nog-20240411

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

(RULE 14a-101)

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934 (Amendment No. ___)

Filed by the Registrant x

Filed by a Party other than the Registrant o

Check the appropriate box:

o Preliminary proxy statement.

o Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)).

x Definitive Proxy Statement.

o Definitive Additional Materials.

o Soliciting Material Pursuant to § 240.14a-12.

NORTHERN OIL AND GAS, INC.

(Name of Registrant as Specified in Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of filing fee (Check the appropriate box):

x No fee required.

o Fee paid previously with preliminary materials.

o Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

4350 Baker Road ● Suite 400

Minnetonka, Minnesota 55343

April 11, 2024

Dear Stockholder:

We are pleased to invite you to attend the 2024 Annual Meeting of Stockholders of Northern Oil and Gas, Inc., a Delaware corporation (the “Company,” “we,” “our” or “us”), to be conducted online on Thursday, May 23, 2024, commencing at 1:00 p.m. Central Time.

The meeting will be completely virtual. Hosting a virtual meeting provides expanded access, improved communication and cost savings for our stockholders and us and enables stockholder participation from any location around the world, reducing the carbon footprint associate with travel to the meeting. In addition to attendance via the Internet, stockholders have an opportunity to hear all portions of the official meeting, submit written questions during the meeting, vote electronically during the open poll portion of the meeting, and listen to any live responses to stockholder questions immediately following the formal meeting.

You may attend the meeting, vote your shares and submit questions electronically during the meeting via live webcast by logging in at: www.virtualshareholdermeeting.com/NOG2024. We recommend that you log in at least 15 minutes before the meeting to ensure that you are logged in when the meeting starts.

The formal notice of the meeting and proxy statement follow this cover letter. Enclosed with this proxy statement are your proxy card, a return envelope and a copy of our Annual Report on Form 10-K for the year ended December 31, 2023.

We hope you are able to attend the meeting.

Thank you.


			By Order of the Board of Directors,

			Bahram Akradi Chairperson of the Board of Directors

NORTHERN OIL AND GAS, INC.

4350 Baker Road ● Suite 400

Minnetonka, Minnesota 55343

NOTICE OF 2024 ANNUAL MEETING OF STOCKHOLDERS

TO BE HELD MAY 23, 2024

To the Stockholders of Northern Oil and Gas, Inc.:

Notice is hereby given that the 2024 Annual Meeting of Stockholders of Northern Oil and Gas, Inc., a Delaware corporation (the “Company,” “we,” “our” or “us”), will be conducted online at www.virtualshareholdermeeting.com/NOG2024, on Thursday, May 23, 2024, at 1:00 p.m. Central Time (the “Annual Meeting”). For purposes of attendance at the Annual Meeting, all references in this notice and the accompanying proxy statement to “attend,” “present in person” or “in person” shall mean virtually present at the Annual Meeting. The Annual Meeting is being held for the following purposes:

1. To elect eight directors to serve until the Annual Meeting of Stockholders in 2025;

2. To ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2024;

3. To approve an amendment to our Restated Certificate of Incorporation, as amended (our “certificate of incorporation”), to increase the number of authorized shares of common stock, par value $0.001 per share (“common stock”), from 135,000,000 to 270,000,000; and

4. To approve, on an advisory basis, the compensation paid to our named executive officers.

Only stockholders of record at the close of business on March 25, 2024 are entitled to notice of, and to vote at, the Annual Meeting, or any adjournment(s) or postponement(s) thereof.

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting. The following proxy materials and information are available for you to review online at www.noginc.com/investor-relations/financials/annual-reports: (i) our notice of annual meeting and proxy statement (which includes instructions on how to attend and vote your shares electronically during the Annual Meeting); (ii) our Annual Report on Form 10-K for the year ended December 31, 2023; and (iii) our form of proxy card.

Your vote is important. You may vote your shares via the Internet both before and during the Annual Meeting, or by telephone or mail in advance. Please refer to the section “Voting Instructions” for detailed voting instructions. Whether or not you are able to attend the Annual Meeting virtually, we urge you to vote your shares in advance of the Annual Meeting as promptly as possible.

We look forward to you joining us during the Annual Meeting.


			By Order of the Board of Directors,

			Bahram Akradi Chairperson of the Board of Directors

Minnetonka, Minnesota

April 11, 2024

TABLE OF CONTENTS


			Page
THE ANNUAL MEETING			1
VOTING INSTRUCTIONS			2
CORPORATE GOVERNANCE			4
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT			8
PROPOSAL 1: ELECTION OF DIRECTORS			10
PROPOSAL 2: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS			13
AUDIT COMMITTEE REPORT			15
PROPOSAL 3: APPROVAL OF AMENDMENT OF CERTIFICATE OF INCORPORATION TO INCREASE AUTHORIZED COMMON STOCK			16
PROPOSAL 4: ADVISORY VOTE TO APPROVE THE COMPENSATION OF THE NAMED EXECUTIVE OFFICERS			18
EXECUTIVE COMPENSATION			19
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS			43
FORM 10-K			44
HOUSEHOLDING			44
STOCKHOLDER PROPOSALS FOR 2025 ANNUAL MEETING			44
OTHER MATTERS			45


*			Denotes committee chairperson.
+			Mr. Akradi has served as Chairperson of the Board of Directors since January 2018.


Name(1)	Number of Shares	Percent of Common Stock
Certain Beneficial Owners:
BlackRock, Inc.(2) 50 Hudson Yards New York, NY 10001	13,809,066	13.7	%
FMR, LLC(3) 245 Summer Street, Boston, MA 02210	10,630,809	10.5	%
The Vanguard Group(4) 100 Vanguard Blvd. Malvern, PA 19355	10,587,536	10.5	%
State Street Corporation(5) State Street Financial Center One Congress Street, Suite 1 Boston, MA 02114	5,370,230	5.3	%

Directors:
Bahram Akradi	1,606,998	1.6	%
Lisa Bromiley	46,449	*
Roy Easley	48,685	*
Michael Frantz	51,750	*
William Kimble	6,278	*
Jack King	60,626	*
Stuart Lasher	333,041	*
Jennifer Pomerantz	11,293	*
Executive Officers:
Chad Allen	82,133	*
Adam Dirlam	131,739	*
James Evans	77,533	*
Nicholas O’Grady	231,832	*
Erik Romslo	105,188	*
Directors and current Executive Officers as a group (13 persons)	2,793,545	2.8	%


	Fiscal Year Ended
	December 31, 2023			December 31, 2022
Audit Fees	$	1,858,970		$	1,678,315
Audit-Related Fees	469,079			195,175
Tax Fees	26,145		(1)	130,052		(1)
All Other Fees	172,270		(2)	—
Total	$	2,354,194		$	2,003,542


Nicholas O’Grady			Chief Executive Officer
Adam Dirlam			President
Chad Allen			Chief Financial Officer
James Evans			Chief Technical Officer
Erik Romslo			Chief Legal Officer & Secretary


	2023 LTIP
	Target Compensation Values ($ in thousands)
	2023	2024	2025	2026	2027	Total
Nicholas O’Grady
Performance-Based(1)	2,565	2,565	2,565	1,800	1,800	11,295
Service-Based	892	892	892	750	—	3,425
Total	3,457	3,457	3,457	2,550	1,800	14,720
Adam Dirlam
Performance-Based(1)	1,200	1,200	1,200	900	900	5,400
Service-Based	567	567	567	500	—	2,200
Total	1,767	1,767	1,767	1,400	900	7,600
Chad Allen
Performance-Based(1)	910	910	910	750	750	4,230
Service-Based	422	422	422	375	—	1,640
Total	1,332	1,332	1,332	1,125	750	5,870
James Evans
Performance-Based(1)	731	731	731	600	600	3,394
Service-Based	412	412	412	375	—	1,612
Total	1,144	1,144	1,144	975	600	5,006
Erik Romslo
Performance-Based(1)	754	754	754	600	600	3,462
Service-Based	294	294	294	250	—	1,132
Total	1,048	1,048	1,048	850	600	4,594


Berry Corporation	Kimbell Royalty Partners, LP	Sitio Royalties Corp.
Callon Petroleum Company	Magnolia Oil & Gas Corporation	SM Energy Company
Chord Energy Corporation	Matador Resources Company	Talos Energy Inc.
Civitas Resources, Inc.	PDC Energy, Inc.	Vital Energy
Granite Ridge Resources, Inc.	Ranger Oil Corporation	W&T Offshore, Inc.


	2022 Salary ($)	2023 Salary ($)	Increase (% )
Nicholas O’Grady	750,000	850,000	13	%
Adam Dirlam	425,000	500,000	18	%
Chad Allen	350,000	400,000	14	%
James Evans	320,000	375,000	17	%
Erik Romslo	400,000	440,000	10	%


	2023 STIP
	Threshold			Target			Maximum
	Value ($)	% of Salary		Value ($)	% of Salary		Value ($)	% of Salary
Nicholas O’Grady	425,000	50	%	850,000	100	%	1,487,500	175	%
Adam Dirlam	225,000	45	%	450,000	90	%	750,000	150	%
Chad Allen	133,333	33	%	300,000	75	%	500,000	125	%
James Evans	125,000	33	%	243,750	65	%	468,750	125	%
Erik Romslo	146,667	33	%	286,000	65	%	440,000	100	%


	Adjusted EBITDA Metric ($)	ROCE Metric ($)	Individual Goals ($)	Total ($)	Total (% of Base Salary)
Nicholas O’Grady	357,115	296,264	495,833	1,149,212	135	%
Adam Dirlam	184,721	156,085	250,000	590,806	118	%
Chad Allen	123,147	104,057	166,667	393,871	98	%
James Evans	107,291	85,814	156,250	349,354	93	%
Erik Romslo	113,157	98,457	125,000	336,614	77	%


	Performance-Based(1)			Service-Based(2)
	Value ($)	% of Total		Value ($)	% of Total
Nicholas O’Grady	11,295,000	77	%	3,425,000	23	%
Adam Dirlam	5,400,000	71	%	2,200,000	29	%
Chad Allen	4,230,000	72	%	1,640,000	28	%
James Evans	3,393,750	68	%	1,612,500	32	%
Erik Romslo	3,462,000	75	%	1,132,000	25	%


*			Denotes less than 1% ownership.


		3-Year TSR Awards (combined)(1)			Performance-Contingent Award Opportunity
	Base RSA ($)	Threshold ($)	Target ($)	Maximum ($)	Threshold ($)	Target ($)	Maximum ($)
Nicholas O’Grady	425,000	510,000	1,530,000	2,550,000	255,000	765,000	1,275,000
Adam Dirlam	200,000	200,000	600,000	1,000,000	100,000	300,000	500,000
Chad Allen	140,000	120,000	320,000	480,000	60,000	160,000	240,000
James Evans	112,500	112,500	262,500	450,000	56,250	131,250	225,000
Erik Romslo	132,000	132,000	308,000	528,000	66,000	154,000	264,000


	5-Year Performance Awards			4-Year RSAs ($)
	First Return Target(1) ($)	Max Return Target(2) ($)	Grant Date Fair Value ($)
Nicholas O’Grady	9,000,000	13,500,000	2,304,000	3,000,000
Adam Dirlam	4,500,000	6,750,000	1,152,000	2,000,000
Chad Allen	3,750,000	5,625,000	960,000	1,500,000
James Evans	3,000,000	4,500,000	768,000	1,500,000
Erik Romslo	3,000,000	4,500,000	768,000	1,000,000


Name and Principal Position(1)	Year	Salary ($)	Bonus ($)	Stock Awards ($)(2)	Non-Equity Incentive Plan Compensation ($)(3)	All Other Compensation ($)(4)	Total Compensation ($)
Nicholas O’Grady	2023	850,000	—	8,115,550	1,149,212	133,936	10,248,697
Chief Executive Officer	2022	750,000	512,500	783,260	800,000	74,713	2,920,473
	2021	515,000	590,000	1,449,989	—	63,659	2,618,648

Adam Dirlam	2023	500,000	—	4,300,142	590,806	97,126	5,488,073
President	2022	425,000	343,750	326,354	400,000	68,485	1,563,589
	2021	335,000	395,000	419,993	—	62,197	1,212,190

Chad Allen	2023	400,000	—	3,140,331	393,871	93,070	4,027,272
Chief Financial Officer	2022	350,000	170,833	228,453	266,667	68,293	1,084,245
	2021	290,000	290,000	360,002	—	61,665	1,001,667

James Evans	2023	375,000	—	2,849,999	349,354	85,878	3,660,232
Chief Technical Officer	2022	320,000	133,333	228,453	266,667	66,924	1,015,376

Erik Romslo	2023	440,000	—	2,467,261	336,614	99,054	3,342,930
Chief Legal Officer & Secretary	2022	400,000	66,667	294,624	333,333	69,918	1,164,542
	2021	392,000	392,000	479,992	—	63,636	1,327,628


						Performance-Contingent Award Earned(1) ($)
Nicholas O’Grady						1,275,000
Adam Dirlam						510,000
Chad Allen						255,000
James Evans						255,000
Erik Romslo						255,000

SEC Form DEF 14A filed by Northern Oil and Gas Inc.