Alan Shepard
CNX ResourcesAbout Alan Shepard
Alan K. Shepard, age 44, joined CNX in 2020, serving as Vice President – Accounting and Chief Accounting Officer until June 2022, when he became Chief Financial Officer; he was promoted to President in June 2025 and will become President & CEO and a director effective January 1, 2026 . Shepard is a licensed CPA (Pennsylvania) with a bachelor’s in Accounting and Business Administration from Thiel College and an MBA from Carnegie Mellon University’s Tepper School of Business; he previously served as CFO of EdgeMarc Energy . Under CNX’s Sustainable Business Model, 2024 delivered 20 consecutive quarters of positive free cash flow, $816 million in net cash from operating activities and $331 million FCF, alongside continued share count reduction (36% since Q3 2020); 2022 PSU awards paid out at 100% driven by 95.7 percentile relative TSR and ASP threshold attainment, evidencing robust shareholder return performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CNX Resources | President & CFO | 2025–present | Co-leads execution of CNX’s seven-year plan; continuity of capital allocation; named next CEO effective 1/1/2026 . |
| CNX Resources | Chief Financial Officer | 2022–2025 | Oversight of finance and FCF per-share growth plan; led Apex Energy acquisition execution . |
| CNX Resources | VP – Accounting & Chief Accounting Officer | 2020–2022 | Strengthened reporting and controls; supported SBM execution . |
| EdgeMarc Energy | Chief Financial Officer | Not disclosed | CFO of private E&P; energy finance and accounting leadership . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $274,519 | $299,519 | $349,039 |
| Base salary at YE ($) | — | $300,000 | $350,000 (raised 1/1/2024) |
| Target STIC (% of base) | — | — | 60% |
| Actual STIC paid ($) | $379,500 | — | $473,000 |
Performance Compensation
| Component | Metric | Weighting | Target | Actual/Result | Payout/Vesting |
|---|---|---|---|---|---|
| 2024 PSUs (design) | Relative TSR vs S&P 500 Industrials | 50% | Target at 60th percentile; max at 75th percentile (straight-line) | Performance period 3 years | 50% cliff vest if earned after 3 years . |
| 2024 PSUs (design) | Absolute Stock Price (ASP) | 50% | ASP ≥ $30.00 for 20 consecutive trading days within 3 years | Performance period 3 years | 50% cliff vest if conditions met and continuous employment . |
| 2024 ESG PSUs | Methane intensity – Production | — | ≤ 0.025% each year (3-year ratable) | Achieved 2024 targets; vested Jan 2025 | 4,037 shares vested (Shepard) on Jan 2025 . |
| 2024 ESG PSUs | Methane intensity – Midstream | — | ≤ 0.015% each year (3-year ratable) | Achieved 2024 targets | Included in 4,037 shares vested . |
| 2022 PSUs (outcome) | Relative TSR | 50% | 100% at top performance cap | 95.7 percentile | 100% payout; cliff vest at period end . |
| 2022 PSUs (outcome) | ASP | 50% | ≥ 135% of GDSP for 20 consecutive days | Threshold met on 4/20/2022 | 100% payout . |
Grants of plan-based awards (2024):
| Grant Type | Grant Date | Threshold (#) | Target (#) | Max (#) | Grant-date Fair Value ($) |
|---|---|---|---|---|---|
| PSUs | 1/3/2024 | 17,656 | 26,483 | 70,622 | $1,000,008 |
| RSUs | 1/3/2024 | — | — | — | 60,563 units; $1,250,020 |
| ESG PSUs | 1/3/2024 | — | 12,113 | — | $250,012 |
RSU vesting schedules:
- 2024 RSUs vest in 3 equal annual installments from grant date (time-based) .
- 2023 RSUs granted 1/3/2023 vest in 3 equal annual installments .
- 2022 RSUs granted 1/3/2022 vest in 3 equal annual installments .
Options:
- 3,051 options, strike $7.20, expiring 2/25/2030; currently exercisable .
Option exercises and stock vested (2024):
| Metric | 2024 |
|---|---|
| Options exercised (#/$) | — / — |
| Shares vested (RSUs/PSUs/ESG PSUs) (#/$) | 53,085 / $1,084,824 |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial ownership (shares) | 110,455 |
| Ownership as % of shares outstanding | <1% (147,217,376 SO) |
| Options exercisable within 60 days | 3,051 |
| Unvested RSUs – 2024 | 60,563 ($2,220,845) |
| Unvested RSUs – 2023 | 35,351 ($1,296,321) |
| Unvested RSUs – 2022 | 9,007 ($330,287) |
| Unearned PSUs (aggregate) | 128,201 ($4,701,131) |
| Unearned ESG PSUs (aggregate) | 11,612 ($425,812) |
| Special PSUs (unearned) | 383,334 ($14,056,858) |
| Stock ownership guideline | 3.5x base salary; actual 16.9x; 483% compliance (as of 1/31/2025) |
| Hedging/pledging | Prohibited by Insider Trading Policy (no hedging/pledging; exceptions require written approval) |
| Stock retention | 50% of vested shares (after tax) must be held until earlier of 10 years from grant or age 62 |
Note: Special PSUs would be valued at $0 at $36.67/share under change-in-control assumptions used in the proxy; illustrative value at $86.75 would differ per program terms .
Employment Terms
| Provision | Terms |
|---|---|
| Change-in-control cash severance | Double-trigger; lump sum = 1.5x base pay + 1.5x “Incentive Pay”; benefits continuation (medical/dental/vision) for 18 months; equity accelerates on change in control |
| CIC termination illustrative total (as of 12/31/2024) | $5,205,140, inclusive of listed components and 280G tax reduction |
| Severance Pay Plan (RIF) | $74,038 (11 weeks based on service) |
| Short-term incentive upon death | Committee discretion; table shows $210,000 (target) assumption if at year-end |
| Clawback policy | Recover erroneously awarded incentive compensation from Section 16 officers upon accounting restatement per NYSE standards |
| Proprietary information & non-compete covenants | Equity awards subject to forfeiture/cancellation for cause or breach; rescission of gains on options exercised within six months prior to termination for cause |
Investment Implications
- Alignment: High personal ownership versus guideline (16.9x vs 3.5x requirement) and mandatory long holding of vested shares materially align Shepard with long-term per-share value creation; hedging/pledging prohibited .
- Incentive design: Heavy use of PSUs tied to TSR and ASP and ESG PSUs tied to methane intensity embeds performance and compliance objectives; 2022 PSU 100% payout underscores track record in shareholder return execution .
- Selling pressure: 2024 shows no option exercises and significant vesting under equity programs; retention requirements to hold 50% of vested shares limit near-term selling pressure .
- Transition and retention: Double-trigger CIC terms with equity acceleration and 1.5x cash multiples are standard midcap energy constructs; upcoming elevation to CEO on 1/1/2026 adds execution risk but also continuity given Shepard’s central role in CNX’s seven-year plan and Apex transaction leadership .