Company: MGY
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0001558370-25-003377
Chunk: 76

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 76
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 (iv) relocation of the officer’s principal work location to a location more than 50 miles from the officer’s then-current principal location of employment; or (v) a material breach by the Company or an affiliate of the award agreement or any other material agreement. In order to trigger Good Reason, the officer must: (1) provide the Company, within 60 days of the officer’s knowledge of the occurrence of the alleged Good Reason event, written notice specifying the applicable facts and circumstances underlying such alleged Good Reason event; and (2) provide the Company with an opportunity to cure the same within 30 days after the receipt of such notice. Termination of Mr. Millican’s Employment During 2024 Effective as of October 28, 2024, Mr. Millican’s employment with the Company ended, and, in connection with his departure from the Company, he became entitled to receive certain severance payments and benefits due upon an involuntary termination without Cause under the terms and conditions of the Executive Severance Plan. Specifically, Mr. Millican received the following amounts: (a) a lump sum cash severance payment equal to $1,304,100; (b) a pro rata bonus payment for 2024 performance equal to $375,767; (c) $1,847 for premiums for continued coverage under the Company’s group health plans during 2024, based on a monthly premium of $923; and (d) $22,000 for 6 months’ worth of outplacement benefits. These amounts are included for Mr. Millican in the “All Other Compensation” column of the “2024 Summary Compensation Table.” Mr. Millican may receive continued coverage under the Company’s health plans, at the Company’s expense, for up to 18 months following his termination date, unless he becomes eligible for coverage under another employer’s plan (with an approximate value for the remaining 16 months after December 31, 2024 of up to $14,336 based on 2025 premium rates). In connection with the cessation of his employment, Mr. Millican also received pro rata vesting of his outstanding equity awards in accordance with the terms and conditions of the applicable award agreements, with the aggregate value of the 59,873 pro rata vested shares, determined as of Mr. Millican’s employment termination date, equal to $1,530,953.

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| Magnolia Oil & Gas |