Company: ATO
Filing Date: 2025-12-09
Form Type: PRE 14A
Source: 0000731802-25-000061
Chunk: 40

Company: ATMOS ENERGY CORP
Filing Date: 2025-12-09
Form: PRE 14A
Chunk 40
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 executive officers, while Meridian provided to the HR Committee general guidance and competitive compensation data for Mr. Akers.

Mr. Akers may be present during a portion of the HR Committee’s meetings on executive compensation. However, Mr. Akers (along with any other named executive officers in attendance at HR Committee meetings), are excused when the compensation of such named executive officers is discussed and decisions regarding their compensation are reached by the HR Committee. All decisions by the HR Committee concerning all forms of executive compensation to be paid to the President and CEO and the other named executive officers are approved by the Board.

#### Compensation Risk Assessment
The HR Committee reviews our compensation programs to ensure that they do not encourage unnecessary risk taking and instead encourage behaviors that support sustainable value creation. In 2025, the HR Committee, with the assistance of Meridian, reviewed the Company’s compensation programs for employees, including the named executive officers. The HR Committee believes the following factors reduce the likelihood of excessive risk-taking:

• The Company’s compensation programs are heavily weighted to long-term incentive awards, which are tied to shareholder value and have extended overlapping vesting periods (3 years) which allow for long-term ownership;

• The HR Committee reviews and approves goals at the beginning of each cycle;

• Total compensation features an effective balance of short- and long-term compensation components;

#### 44Atmos Energy
Compensation Discussion & Analysis

• The HR Committee has downward discretion in the annual incentive plan;

• Annual and long-term performance plan payments are capped at 200%;

• The Company’s change in control severance benefits fall within common norms and do not provide excessive incentive to seek a transaction;

• The Company has a robust clawback policy that applies to the annual Incentive Plan awards, time-based RSUs and performance-based RSUs; and

• The Company’s ownership guidelines, annual stock awards, and extended vesting provisions create sustained and consistent ownership stakes.

Accordingly, the HR Committee has determined that none of the Company’s incentive compensation plans encourage our executive officers or other employees to take excessive risks and that the risks arising from these plans are not reasonably likely to have a material adverse effect on the Company.

#### Compensation Policies and Practices

#### Executive Share Ownership Requirements
We maintain share ownership guidelines for our named executive officers that require each named executive officer to hold a multiple of his or her base salary in shares of Company stock. For fiscal 2025, we increased the minimum share ownership requirements for our President and CEO from five times his base salary level to seven times