| Brian R. Gray | 2023 ($) | Compensation Component as a % of Base Salary | Base Salary | 800,000 | Target Annual Cash Incentive Opportunity | 920,000 | 115 | % | Target Long-Term Equity Incentive Opportunity | 3,000,000 | 375 | % | Total Target Compensation | 4,720,000 | Prior to the Separation, Mr. Gray’s compensation was determined by the president and CEO of MDU Resources and the president and CEO of Knife River, with a base salary of $400,000, a target annual cash incentive opportunity of 60% of base salary and a target long-term equity incentive opportunity of 100% of base salary, respectively, in his position as president of Knife River, effective January 1, 2023. His compensation was further adjusted by the MDU Resources Compensation Committee at its February 2023 meeting in connection with his promotion to president and CEO of Knife River to a base salary of $500,000, a 25% increase, target annual cash incentive opportunity of 75% of base salary, a 25% increase, and target long-term equity incentive opportunity of 170% of base salary, a 70%, increase, respectively, effective March 1, 2023. For purposes of Mr. Gray’s compensation following the Separation, the MDU Resources Compensation Committee considered information provided in the December 2022 compensation study provided by the MDU Resources Compensation Committee’s independent compensation consultant when determining Mr. Gray’s compensation in his role as president and CEO of Knife River, effective upon the Separation, and set Mr. Gray’s base salary at $800,000, a 60% increase, target annual cash incentive opportunity at 115% of base salary, an approximate 53% increase, and target long-term equity time-based award value at 375% of base salary, an approximate 121% increase, respectively, as set forth in his offer letter. These increases were based on input from the MDU Resources Compensation Committee’s independent compensation consultant to more closely align his compensation with the market median for his position in his role following the Separation. | |||||||||||||||||||||||||||
| Carmona Alvarez | Fagg | Gray | Hill | Moss | Sandbrook | ||||||||||||||||||||||||||||||
| Gender/Age/Tenure* | |||||||||||||||||||||||||||||||||||
| Gender | M | F | M | M | F | M | |||||||||||||||||||||||||||||
| Age | 55 | 70 | 53 | 67 | 70 | 66 | |||||||||||||||||||||||||||||
| Tenure | 2 | 19 | 1 | — | 21 | 1 | |||||||||||||||||||||||||||||
| Race/Ethnicity/Nationality | |||||||||||||||||||||||||||||||||||
| African American/Black | Alaskan Native or Native American | Asian | Hispanic/Latinx | ü | Native Hawaiian or Pacific Islander | White (not Hispanic or Latinx origins) | ü | ü | ü | ü | ü | ||||||||||||||||||||||||
| Two or more Races or Ethnicities | LGBTQ+ | * | Ages are current as of December 31, 2023 and tenure includes time of service on the MDU Resources board of directors prior to the Separation. | ||||||||||||||||||||||||||||||||
