National Fuel Gas grants executive equity awards, changes incentive plan
On December 4, 2025, National Fuel Gas's Compensation Committee granted performance shares and restricted stock units to its CEO, principal financial officer and another named executive officer, and set fiscal 2026 short-term incentive opportunities. On December 5, 2025, the Board approved amendments to the annual incentive plan, including a new maximum award formula and a move away from two-year averaging of earnings goals. The filing also discloses one-time cash payments tied to that change, which matter to shareholders because they show how executive pay is being restructured.
Key points
- December 4, 2025 grants: TSR performance shares of 35,977 (D. P. Bauer), 11,447 (T. J. Silverstein) and 18,083 (J. I. Loweth); RSUs of 23,307, 7,416 and 11,715, respectively
- Performance shares cover October 1, 2025 to September 30, 2028, with payment no later than March 15, 2029; payout depends on relative total shareholder return
- December 5, 2025: Board amended the plan and renamed it the National Fuel Gas Company Annual Incentive Plan; maximum award changed to the greater of twice base salary or twice the target percentage
- One-time additional cash payments paid with fiscal 2025 incentives: Bauer $291,544, Silverstein $85,243, Loweth $130,366
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 10, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.