Company: ATO
Filing Date: 2025-12-09
Form Type: PRE 14A
Source: 0000731802-25-000061
Chunk: 33

Company: ATMOS ENERGY CORP
Filing Date: 2025-12-09
Form: PRE 14A
Chunk 33
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 per year over the last three fiscal years. Such target performance levels have also continued to be within the range of announced EPS guidance provided to the public in November of each year.                                                                                                                                                                                                |

#### Performance Levels and Achievement
The following table summarizes the performance levels and actual performance attained under the Incentive Plan for fiscal 2025:

| Performance Level          |     |       | Annual EPS  
 Performance |     | Percentage (%) of   
 Target Award Earned |
| Below Threshold            |     |       | <$6.79      |     | No award            |
| Threshold                  |     | $6.79 |             |     | 50%                 |
| Target                     |     | $7.15 |             |     | 100%                |
| Adjusted Performance Level |     | $7.34 |             |     | 153%                |
| Actual EPS                 |     | $7.46 |             |     | 186%                |
| Maximum                    |     | $7.51 |             |     | 200%                |

The HR Committee may, at its sole discretion, reduce the performance results upon which awards under the Incentive Plan are based to offset any unintended results arising from events not anticipated when the performance goals were established. Due to the passage of Texas House Bill 4384 and Senate Bill 2780 on June 20, 2025, we recorded an additional $27 million in pre-tax income, or $0.12 per diluted share. The HR Committee approved an adjusted performance level of $7.34 to take into account the financial impact of the legislative change for the performance period of the awards under the Incentive Plan. Since the adjusted performance level attained was between the target of $7.15 per share and maximum of $7.51 per share, straight-line interpolation was used to compute the percentage of the target award earned and each named executive officer earned 153% of their target award. Additionally, the HR Committee does place a limit under certain conditions on the amount of earned awards for all our executive officers. If the Company’s TSR during any fiscal year is negative, the earned award for each officer for that fiscal year will be limited to the amount earned at the target level of performance. This limitation was not applicable for the fiscal 2025 performance period since the Company’s TSR was positive for such performance period.

Awards under the Incentive Plan are paid in cash and are based on the participant’s eligible earnings received during the fiscal year. However,