Excelerate Energy, Inc.
For the period ended Apr 16, 2024. Filed Apr 16, 2024.
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Apr 16, 2024 · Filed Apr 16, 2024
Contents
2024 Compensation Program Changes
Compensation Peer Group
In August 2023, with assistance from Meridian, the Compensation Committee reviewed and approved the continued use of the peer group established in 2022, however Renewable Energy Group, Inc. was removed due to their acquisition by Chevron Corporation. This peer group is used to assess both competitive executive pay levels and incentive plan designs, and consists of 19 comparably-sized companies that provide a perspective across multiple segments of the energy industry, including storage and transportation, refining and marketing, equipment and services, and marine transport. At the time of the Committee's review of the peer group changes, Excelerate was positioned near the median of the peer group for trailing 12-month revenue and market capitalization. Based on the review, the Committee approved the following compensation peer group that will be used to inform 2024 officer compensation decisions. The Committee then reviewed pay data compiled by Meridian for this peer group when setting 2024 total target compensation levels for our executive officers, including the NEOs, in early 2024.
| Chart Industries, Inc. | Genesis Energy, L.P. | NuStar Energy L.P. |
|---|---|---|
| Crestwood Equity Partners LP | Green Plains Inc. | Oceaneering International, Inc. |
| Dorian LPG Ltd. | Helix Energy Solutions Group, Inc. | Oil States International, Inc. |
| DT Midstream, Inc. | International Seaways, Inc. | Tidewater Inc. |
| EnLink Midstream, LLC | Kirby Corporation | Western Midstream Partners, LP |
| Equitrans Midstream Corporation | Magellan Midstream Partners, L.P. | |
| Genco Shipping & Trading Limited | New Fortress Energy Inc. |
Long-Term Incentive Program Changes
In continuing to evolve our LTI Plan design to align with market practices, our Compensation Committee recommended and our board approved the replacement of the Incentive Adjusted EBITDA performance metric under our 2024 PSU awards with an absolute TSR metric for 2024. PSUs granted under this program in 2024 will vest based on (i) our annualized absolute total shareholder return, expressed as a percentage, over the three-year performance period from January 1, 2024 through December 31, 2026 (weighted at 50%) and (ii) our relative total shareholder return as compared to that of the members of our Performance Peer Group (weighted 50%).
Short-Term Incentive Plan Changes
The Compensation Committee also revised the 2024 STIP performance metrics to enhance the visibility of our plan metrics. As such, we separated Operating Expense and G&A into two separate metrics for 2024, each weighted at 7.5%. The other performance metrics and weightings were unchanged.
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