Annually assesses whether the Company’s compensation policies and practices could lead to excessive risk-taking behavior by executives and employees.                    | Assesses the effect on the Board’s leadership structure of the Board’s role in the risk oversight of the Company.                                                                                    |
| Monitors and reviews the Company’s compliance with its Risk