Company: MGY
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0001558370-25-003377
Chunk: 29

Company: Magnolia Oil & Gas Corp
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 29
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 such transactions are in the Company’s best interests, approving such transactions in advance of any such transaction being given effect. As set forth in the related person transaction policy, in the course of its review and approval or ratification of a related person transaction, the Audit Committee shall, in its judgment, consider in light of the relevant facts and circumstances and the various factors enumerated in the policy, whether the transaction is, or is not, in the best interests of Magnolia. Any member of the Audit Committee who is a related person with respect to a transaction under review will not be permitted to participate in the discussions or approval or ratification of the transaction. Magnolia’s policy also includes certain exceptions for transactions that need not be reported and provides the Audit Committee with the discretion to pre-approve certain transactions.

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| Magnolia Oil & Gas | 26 | 2025 Proxy Statement |

Director Compensation Only our non-employee directors are compensated for serving as directors. Our President and Chief Executive Officer is the only member of our Board who is also an employee. All compensation received from us in 2024 by Mr. Stavros, our President and Chief Executive Officer, is included in the “2024 Summary Compensation Table.” Non-Employee Director Compensation Program We believe that director compensation should be structured to attract and retain qualified directors. The Compensation Committee recommends to the Board for approval general principles for determining the form and amount of non-employee director compensation and, subject to such principles, evaluates annually the status of non-employee director compensation in relation to comparable U.S. companies (in terms of size, business sector, and other factors), and reports findings and recommendations to the Board for approval. Effective February 13, 2023, the Company adopted the 2023 non-employee director compensation program, which reflected increases of approximately $70,000 in the aggregate annual compensation paid to each of the Company’s non-employee directors. Such increase was the first increase made to the Company’s non-employee director compensation since 2019. In early 2024, the Compensation Committee reviewed the competitiveness of our non-employee director compensation program as compared to the 2024 Compensation Peer Group (described below under “Compensation Discussion and Analysis—Setting Executive Compensation—Compensation Peer Group”) with its independent compensation consultant, Frederic W. Cook & Co., Inc. (“FW Cook”). Based on this review, it was determined that the compensation for regular Board service was competitively positioned near the market median but