Company: MGY
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0001558370-25-003377
Chunk: 43

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 43
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 desire to enhance his equity ownership given his relatively short time in his current position. For Mr. Corales, our Senior Vice President and Chief Financial Officer, the Compensation Committee approved a 104 percent increase in his 2024 target total direct compensation, with the aim of retaining Mr. Corales and creating further alignment with stockholders by increasing his stock holdings. The magnitude of this increase is reflective of Mr. Corales’s conservative positioning versus the market in 2023 (below the 25th percentile), which was due to his short tenure in the role at the time the 2023 decisions were made. Base Salary The Compensation Committee reviews the base salary of each Named Executive Officer annually. For 2024, the Compensation Committee reviewed base salary data for similarly situated executives in the 2024 Compensation Peer Group and, in February 2024, approved new annual base salary rates for the Named Executive Officers, effective March 3, 2024. Taking into account data from various compensation surveys of general and energy industry practices and to aid in retention of the Company’s high-caliber workforce, corporate salary increases of approximately 4 percent, on average, were approved for 2024 across the Company for eligible employees, with greater increases for a small number of special cases and promotions as needed. Magnolia believes that the 2024 base salary rates for the Named Executive Officers appropriately reflect Magnolia’s positioning and performance as compared to the 2024 Compensation Peer Group and current industry conditions, including the Company’s robust performance in 2023, wage growth, and labor market conditions. The approximately 4 percent salary increases for Messrs. Yang and Millican are in line with the base salary adjustment pool provided to Magnolia’s general employee population to align with projected peer market range and address the personal impact of inflationary pressures. Larger salary increases were approved for Messrs. Stavros and Corales (of 17 percent and 37 percent, respectively) to more closely align with salaries paid to similarly situated executive officers in the 2024 Compensation Peer Group, and both officers’ respective salaries still remain slightly below the median paid to similarly situated officers in their roles. The 2024 base salary rates for the Named Executive Officers are as follows:

| ​                      
 ​                      | ​                       
 Named Executive Officer | ​                
 2023 Base Salary |                         ​ 
 (Effective March 5, 2023) | ​ | ​                
 2024 Base Salary 
 ​                |                         ​ 
 (Effective March 3, 2024