Company: MGY
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0001558370-25-003377
Chunk: 35

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 35
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 the “Stock Awards” column of the above table, were forfeited in connection with his departure from the Board. |

| ​                  |  ​ | ​                    |
| Magnolia Oil & Gas | 29 | 2025 Proxy Statement |

Compensation Discussion and Analysis Overview This Compensation Discussion and Analysis focuses on the compensation of our named executive officers (the “Named Executive Officers”) for the 2024 fiscal year, namely:

| Christopher G. Stavros | President and Chief Executive Officer                                   |
| Brian M. Corales       | Senior Vice President and Chief Financial Officer                       |
| Timothy D. Yang        | Executive Vice President, General Counsel, Corporate Secretary and Land |
| Steve F. Millican (1)  | Former Senior Vice President, Operations                                |

| (1) | Mr. Millican departed the Company, effective October 28, 2024. |

Compensation Program Aligned with Best Practices and Business Strategy We believe that our compensation program aligns with compensation best practices and market practice and effectively supports our ongoing business strategy.

| our objective:                                         |     | we accomplish this objective through:                      |   | Compensation design SUPPORTS BUSINESS OBJECTIVES:                                                                           |
| Magnolia’s objective is to generate stock market value |     | ■Consistent organic production growth                      
 ■High full-cycle operating margins                         
 ■An efficient capital program with short economic paybacks 
 ■Significant free cash flow after capital expenditures     
 ■Effective reinvestment of free cash flow                  | ​ | ■Annual incentive bonus program design tied to Operating Margin, Free Cash Flow Percentage, and Net Debt to EBITDAX metrics 
 ■Performance share unit (“PSU”) program tied to relative total stockholder return (“TSR”)                                   |

Magnolia’s business model prioritizes free cash flow, financial stability, and prudent and disciplined capital allocation and is designed to withstand challenging environments.

| ​                  |  ​ | ​                    |
| Magnolia Oil & Gas | 30 | 2025 Proxy Statement |

Compensation Discussion and Analysis

In furtherance of our strategic priorities, we have designed our incentive programs to primarily focus on metrics that lead to value creation, including Operating Margin, Free Cash Flow Percentage, and Net Debt to EBITDAX goals, which quantitative measures collectively comprised 75 percent of our annual cash bonus awards in 2024, along with total stockholder return (“TSR”) and stock price appreciation metrics, which are used in connection with our long term equity-based compensation program. In addition, the table below