Company: ATO
Filing Date: 2025-12-09
Form Type: PRE 14A
Source: 0000731802-25-000061
Chunk: 29

Company: ATMOS ENERGY CORP
Filing Date: 2025-12-09
Form: PRE 14A
Chunk 29
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-based RSUs is limited to target if TSR is negative for the performance period                       |     | •Motivates and rewards financial performance over a sustained period                                                                                           
 •Increases alignment of senior management and shareholders’ interests by encouraging share ownership of senior management                                      
 •Enhances retention of senior management                                                                                                                       
 •Rewards strong TSR and earnings growth                                                                                                                        |     |                                                                                                           |
|                                  |     | Retirement Benefits                                                                                                        |     | Tax-qualified retirement, supplemental retirement and other benefits                                                                                           |     | •Provides for current and future needs of senior management                                               
 •Enhances recruitment and retention                                                                       
 •Follows competitive market practices                                                                     |
|                                  |     | Change in Control                                                                                                          
 Severance Benefits                                                                                                         |     | Change in control severance agreements with contingent amounts payable only if employment is terminated under certain conditions following a change in control |     | •Enhances retention of senior management by providing continuity of employment                            
 •Promotes objective evaluation and execution of potential changes to the Company’s strategy and structure |

#### 2026 Proxy Statement37
Compensation Discussion & Analysis

### Fiscal 2025 Actual Results
The table below shows the target performance, adjusted performance, and actual results for our fiscal 2025 performance-based compensation. Based on our fiscal 2025 adjusted performance, as explained further on page 40, the following incentive programs resulted in above target payouts.

|                                             |     | Performance           
 Metric                |     |        | Target      
 Performance |     |        | Adjusted     
 Performance* |     |        | Actual          
 EPS Performance |     |     | 2025 Payout        
 (as a % of Target) |
| 2025 Annual Incentive Plan                  |     | EPS                   
 (100% of award)       |     |  $7.15 |             |     |  $7.34 |              |     |  $7.46 |                 |     | 153 | %                  |
| Long-Term Incentive Program 2023-2025 Cycle |     | Cumulative 3-year EPS 
 (100% of award)       |     | $19.29 |             |     | $20.17 |              |     | $20.39 |                 |     | 192 | %                  |

* See “Annual Incentive Compensation,” beginning on page 39and “Long-Term Incentive Compensation,” beginning on page 30for additional information.

### 2025 Say on Pay Results
In determining executive