<SEC-DOCUMENT>0000067716-15-000021.txt : 20150219
<SEC-HEADER>0000067716-15-000021.hdr.sgml : 20150219
<ACCEPTANCE-DATETIME>20150218164806
ACCESSION NUMBER:		0000067716-15-000021
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20150211
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150218
DATE AS OF CHANGE:		20150218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MDU RESOURCES GROUP INC
		CENTRAL INDEX KEY:			0000067716
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				410423660
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03480
		FILM NUMBER:		15628648

	BUSINESS ADDRESS:	
		STREET 1:		1200 WEST CENTURY AVENUE
		CITY:			BISMARCK
		STATE:			ND
		ZIP:			58503
		BUSINESS PHONE:		701-530-1059

	MAIL ADDRESS:	
		STREET 1:		1200 WEST CENTURY AVENUE
		CITY:			BISMARCK
		STATE:			ND
		ZIP:			58503

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MONTANA DAKOTA UTILITIES CO
		DATE OF NAME CHANGE:	19850429
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a8kcompensation.htm
<DESCRIPTION>8-K
<TEXT>
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<a name="sBB455B02C0D1C85628C1940512D18936"></a><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><br><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">UNITED STATES </font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WASHINGTON, DC 20549</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">______________</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">FORM 8-K</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font></div><div style="line-height:120%;text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">CURRENT REPORT</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">PURSUANT TO SECTION 13 OR 15(d) OF THE <br>SECURITIES EXCHANGE ACT OF 1934</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">Date of Report (Date of earliest event reported):</font><font style="font-family:inherit;font-size:9pt;font-weight:bold;">&#32;&#32;February 11, 2015</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:16pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td width="27%"></td><td width="3%"></td><td width="35%"></td><td width="3%"></td><td width="32%"></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">MDU Resources Group, Inc.</font></div></td></tr><tr><td colspan="5" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact name of registrant as specified in its charter)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Delaware</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">1-3480</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">41-0423660</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(State or other jurisdiction of incorporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(Commission <br>File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(I.R.S. Employer  <br>Identification No.)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:26px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:26px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:26px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:26px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:26px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1200 West Century Avenue <br>P.O. Box 5650</font><font style="font-family:inherit;font-size:10pt;">&#160;<br></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Bismarck, North Dakota  58506-5650</font><font style="font-family:inherit;font-size:10pt;">&#160;<br>(Address of principal executive offices) <br>(Zip Code) <br> <br>Registrant&#8217;s telephone number, including area code: </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(701) 530-1000</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">______________</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">[ ]</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">[ ]</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">[ ]</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">[ ]</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div></td></tr></table><div style="line-height:138%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></div><hr style="page-break-after:always"><a name="sBB455B02C0D1C85628C1940512D18936"></a><div></div><br><div style="line-height:130%;padding-top:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ITEM 5.02 &#160;&#160;&#160;&#160;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></div><div style="line-height:130%;padding-top:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">2015 Annual Incentive Awards</font></div><div style="line-height:130%;padding-top:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">On February 11, 2015, the Compensation Committee (the &#8220;Committee&#8221;) of the Board of Directors (the &#8220;Board&#8221;) of MDU Resources Group, Inc. (the &#8220;Company&#8221;) established 2015 annual incentive award opportunities for the executive officers including those officers who were the named executive officers in the Company&#8217;s proxy statement for the 2014 Annual Meeting of Stockholders, and those who will be named executive officers in the proxy statement for the 2015 Annual Meeting of Stockholders (the &#8220;NEOs&#8221;).  The Board approved the award opportunities at its meeting on February 12, 2015.  The 2015 annual incentive award opportunities for the NEOs are set forth in the 2015 Annual Incentive Award Opportunity Chart, which is filed as Exhibit 10.1 and incorporated herein by reference. </font></div><div style="line-height:130%;padding-top:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The 2015 awards for David L. Goodin, President and Chief Executive Officer of the Company, and Jeffrey S. Thiede, President and Chief Executive Officer of the construction services segment, were made pursuant to the Long-Term Performance-Based Incentive Plan (the &#8220;LTIP&#8221;).&#160;&#160;The form of Annual Incentive Award Agreement under the LTIP is filed as Exhibit 10.2&#160;hereto.  The 2015 awards for Doran N. Schwartz, Vice President and Chief Financial Officer of the Company, Steven L. Bietz, President and Chief Executive Officer of the pipeline and energy services segment, and Paul K. Sandness, General Counsel and Secretary of the Company, were made pursuant to the MDU Resources Group, Inc. Executive Incentive Compensation Plan (the &#8220;EICP&#8221;).  J. Kent Wells, Vice Chairman of the Corporation and Chief Executive Officer of the exploration and production (&#8220;E&amp;P&#8221;) segment, received no award because of his resignation effective February 28, 2015.</font></div><div style="line-height:130%;padding-top:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Except as the Committee may otherwise determine, in order to be eligible to receive an annual incentive award payment under the LTIP, participants must remain employed by the Company through December 31, 2015.  The Committee has full discretion to determine the extent to which goals have been achieved, the payment level, whether any final payment will be made and whether to adjust awards downward based upon individual performance.  Unless otherwise determined and established in writing by the Committee within 90 days of the beginning of the performance period, no adjustment shall be made to the performance goals if the adjustment would increase the annual incentive award payment.  The Committee may use negative discretion and adjust any annual incentive award payment downward, using any subjective or objective measures as it shall determine.  The application of any reduction, and the methodology used in determining any such reduction, is in the sole discretion of the Committee.</font></div><div style="line-height:130%;padding-top:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">With respect to annual incentive awards granted pursuant to the EICP, participants who retire during the year at age 65 pursuant to their employer&#8217;s bylaws remain eligible to receive an award.  Subject to the Committee&#8217;s discretion, participants who terminate employment for other reasons are not eligible for an award, except that a prorated award may be paid to participants </font></div><br><div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sBB455B02C0D1C85628C1940512D18936"></a><div></div><br><div style="line-height:130%;padding-top:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">who transfer between their employer at the time the award is granted and MDU Resources Group, Inc. or any of its business segments, divisions or subsidiaries.  The Committee has full discretion to determine the extent to which performance measures have been achieved, the payment level and whether any final payment will be made.  Once performance measures are approved by the Committee for EICP awards, the Committee generally does not modify the measures.  However, if major unforeseen changes in economic and environmental conditions or other significant factors beyond the control of management substantially affected management&#8217;s ability to achieve the specified performance targets, the Committee, in consultation with the chief&#160;executive officer, may modify the performance targets.  Such modifications will only be considered in years of unusually adverse or favorable external conditions.</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Payments are based upon achievement relative to established annual performance measures. The target incentive awards were established based upon the officers&#8217; positions and base salaries as follows:</font></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="21%"></td><td width="45%"></td><td width="34%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Name</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Position</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2015 Annual Incentive Target (as % of Base Salary)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">David L. Goodin</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">President and Chief Executive Officer <br>of the Company</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Doran N. Schwartz</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Vice President and Chief Financial Officer <br>of the Company</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">65</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Jeffrey S. Thiede</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">President and Chief Executive Officer <br>of construction services segment</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">80</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Steven L. Bietz</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">President and Chief Executive Officer <br>of pipeline and energy services segment</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">65</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Paul K. Sandness</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">General Counsel and Secretary <br>of the Company</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">60</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Payment will range from zero to 200% of the target for the Company&#8217;s NEOs, based upon achievement of the performance measures. </font></div><div style="line-height:130%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In all annual incentive awards for 2015 for the Company&#8217;s NEOs and the business segment leaders, the Company EPS goal will be weighted 20%, will be based on results from all business segments except the E&amp;P segment and will be adjusted to exclude the (i) effect on earnings at the&#160;Company level of intersegment eliminations, (ii) accounting effects of the E&amp;P segment being moved from continuing operations to discontinued operations and (iii) income statement impact of a loss on asset sales or dispositions, other than the sale or disposition of the E&amp;P segment, that are approved by the Company Board.  Intersegment eliminations are intercompany balances and transactions that will be eliminated in consolidation (as will be reported in the notes to the Company&#8217;s financial statements for the fiscal year ending December 31, 2015), except for certain transactions related to the Company&#8217;s regulated operations in accordance with GAAP. </font></div><br><div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sBB455B02C0D1C85628C1940512D18936"></a><div></div><br><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Similarly, in all annual incentive awards for 2015 for the Company&#8217;s NEOs and the business segment leaders, there will be a new separate goal weighted 5%, based on the E&amp;P segment pretax operating income, adjusted to exclude (i) depreciation, depletion and amortization, with non-cash ceiling test charges treated as depreciation and (ii) accounting effects of the E&amp;P segment being moved from continuing operations to discontinued operations.</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The 2015 award opportunity for Mr. Thiede is:</font></div><div style="line-height:120%;padding-left:2px;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.35897435897436%;border-collapse:collapse;text-align:left;"><tr><td colspan="6"></td></tr><tr><td width="19%"></td><td width="17%"></td><td width="16%"></td><td width="16%"></td><td width="16%"></td><td width="16%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">Construction Services 2015 earnings results as a % of 2015 target (weighted 75%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">Payment of annual incentive target </font></div><div style="padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">based on Construction Services 2015 earnings</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">Company 2015 </font></div><div style="padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">diluted adjusted <br>EPS results as&#160;a % of 2015&#160;target (weighted 20%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">Payment of annual incentive target based on Company 2015 diluted adjusted EPS</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">E&amp;P segment pretax operating income excluding DD&amp;A as a % of 2015 target (weighted 5%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">Payment of annual incentive target based on E&amp;P segment pretax operating income excluding DD&amp;A</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Less than 85%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">0%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Less than 85%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">0%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Less than 80%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">0%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">85%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">25%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">85%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">25%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">80%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">25%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">90%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">50%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">90%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">50%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">87%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">50%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">95%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">75%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">95%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">75%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">94%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">75%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">122%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">120%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">103%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">120%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">104%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">120%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">144%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">140%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">106%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">140%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">108%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">140%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">166%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">160%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">109%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">160%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">112%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">160%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">188%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">180%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">112%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">180%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">116%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">180%</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">209.5%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">200%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">115%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">200%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">120%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">200%</font></div></td></tr></table></div></div><div style="line-height:120%;padding-left:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Construction Services earnings is defined as GAAP earnings reported for the segment. </font></div><br><div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sBB455B02C0D1C85628C1940512D18936"></a><div></div><br><div style="line-height:138%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The 2015 award opportunity available to Mr. Bietz is:</font></div><div style="line-height:120%;text-align:center;font-size:10.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td width="14%"></td><td width="11%"></td><td width="12%"></td><td width="11%"></td><td width="12%"></td><td width="12%"></td><td width="14%"></td><td width="14%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pipeline and Energy Services 2015 ROIC results as a % of 2015 target (weighted 37.5%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based on Pipeline and Energy Services 2015 ROIC</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pipeline and Energy Services 2015 EPS results as a % of 2015 target (weighted 37.5%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based on Pipeline and Energy Services 2015 EPS</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Company 2015 <br>diluted adjusted <br>EPS results as&#160;a % of 2015&#160;target (weighted 20%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based on Company 2015 diluted adjusted EPS</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">E&amp;P segment pretax operating income excluding DD&amp;A as </font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">a % of 2015 target (weighted 5%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based on E&amp;P segment pretax operating income excluding DD&amp;A</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Less than 85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">0%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Less than 85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">0%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Less than 85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">0%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Less than <br>80%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">0%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">25%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">25%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">25%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">80%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">25%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">90%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">50%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">90%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">50%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">90%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">50%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">87%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">50%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">95%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">95%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">95%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">94%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">103%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">103%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">103%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">104%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">106%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">140%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">106%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">140%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">106%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">140%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">108%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">140%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">109%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">160%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">109%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">160%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">109%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">160%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">112%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">160%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">112%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">180%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">112%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">180%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">112%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">180%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">116%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">180%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">115%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">200%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">115%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">200%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">115%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">200%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">200%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The pipeline and energy services segment also has five goals relating to the pipeline and energy services segment&#8217;s safety results, and each goal that is not met will reduce Mr. Bietz&#8217;s annual incentive award payment by 1%.</font></div><br><div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sBB455B02C0D1C85628C1940512D18936"></a><div></div><br><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The 2015 award opportunity available for Patrick L. O&#8217;Bryan, President and, effective March 1, 2015, Chief Executive Officer of the E&amp;P segment, is:</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td width="11%"></td><td width="11%"></td><td width="15%"></td><td width="15%"></td><td width="13%"></td><td width="12%"></td><td width="12%"></td><td width="11%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">E&amp;P segment pretax operating income </font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">excluding DD&amp;A </font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">results as </font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">a % of </font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2015 </font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">target </font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(weighted </font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">56.25%)</font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based on E&amp;P segment pretax operating income excluding DD&amp;A</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-top:12px;text-align:left;padding-left:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">E&amp;P</font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">segment margin enhancement results </font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">as a % of 2015&#160;target (weighted 18.75%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based on E&amp;P segment margin enhancement</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Company 2015 <br>diluted adjusted <br>EPS results as&#160;a % of 2015&#160;target (weighted 20%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based on Company 2015 diluted adjusted EPS</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">E&amp;P segment pretax operating income excluding DD&amp;A as <br>a % of 2015 target (weighted 5%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based on E&amp;P segment pretax operating income excluding DD&amp;A</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Less than 80%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">0%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Greater than 100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">0%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Less than 85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">0%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Less than <br>80%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">0%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">80%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">25%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">25%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">80%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">25%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">87%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">50%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">98.5%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">120%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">90%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">50%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">87%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">50%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">94%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">75%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">97%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">140%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">95%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">75%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">94%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">75%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">95.5%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">160%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">104%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">120%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">94%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">180%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">103%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">120%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">104%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">120%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">108%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">140%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">92.5%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">200%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">106%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">140%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">108%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">140%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">112%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">160%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">109%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">160%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">112%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">160%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">116%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">180%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">112%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">180%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">116%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">180%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">120%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">200%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">115%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">200%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">120%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">200%</font></div></td></tr></table></div></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The E&amp;P segment goal of pretax operating income weighted 56.25% is the same as that which is weighted 5% and is described above.  The E&amp;P segment goal of margin enhancement will be its operations and maintenance cost, excluding accounting changes due to the segment being moved from continuing operations to discontinued operations.  If the E&amp;P segment is disposed of during 2015, prorated payment will be made to Mr. O'Bryan based on goals achieved up until the date of disposition. </font></div><br><div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sBB455B02C0D1C85628C1940512D18936"></a><div></div><br><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The 2015 award opportunity available to the Nicole A. Kivisto, President and Chief Executive Officer of the electric and natural gas distribution (utility) segment, is:</font></div><div style="line-height:120%;text-align:center;font-size:10.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td width="14%"></td><td width="13%"></td><td width="14%"></td><td width="13%"></td><td width="13%"></td><td width="11%"></td><td width="11%"></td><td width="11%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Electric and Natural Gas Distribution 2015 ROIC results as a % of 2015 target (weighted 37.5%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target </font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">based on Electric and Natural Gas Distribution 2015 ROIC</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Electric and Natural Gas Distribution 2015 EPS results as a % of 2015 target (weighted 37.5%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target </font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">based on Electric and Natural Gas Distribution 2015 EPS</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Company 2015 <br>diluted adjusted <br>EPS results as&#160;a % of 2015&#160;target (weighted 20%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based on Company 2015 diluted adjusted EPS</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">E&amp;P segment pretax operating income excluding DD&amp;A as <br>a % of 2015 target (weighted 5%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based on E&amp;P segment pretax operating income excluding DD&amp;A</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Less than 85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">0%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Less than 85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">0%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Less than 85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">0%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Less than 80%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">0%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">25%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">25%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">85%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">25%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">80%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">25%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">90%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">50%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">90%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">50%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">90%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">50%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">87%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">50%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">95%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">95%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">95%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">94%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">103%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">103%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">103%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">104%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">106%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">140%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">106%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">140%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">106%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">140%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">108%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">140%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">109%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">160%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">109%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">160%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">109%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">160%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">112%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">160%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">112%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">180%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">112%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">180%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">112%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">180%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">116%</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">180%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">115%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">200%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">115%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">200%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">115%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">200%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">200%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sBB455B02C0D1C85628C1940512D18936"></a><div></div><br><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The 2015 award opportunity available to David C Barney, President and Chief Executive Officer of the construction materials and contracting segment, is: </font></div><div style="line-height:120%;text-align:center;font-size:10.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td width="15%"></td><td width="14%"></td><td width="14%"></td><td width="14%"></td><td width="12%"></td><td width="11%"></td><td width="10%"></td><td width="10%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Construction Materials and Contracting 2015 ROIC results as a % of 2015 target (weighted 37.5%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based&#160;on Construction Materials and Contracting 2015 ROIC</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Construction Materials and</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contracting 2015 EPS results as a </font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">% of 2015 target (weighted 37.5%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based&#160;on Construction Materials and Contracting 2015 EPS</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Company 2015 <br>diluted adjusted <br>EPS results as&#160;a % of 2015&#160;target (weighted 20%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based on Company 2015 diluted adjusted EPS</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">E&amp;P segment pretax operating income excluding DD&amp;A as <br>a % of 2015 target (weighted 5%)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Payment of annual incentive target based on E&amp;P segment pretax operating income excluding DD&amp;A</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Less than 70%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">0%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Less than 70%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">0%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Less than 85%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">0%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Less than 80%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">0%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">70%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">25%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">70%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">25%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">85%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">25%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">80%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">25%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">37.5%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">37.5%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">90%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">50%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">87%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">50%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">80%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">50%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">80%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">50%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">95%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">94%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">85%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">62.5%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">85%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">62.5%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">90%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">90%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">75%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">103%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">104%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">95%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">87.5%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">95%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">87.5%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">106%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">140%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">108%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">140%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">100%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">109%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">160%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">112%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">160%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">103%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">103%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">112%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">180%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">116%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">180%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">106%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">140%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">106%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">140%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">115%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">200%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">120%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">200%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">109%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">160%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">109%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">160%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">112%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">180%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">112%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">180%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">115%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">200%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">115%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">200%</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The amount of annual incentive award earned, if any, for executives at the MDU Resources Group level, including Messrs. Goodin, Schwartz and Sandness, will be determined based on the following formula:</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Annual Incentive Award Earned = Payout Percentage X Target Award</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The payout percentage will be the sum of the products that result from multiplying (x) the percentage of annual incentive target achieved based on the award opportunity of the business segment leader by (y) the business segment&#8217;s percentage of average invested capital.  The business segments are (i) construction services, (ii) construction materials and contracting, (iii) exploration and production, (iv) pipeline and energy services and (v) electric and natural gas distribution (utility). </font></div><br><div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sBB455B02C0D1C85628C1940512D18936"></a><div></div><br><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">2015 Long-Term Incentive Awards</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">Revised Performance Share Award Agreement</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">On February 11, 2015, the Committee approved a revised form of Performance Share Award Agreement (the &#8220;Agreement&#8221;) to be used for future awards under the Long-Term Performance-Based Incentive Plan.  The form of Agreement is filed as Exhibit&#160;10.3 hereto and incorporated herein by reference.</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Agreement reflects a revised performance graph peer group (the &#8220;Peer Group&#8221;) and adds provisions for determining the number of shares earned if Fidelity Exploration &amp; Production (&#8220;Fidelity&#8221;) is sold during the performance period.  </font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If not less than 75% of the assets or 100% of the stock of Fidelity is disposed of during the performance period, specified companies will be removed from the Peer Group, effective as of the end of the month prior to the closing (the &#8220;Adjustment Date&#8221;), with the revised peer group being referred to as the &#8220;Adjusted Peer Group.&#8221;  The Company&#8217;s total stockholder return (&#8220;TSR&#8221;) will be measured against the Peer Group from the beginning of the performance period through the Adjustment Date and against the Adjusted Peer Group from the day after the Adjustment Date through the end of the performance period.</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">No changes were made to percentile rank and payout percentages.  Assuming the Company's three-year TSR is positive, from 0% to 200% of the target grant will be paid out, depending on the Company's TSR compared to the TSRs of companies in the Peer Group, as follows:. </font></div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:92.3076923076923%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="51%"></td><td width="49%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Percentile Rank</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Payout Percentage</font></div><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">(% of Target Award)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">75th or higher</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">200%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">50th</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">100%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">25th</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">20%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">less than 25th</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0%</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If the Company achieves a percentile rank between the 25th and 50th percentiles, the payout percentage will be equal to 20%, plus 3.2% for each percentile rank whole percentage above the 25th percentile. If the Company achieves a percentile rank between the 50th and 75th percentiles, the payout percentage will be equal to 100%, plus 4.0% for each percentile rank whole percentage above the 50th percentile.  </font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company will pay dividend equivalents in cash on the number of shares actually earned for the performance period. The dividend equivalents will be paid at the same time as the performance share awards are paid.</font></div><br><div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">9</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sBB455B02C0D1C85628C1940512D18936"></a><div></div><br><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If the Company&#8217;s TSR for the performance period is negative, the number of shares otherwise earned, if any, for the performance period will be reduced in accordance with the following table:</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:92.3076923076923%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="48%"></td><td width="3%"></td><td width="49%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TSR</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Reduction In Award</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0% through -5%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">50%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-5.01% through -10%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">60%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-10.01% through -15%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">70%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-15.01% through -20%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">80%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;-20.01% through -25%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">90%</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-25.01% or below</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">100%</font></div></td></tr></table></div></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">2015 Performance Share Awards</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">On February 11, 2015, the Committee established 2015 long-term incentive award opportunities in the form of performance shares with dividend equivalents for the executive officers including those officers who were the named executive officers in the Company&#8217;s proxy statement for the 2014 Annual Meeting of Stockholders, and those who will be named executive officers in the proxy statement for the 2015 Annual Meeting of Stockholders (the &#8220;NEOs&#8221;).  The Board approved the award opportunities at its meeting on February 12, 2015.  The 2015 long-term incentive award opportunities for the NEOs are set forth in the 2015 Performance Share Award Opportunity Chart, which is filed as Exhibit 10.4 and incorporated herein by reference.  Mr.&#160;Wells received no award because of his resignation effective February 28, 2015.  </font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sBB455B02C0D1C85628C1940512D18936"></a><div></div><br><div style="line-height:138%;padding-bottom:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Item 9.01&#160;&#160;&#160;&#160;Financial Statements and Exhibits</font><font style="font-family:inherit;font-size:12pt;">&#32;</font></div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:96.36752136752136%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td width="4%"></td><td width="6%"></td><td width="2%"></td><td width="88%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibits.</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">&#32;&#32;&#32;</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.16239316239316%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="22%"></td><td width="2%"></td><td width="76%"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit Number</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Description of Exhibit</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">MDU Resources Group, Inc. 2015 Annual Incentive Award Opportunity Chart</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Form of Annual Incentive Award Agreement under the Long-Term Performance-Based Incentive Plan, as amended February 11, 2015</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Form of Performance Share Award Agreement under the Long-Term Performance-Based Incentive Plan, as amended February 11, 2015</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">MDU Resources Group, Inc. 2015 Performance Share Award Opportunity Chart</font></div></td></tr></table></div></div><div style="line-height:138%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">11</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sBB455B02C0D1C85628C1940512D18936"></a><div></div><br><div style="line-height:138%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SIGNATURE</font></div><div style="line-height:130%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Date: February 18, 2015 </font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:96.58119658119658%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="52%"></td><td width="6%"></td><td width="42%"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MDU RESOURCES GROUP, INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/ Doran N. Schwartz</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Doran N. Schwartz <br>Vice President and <br>Chief Financial Officer</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">12</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sBB455B02C0D1C85628C1940512D18936"></a><div></div><br><div style="line-height:138%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXHIBIT INDEX</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.66666666666666%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="22%"></td><td width="1%"></td><td width="77%"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit Number</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Description of Exhibit</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">MDU Resources Group, Inc. 2015 Annual Incentive Award Opportunity Chart</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Form of Annual Incentive Award Agreement under the Long-Term Performance-Based Incentive Plan, as amended February 11, 2015</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Form of Performance Share Award Agreement under the Long-Term Performance-Based Incentive Plan, as amended February 11, 2015</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.4</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:16px;padding-right:2px;"><div style="padding-bottom:16px;text-align:left;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">MDU Resources Group, Inc. 2015 Performance Share Award Opportunity Chart</font></div></td></tr></table></div></div><div style="line-height:138%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">13</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div>	</body>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101.htm
<DESCRIPTION>EXHIBIT 10.1
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<a name="sBED15E85211C6C8F458594A33467DC5D"></a><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><br><div style="line-height:144%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:144%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">MDU Resources Group, Inc.</font></div><div style="line-height:144%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2015 Annual Incentive Award Opportunity Chart</font></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6"></td></tr><tr><td width="21%"></td><td width="30%"></td><td width="11%"></td><td width="13%"></td><td width="11%"></td><td width="14%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Name</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Position</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2015 Base Salary</font></div><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#160;($)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Threshold</font></div><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">($)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Target</font></div><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">($)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Maximum<br>($)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">David L. Goodin</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">President and Chief Executive Officer of the Company</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">755,000</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">188,750</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">755,000</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">1,510,000</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Doran N. Schwartz</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Vice President and Chief Financial Officer of the Company</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">380,000</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">61,750</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">247,000</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">494,000</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">J. Kent Wells(1)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Vice Chairman of the Corporation  and Chief Executive Officer of E&amp;P   segment</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">600,000</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8212;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8212;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8212;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Jeffrey S. Thiede</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">President and Chief Executive Officer of construction services segment</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">425,000</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">85,000</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">340,000</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">680,000</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Steven L. Bietz(2)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">President and Chief Executive Officer of pipeline and energy services segment</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">395,000</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">64,188</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">256,750</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">513,500</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Paul K. Sandness</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">General Counsel and Secretary of the Company</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">366,000</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">54,900</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">219,600</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">439,200</font></div></td></tr></table></div></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(1) Mr. Wells received no award due to his resignation effective February 28, 2015.</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(2) Mr. Bietz also has five performance goals relating to the pipeline and energy services segment&#8217;s safety results, and each goal that is not met will reduce his annual incentive award payment by 1%.</font></div><br><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div>	</body>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exhibit102.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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		<title>Wdesk | Exhibit10.2</title>
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<a name="sEA9E5444962EDF6929DB94B101900979"></a><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><br><div style="line-height:144%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.2</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MDU RESOURCES GROUP, INC.</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LONG-TERM PERFORMANCE-BASED INCENTIVE PLAN</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ANNUAL INCENTIVE AWARD AGREEMENT</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[Date]</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[Name and Address]</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In accordance with the terms of the MDU Resources Group, Inc. Long-Term Performance-Based Incentive Plan (the "Plan"), pursuant to action of the Compensation Committee of the Board of Directors of MDU Resources Group, Inc. (the "Committee"), MDU Resources Group, Inc. (the "Company") hereby grants to you (the "Participant") an opportunity to receive an annual incentive award for calendar year 20[**] (the "Award"), subject to the terms and conditions set forth in this Award Agreement (including Annexes A and B hereto and all documents incorporated herein by reference), as set forth below:</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:90.17094017094017%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="43%"></td><td width="57%"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:2px;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Target Award:</font></div><div style="padding-top:2px;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:2px;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">$[**] (the "Target Award")</font></div><div style="padding-top:2px;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:2px;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Performance Goals:</font></div><div style="padding-top:2px;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:2px;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Described in Annex B</font></div><div style="padding-top:2px;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:2px;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Performance Period:</font></div><div style="padding-top:2px;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:2px;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">January 1, 20[**] through December 31, </font></div><div style="padding-top:2px;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">20[**] [one year] (the "Performance Period") </font></div><div style="text-align:justify;padding-top:2px;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td></tr></table></div></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THE AWARD IS SUBJECT TO FORFEITURE AS PROVIDED HEREIN. THIS AWARD AND AMOUNTS RECEIVED IN CONNECTION WITH THIS AWARD ARE ALSO SUBJECT TO FORFEITURE, RECAPTURE OR OTHER ACTION IN THE EVENT OF AN ACCOUNTING RESTATEMENT, AS PROVIDED IN THE PLAN.</font></div><div style="line-height:144%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Further terms and conditions of the Award are set forth in Annexes A and B hereto, which are integral parts of this Award Agreement.</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">All terms, provisions and conditions applicable to the Award set forth in the Plan and not set forth in this Award Agreement are hereby incorporated herein by reference. To the extent any </font></div><br><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sEA9E5444962EDF6929DB94B101900979"></a><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><br><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">provision hereof is inconsistent with a provision of the Plan, the provisions of the Plan will govern. The Participant hereby acknowledges receipt of a copy of this Award Agreement, including Annexes A and B hereto, and a copy of the Plan and agrees to be bound by all the terms and provisions hereof and thereof.</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:98.93162393162393%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="53%"></td><td width="6%"></td><td width="41%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">MDU RESOURCES GROUP, INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name</font></div><div style="padding-top:8px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title</font></div></td></tr></table></div></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Agreed</font><font style="font-family:inherit;font-size:12pt;">:</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:44.65811965811966%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="39%"></td><td width="61%"></td></tr><tr><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Participant</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attachments:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Annex A</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Annex B</font></div></td></tr></table></div></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sEA9E5444962EDF6929DB94B101900979"></a><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><br><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ANNEX A</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TO</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MDU RESOURCES GROUP, INC.</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LONG-TERM PERFORMANCE-BASED INCENTIVE PLAN</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ANNUAL INCENTIVE AWARD AGREEMENT</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">It is understood and agreed that the Award evidenced by the Award Agreement to which this is annexed is subject to the following additional terms and conditions.</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Nature of Award</font><font style="font-family:inherit;font-size:12pt;">. The Award represents the opportunity to receive an annual incentive award if the Performance Goals are achieved during the Performance Period. </font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Determination of Annual Incentive Award Earned</font><font style="font-family:inherit;font-size:12pt;">. The amount of the annual incentive award earned, if any, pursuant to this Award Agreement shall range from zero to 200% of the Target Award based upon achievement of the Performance Goals, with such percentage determined by the Committee in accordance with Annex B hereto. </font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Payment</font><font style="font-family:inherit;font-size:12pt;">. Payment of any annual incentive award earned pursuant to this Agreement shall be made in cash in a lump sum. Unless the Participant has elected to defer receipt of the annual incentive award in accordance with an applicable deferral arrangement, payment will be made as soon as practicable (but not later than the next March 10th) following the Committee's certification of the achievement of the Performance Goals and determination of the Participant's annual incentive payment pursuant to Section 2 hereof.</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Termination of Employment</font><font style="font-family:inherit;font-size:12pt;">. Notwithstanding anything contained herein to the contrary, except as the Committee may otherwise determine, in order to be eligible to receive an annual incentive award under this Award Agreement, the Participant must remain in the employ of the Company through the Performance Period.</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Discretion.</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a) </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Positive Discretion</font><font style="font-family:inherit;font-size:12pt;">. Unless otherwise determined and established in writing by the Committee within 90 days of the beginning of the Performance Period, no adjustment shall be made to the Performance Goals if the adjustment would increase the annual incentive award payment. </font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sEA9E5444962EDF6929DB94B101900979"></a><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><br><div style="line-height:144%;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b) </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Negative Discretion</font><font style="font-family:inherit;font-size:12pt;">. The Committee may use negative discretion and adjust any annual incentive award payment downward, using any subjective or objective measures as it shall determine. The application of any reduction, and the methodology used in determining any such reduction, is in the sole discretion of the Committee.</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Tax Withholding</font><font style="font-family:inherit;font-size:12pt;">. The Committee shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any Federal, state and local taxes (including the Participant's FICA obligations) required by law to be withheld with respect to the Award.</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Ratification of Actions</font><font style="font-family:inherit;font-size:12pt;">. By accepting the Award or other benefit under the Plan, the Participant and each person claiming under or through him or her shall be conclusively deemed to have indicated the Participant&#8217;s acceptance and ratification of, and consent to, any action taken under the Plan or the Award by the Company, its Board of Directors, or the Committee.</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notices</font><font style="font-family:inherit;font-size:12pt;">. Any notice hereunder to the Company shall be addressed to its office, 1200 West Century Avenue, P.O. Box 5650, Bismarck, North Dakota 58506; Attention: Corporate Secretary, and any notice hereunder to the Participant shall be addressed to him or her at the address specified on the Award Agreement, subject to the right of either party to designate at any time hereafter in writing some other address.</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">9. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Definitions</font><font style="font-family:inherit;font-size:12pt;">. Capitalized terms not otherwise defined herein or in the Award Agreement shall have the meanings given them in the Plan.</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:42px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law and Severability</font><font style="font-family:inherit;font-size:12pt;">. To the extent not preempted by Federal law, the Award Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflicts of law provisions. In the event any provision of the Award Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Award Agreement, and the Award Agreement shall be construed&#160;and enforced as if the illegal or invalid provision had not been included.</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:42px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">11. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Rights to Continued Employment</font><font style="font-family:inherit;font-size:12pt;">. This Award Agreement is not a contract of employment. Nothing in the Plan or in this Award Agreement shall interfere with or limit in any way the right of the Company or any Subsidiary to terminate the Participant's employment at any time, for any reason or no reason, or confer upon the Participant the right to continue in the employ of the Company or a Subsidiary.</font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sEA9E5444962EDF6929DB94B101900979"></a><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><br><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ANNEX B -- MDU Resources Group, Inc.</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TO</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MDU RESOURCES GROUP, INC.</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LONG-TERM PERFORMANCE-BASED INCENTIVE PLAN</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ANNUAL INCENTIVE AWARD AGREEMENT</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Determination of Annual Incentive Award Earned and Performance Goals</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Annual Incentive Award Earned</font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The amount of the annual incentive award earned, if any, for the Performance Period shall be determined in accordance with the following formula:</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Annual Incentive Award Earned = Payout Percentage X Target Award</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Payout Percentage will be calculated as follows:</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:97.64957264957265%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td width="43%"></td><td width="19%"></td><td width="19%"></td><td width="19%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Column A  <br>Percentage of Annual  <br>Incentive Target Achieved (1)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Column B  <br>Percentage of  <br>Average Invested  <br>Capital</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Column A x Column B</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;border-left:1px solid #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;Construction services</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:14px;text-indent:-12px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Construction materials and contracting</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:14px;text-indent:-12px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exploration and production</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:14px;text-indent:-12px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Pipeline and energy services</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Electric and natural gas distribution</font></div><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(utility)</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;padding-left:14px;text-indent:-12px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Total (Payout Percentage)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;padding-left:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[__]%</font></div></td></tr></table></div></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(1) Based on the award opportunity of the person who is the business segment leader.</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sEA9E5444962EDF6929DB94B101900979"></a><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><br><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Performance Goals</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Performance Goals for [20**] for (i) the construction services segment, (ii) the construction materials and contracting segment, (iii) the exploration and production segment, (iv) the pipeline and energy services segment, and (v) the electric and natural gas distribution (utility) segment are attached hereto.</font></div><div style="line-height:144%;text-align:center;padding-left:48px;text-indent:0px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sEA9E5444962EDF6929DB94B101900979"></a><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><br><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">ANNEX B &#8211; Business Segments</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TO</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MDU RESOURCES GROUP, INC.</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LONG-TERM PERFORMANCE-BASED INCENTIVE PLAN</font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ANNUAL INCENTIVE AWARD AGREEMENT</font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[Attach Business Segments [20**] Approved Performance Goals]</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div>	</body>
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>exhibit103.htm
<DESCRIPTION>EXHIBIT 10.3
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<a name="sD2DEBC54FBD3810BAE9894C943BDE639"></a><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.3</font></div></div><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MDU RESOURCES GROUP, INC.</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LONG-TERM PERFORMANCE-BASED INCENTIVE PLAN</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PERFORMANCE SHARE AWARD AGREEMENT</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[date]</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#171;name&#187;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#171;streetaddress&#187;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#171;citystzip&#187;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In accordance with the terms of the MDU Resources Group, Inc. Long-Term Performance-Based Incentive Plan (the "Plan"), pursuant to action of the Compensation Committee of the Board of Directors of MDU Resources Group, Inc. (the "Committee"), MDU Resources Group, Inc. (the "Company") hereby grants to you (the "Participant") Performance Shares (the "Award"), subject to the terms and conditions set forth in this Award Agreement (including Annexes A and B hereto and all documents incorporated herein by reference), as set forth below:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:98.71794871794873%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="44%"></td><td width="56%"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Target Award:</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#171;shares&#187; Performance Shares (the "Target Award")</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Performance Period:</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">January 1, 20** through December 31, 20** </font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[three years](the "Performance Period")</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Date of Grant:</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[**]</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dividend Equivalents:</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Yes</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THESE PERFORMANCE SHARES ARE SUBJECT TO FORFEITURE AS PROVIDED HEREIN.  THIS AWARD AND AMOUNTS RECEIVED IN CONNECTION WITH THIS AWARD ARE ALSO SUBJECT TO FORFEITURE, RECAPTURE OR OTHER ACTION IN THE EVENT OF AN ACCOUNTING RESTATEMENT, AS PROVIDED IN THE PLAN.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Further terms and conditions of the Award are set forth in Annexes A and B hereto, which are integral parts of this Award Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><br><div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2DEBC54FBD3810BAE9894C943BDE639"></a><div></div><br><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">All terms, provisions and conditions applicable to the Award set forth in the Plan and not set forth in this Award Agreement are hereby incorporated herein by reference.  To the extent any provision hereof is inconsistent with a provision of the Plan, the provisions of the Plan will govern.  The Participant hereby acknowledges receipt of a copy of this Award Agreement, including Annexes A and B hereto, and a copy of the Plan and agrees to be bound by all the terms and provisions hereof and thereof.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td width="50%"></td><td width="6%"></td><td width="41%"></td><td width="3%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">MDU RESOURCES GROUP, INC.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px solid #ffffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:3px solid #ffffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px solid #ffffff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Agreed</font><font style="font-family:inherit;font-size:12pt;">&#32;:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:44.65811965811966%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="39%"></td><td width="61%"></td></tr><tr><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Participant</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attachments:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Annex A</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Annex B</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2DEBC54FBD3810BAE9894C943BDE639"></a><div></div><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">ANNEX A</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TO</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MDU RESOURCES GROUP, INC.</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LONG-TERM PERFORMANCE-BASED INCENTIVE PLAN</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PERFORMANCE SHARE AWARD AGREEMENT</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">It is understood and agreed that the Award of Performance Shares evidenced by the Award Agreement to which this is annexed is subject to the following additional terms and conditions.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Nature of Award</font><font style="font-family:inherit;font-size:12pt;">.  The Target Award represents the opportunity to receive shares of Company common stock, $1.00 par value ("Shares") and Dividend Equivalents on such Shares.  The number of Shares that may be earned under this Award shall be determined pursuant to Section 2 hereof.  The amount of Dividend Equivalents that may be earned under this Award shall be determined pursuant to Section 4 hereof.  Except for Dividend Equivalents, which are paid in cash, Awards will be paid in Shares.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2A.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Determination of Number of Shares Earned</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Subject to the provisions of Section 2B below, the number of Shares earned, if any, for the Performance Period shall be determined in accordance with the following formula:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">#</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">of Shares = Payout Percentage X Target Award</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The "Payout Percentage" is based on the Company's total shareholder return ("TSR") relative to that of the Peer Group listed on Annex B (the "Percentile Rank") for the Performance Period, determined in accordance with the following 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#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Payout Percentage</font></div><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(% of Target Award)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">75th or higher</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">200%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">50th</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">100%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">25th</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">20%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">less than 25th</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If the Company achieves a Percentile Rank between the 25th and 50th percentiles, the Payout Percentage shall be equal to 20%, plus 3.2% for each Percentile Rank whole percentage above the 25th percentile.  If the Company achieves a Percentile Ranking between the 50th and 75th percentiles, the Payout Percentage shall be equal to 100%, plus 4.0% for each Percentile Rank whole percentage above the 50th percentile. </font></div><br><div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2DEBC54FBD3810BAE9894C943BDE639"></a><div></div><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If the Company&#8217;s TSR for the Performance Period is negative, the number of shares otherwise earned, if any, for the Performance Period 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solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Reduction In Award</font></div></td></tr><tr><td style="vertical-align:top;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0% through -5%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">50%</font></div></td></tr><tr><td style="vertical-align:top;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-5.01% through -10%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div 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style="vertical-align:top;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-15.01% through -20%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">80%</font></div></td></tr><tr><td style="vertical-align:top;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-20.01% through -25%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">90%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-25.01% or below</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">100%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Percentile Rank of a given company's TSR is defined as the percentage of the Peer Group companies' returns falling at or below the given company's TSR.  The formula for calculating the Percentile Rank follows:</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:90.38461538461539%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td width="100%"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Percentile Rank = (n - r + 1)/n x 100</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="5%"></td><td width="95%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Where:</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="7%"></td><td width="6%"></td><td width="87%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">n =</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">total number of companies in the Peer Group, including the Company</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="7%"></td><td width="6%"></td><td width="87%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">r =</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">the numeric rank of the Company's TSR relative to the Peer Group, where the highest</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">return in the group is ranked number 1</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To illustrate, if the Company's TSR is the third highest in the Peer Group comprised of 23 companies, its Percentile Rank would be 91.  The calculation is: (23 - 3 + 1)/23 x 100 = 91.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Percentile Rank shall be rounded to the nearest whole percentage.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If the common stock of a company in the Peer Group ceases to be traded during the Performance Period, the company will be deleted from the Peer Group.  Percentile Rank will be calculated without regard to the return of the deleted company.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If the Company or a company in the Peer Group spins off a segment of its business, the shares of the spun-off entity will be treated as a cash dividend that is reinvested in the Company or the company in the Peer Group.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Total shareholder return is the percentage change in the value of an investment in the common stock&#160;of a company from the initial investment made on the last trading day in the calendar year preceding the beginning of the performance period through the last trading day in the final year of the performance period.  It is assumed that dividends are reinvested in additional shares of common stock at the frequency paid.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">All Performance Shares that are not earned for the Performance Period shall be forfeited. </font></div><br><div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2DEBC54FBD3810BAE9894C943BDE639"></a><div></div><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2B.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Determination of Number of Shares Earned Upon a Disposition of Fidelity</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If during the Performance Period (i) not less than 75 percent of the assets as of December 31, 2014 of Fidelity Exploration &amp; Production Company ("Fidelity") as reported in  the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2014 (the "Asset Threshold"), is </font><font style="font-family:inherit;font-size:11pt;">disposed</font><font style="font-family:inherit;font-size:12pt;">&#32;of or (ii) not less than 100 percent of the common stock of Fidelity owned by WBI Holdings, Inc. as of December 31, 2014 (the "Stock Threshold") is disposed of, in either case in one or more transactions and to a person or persons not consolidated with the Company for SEC reporting purposes, the provisions of this Section 2B shall apply instead of the provisions of Section 2A above.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The following companies shall be removed from the Peer Group listed on Annex B as of the end of the last day of the month (the "Adjustment Date") immediately preceding the month during which occurs the closing  of the last transaction that causes the Asset Threshold or the Stock Threshold, as the case may be, to have been met: Bill Barrett Corporation and SM Energy Company.  The Peer Group as so adjusted shall be referred to as the "Adjusted Peer Group."</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The number of Shares earned, if any, for the Performance Period shall be determined in accordance with the following formula:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">#</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">of Shares = Payout Percentage X Target Award</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The "Payout Percentage" is based on the Company's total shareholder return ("TSR") relative to that of the Peer Group and the Adjusted Peer Group (the "Percentile Rank") for the Performance Period, determined in accordance with the following table:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:72.64957264957265%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="50%"></td><td width="50%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Percentile Rank</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Payout Percentage</font></div><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(% of Target Award)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">75th or higher</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">200%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">50th</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">100%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">25th</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">20%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">less than 25th</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If the Company achieves a Percentile Rank between the 25th and 50th percentiles, the Payout Percentage shall be equal to 20%, plus 3.2% for each Percentile Rank whole percentage above the 25th percentile.  If the Company achieves a Percentile Ranking between the 50th and 75th percentiles, the Payout Percentage shall be equal to 100%, plus 4.0% for each Percentile Rank whole percentage above the 50th percentile. </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2DEBC54FBD3810BAE9894C943BDE639"></a><div></div><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If the Company&#8217;s TSR for the entire Performance Period is negative, the number of shares otherwise earned, if any, for the Performance Period will be reduced in accordance with the following table:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:85.8974358974359%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="48%"></td><td width="3%"></td><td width="49%"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TSR</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Reduction In Award</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0% through -5%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">50%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-5.01% through -10%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">60%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-10.01% through -15%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">70%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-15.01% through -20%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">80%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-20.01% through -25%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">90%</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-25.01% or below</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;padding-left:1px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">100%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Percentile Rank of a given company's TSR is defined as the percentage of the Peer Group or Adjusted Peer Group companies' returns falling at or below the given company's TSR.  The formula for calculating the Percentile Rank follows:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="3%"></td><td width="97%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Percentile Rank = (((n - r + 1)/n x 100) x m/36) + (((na &#8211; ra + 1)/na x 100) x ma/36)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:12pt;">&#32;</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="13%"></td><td width="87%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Where:</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="7%"></td><td width="7%"></td><td width="86%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">n =</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">total number of companies in the Peer Group, including the Company</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">na =</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">total number of companies in the Adjusted Peer Group, including the Company</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" 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ending on the Adjustment Date, where the highest return in the group is ranked number 1</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ra =</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">the numeric rank of the Company's TSR relative to the Adjusted Peer Group for the period beginning on the day after the Adjustment Date and ending on the last day of the Performance Period, where the highest return in the group is ranked number 1</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">m =</font></div></td><td 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style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ma =</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">36 - m</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To illustrate, if (i) the Adjustment Date occurs at the end of the 12th month of the Performance Period, (ii) the Company's TSR is the third highest in the Peer Group comprised of 23 companies for the first 12 months of the Performance Period and (iii) the Company&#8217;s TSR is the 8th highest in the Adjusted Peer Group comprised of 18 companies for the remaining 24 months of the Performance Period, then the Company&#8217;s Percentile Rank for the entire Performance Period would be 71.  The calculation is: (23 - 3 + 1)/23 x 100 x 12/36 plus (18 - 8 + 1)/18 x 100 x 24/36 = 71.</font></div><br><div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2DEBC54FBD3810BAE9894C943BDE639"></a><div></div><br><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Percentile Rank shall be rounded to the nearest whole percentage.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If, on or before the Adjustment Date during the Performance Period, the common stock of a company in the Peer Group ceases to be traded, the company will be deleted from the Peer Group and the Adjusted Peer Group.   If, after the Adjustment Date during the Performance Period, the common stock of a company in the Adjusted Peer Group ceases to be traded, the company will be deleted from the Adjusted Peer Group.  Percentile Rank will be calculated without regard to the return of any company so deleted from the Peer Group and/or the Adjusted Peer Group.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If, on or before the Adjustment Date during the Performance Period, the Company or a company in the Peer Group spins off a segment of its business, the shares of the spun-off entity will be treated as a cash dividend that is reinvested in the Company or the company in the Peer Group during that period.  If, after the Adjustment Date during the Performance Period, the Company or a company in the Adjusted Peer Group spins off a segment of its business, the shares of the spun-off entity will be treated as a cash dividend that is reinvested in the Company or the company in the Adjusted Peer Group during that period.  </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Total shareholder return for the entire performance period is the percentage change in the value of an investment in the common stock of a company from the initial investment made on the last trading day in the calendar year preceding the beginning of the performance period through the last trading day in the final year of the performance period.  To the extent total shareholder return is calculated for a portion of the performance period ending on the Adjustment Date, it shall be the percentage change in the value of an investment in the common stock of a company from the initial investment made on the last trading day in the calendar year preceding the beginning of the performance period through the last trading day in the month in which occurs the Adjustment Date.  To the extent total shareholder return is calculated for a portion of the performance period beginning on the day after the Adjustment Date, it shall be the percentage change in the value of an investment in the common stock of a company from the initial investment made on the last trading day in the month in which occurs the Adjustment Date through the last trading day in the final year of the performance period.  It is assumed that dividends are reinvested in additional shares of common stock at the frequency paid.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">All Performance Shares that are not earned for the Performance Period shall be forfeited. </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Issuance of Shares and Mandatory Holding Period</font><font style="font-family:inherit;font-size:12pt;">.  Subject to any restrictions on distributions of Shares under the Plan, and subject to Section 6 of this Annex A, the Shares earned under the Award, if any, shall be issued to the Participant as soon as practicable (but no later than the next March 10) following the close of the Performance Period.  The Participant shall retain 50% of the net after-tax Shares that are earned under this Award until the earlier of (i)&#160;the end of the two-year period commencing on the date any Shares earned under this Award are issued and (ii) the Participant&#8217;s termination of employment.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2DEBC54FBD3810BAE9894C943BDE639"></a><div></div><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Dividend Equivalents</font><font style="font-family:inherit;font-size:12pt;">.  Dividend Equivalents shall be earned with respect to any Shares issued to the Participant pursuant to this Award.  The amount of Dividend Equivalents earned shall be equal to the total dividends declared on a Share between the Date of Grant of this Award and the last day of the Performance Period, multiplied by the number of Shares issued to the Participant pursuant to the Award Agreement.  Any Dividend Equivalents earned shall be paid in cash to the Participant when the Shares to which they relate are issued or as soon as practicable thereafter, but no later than the next March 10 following the close of the Performance Period.  If the Award is forfeited or if no Shares are issued, no Dividend Equivalents shall be paid.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Termination of Employment</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)&#160;&#160;&#160;&#160;If the Participant's employment with the Company is terminated during the Performance Period (i) for "Cause" (as defined below) at any time or (ii) for any reason other than "Cause" before the Participant, as of the effective date of termination, has reached age 55 and completed 10 "Years of Service" (as defined below), all Performance Shares (and related Dividend Equivalents) shall be forfeited.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)&#160;&#160;&#160;&#160;If the Participant's employment with the Company is terminated for any reason other than "Cause" after the Participant, as of the effective date of termination, has reached age 55 and completed 10 "Years of Service" (i) during the first year of the Performance Period, all Performance Shares (and related Dividend Equivalents) shall be forfeited; (ii) during the second year of the Performance Period, determination of the Company's Percentile Rank for the Performance Period will be made by the Committee at the end of the Performance Period, and Shares (and related Dividend Equivalents) earned, if any, will be paid based on the Payout Percentage, prorated for the number of full months elapsed from and including the month in which the Performance Period began to and including the month in which the termination of employment occurs; and (iii) during the third year of the Performance Period, determination of the Company's Percentile Rank for the Performance Period will be made by the Committee at the end of the Performance Period, and Shares (and related Dividend Equivalents) earned, if any, will be paid based on the Payout Percentage without prorating.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)&#160;&#160;&#160;&#160;For purposes of the Award Agreement, the term "Cause" shall mean the Participant's fraud or dishonesty that has resulted or is likely to result in material economic damage to the Company or a Subsidiary, or the Participant's willful nonfeasance if such nonfeasance is not cured within ten days of written notice from the Company or a Subsidiary, as determined in good faith by a vote of at least two-thirds of the non-employee directors of the Company at a meeting of the Board at which the Participant is provided an opportunity to be heard.  For purposes of the Award Agreement, the term "Years of Service" shall mean the years a Participant is employed by the Company and/or a Subsidiary.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Tax Withholding</font><font style="font-family:inherit;font-size:12pt;">.  Pursuant to Article 16 of the Plan, the Committee shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any Federal, state and local taxes (including the Participant's FICA obligations) required by law to be withheld with respect to the Award.  The Committee may condition the delivery of Shares upon the Participant's satisfaction of such withholding obligations.  The Participant may elect to satisfy all or part of such withholding requirement by tendering previously-owned Shares or by having the Company withhold Shares having a Fair </font></div><br><div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2DEBC54FBD3810BAE9894C943BDE639"></a><div></div><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Market Value equal to the minimum statutory withholding that could be imposed on the transaction (based on minimum statutory withholding rates for Federal, state and local tax purposes, as applicable, including payroll taxes, that are applicable to such supplemental taxable income).  Such election shall be irrevocable, made in writing, signed by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Ratification of Actions</font><font style="font-family:inherit;font-size:12pt;">.  By accepting the Award or other benefit under the Plan, the Participant and each person claiming under or through him or her shall be conclusively deemed to have indicated the Participant's acceptance and ratification of, and consent to, any action taken under the Plan or the Award by the Company, its Board of Directors, or the Committee.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notices</font><font style="font-family:inherit;font-size:12pt;">.  Any notice hereunder to the Company shall be addressed to its office, 1200 West Century Avenue, P.O. Box 5650, Bismarck, North Dakota 58506; Attention: Corporate Secretary, and any notice hereunder to the Participant shall be addressed to him or her at the address specified on the Award Agreement, subject to the right of either party to designate at any time hereafter in writing some other address.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">9.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Definitions</font><font style="font-family:inherit;font-size:12pt;">.  Capitalized terms not otherwise defined herein or in the Award Agreement shall have the meanings given them in the Plan.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law and Severability</font><font style="font-family:inherit;font-size:12pt;">.  To the extent not preempted by Federal law, the Award Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflicts of law provisions.  In the event any provision of the Award Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Award Agreement, and the Award Agreement shall be construed&#160;and enforced as if the illegal or invalid provision had not been included.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">11.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Rights to Continued Employment</font><font style="font-family:inherit;font-size:12pt;">.  The Award Agreement is not a contract of employment.  Nothing in the Plan or in the Award Agreement shall interfere with or limit in any way the right of the Company or any Subsidiary to terminate the Participant's employment at any time, for any reason or no reason, or confer upon the Participant the right to continue in the employ of the Company or a Subsidiary.</font></div><br><div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">9</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2DEBC54FBD3810BAE9894C943BDE639"></a><div></div><br><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">ANNEX B</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TO</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MDU RESOURCES GROUP, INC.</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LONG-TERM PERFORMANCE-BASED INCENTIVE PLAN</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PERFORMANCE SHARE AWARD AGREEMENT</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">PEER GROUP COMPANIES</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ALLETE, Inc.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Alliant Energy Corporation</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Atmos Energy</font><font style="font-family:inherit;font-size:12pt;color:#0000ff;">&#32;</font><font style="font-family:inherit;font-size:12pt;">Corporation</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Avista Corporation</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Bill Barrett Corporation</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Black Hills Corporation</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">EMCOR Group Inc.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Granite Construction Incorporated</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IDACORP, Inc.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Integrated Electrical Services, Inc.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Markwest Energy Partners, L.P.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Martin Marietta Materials, Inc.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">MYR Group Inc.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">National Fuel Gas Company</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Northwest Natural Gas Company</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NorthWestern Corporation</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Quanta Services, Inc.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Questar Corporation</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Sterling Construction Company</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SM Energy Company</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">U.S. Concrete, Inc.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Vectren Corporation</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Vulcan Materials Company</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><br><div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.4
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<FILENAME>exhibit104.htm
<DESCRIPTION>EXHIBIT 10.4
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<a name="s4FED51F797A5C41BB9809509F744DFD6"></a><div><div style="line-height:138%;padding-bottom:13px;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exhibit 10.4</font></div></div><br><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">MDU Resources Group, Inc.</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">2015 Performance Share Award Opportunity Chart</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td width="14%"></td><td width="24%"></td><td width="9%"></td><td width="12%"></td><td width="8%"></td><td width="12%"></td><td width="9%"></td><td width="12%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Threshold</font></div></td><td colspan="2" style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Target</font></div></td><td colspan="2" style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Maximum</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Name</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Title</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Shares</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;(#)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dividend</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Equivalents</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">($)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Shares</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(#)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dividend</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Equivalents</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">($)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Shares</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;(#)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dividend</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Equivalents</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">($)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">David L. Goodin</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">President and Chief Executive Officer of the Company</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">14,433</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">31,608</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">72,164</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">158,039</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">144,328</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">316,078</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Doran N. Schwartz</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Vice President and Chief Financial Officer of the Company</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2,906</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">6,364</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">14,528</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">31,816</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">29,056</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">63,633</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">J. Kent Wells(1)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Vice Chairman of the Corporation and Chief Executive Officer of E&amp;P segment</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">--</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">--</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">--</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">--</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">--</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">--</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Jeffrey S. Thiede</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">President and Chief Executive Officer of</font></div><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">construction services segment</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2,528</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">5,536</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">12,638</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">27,677</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">25,276</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">55,354</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Steven L. Bietz</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">President and Chief Executive Officer of pipeline and energy services segment</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">3,020</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">6,614</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">15,101</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">33,071</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">30,202</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">66,142</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Paul K. Sandness</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">General Counsel and Secretary of the Company</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2,643</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">5,788</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">13,215</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">28,941</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">26,430</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">57,882</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(1) Mr. Wells received no award due to his resignation effective February 28, 2015.</font></div><div style="line-height:100%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160; </font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160; </font></div><div style="line-height:138%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;"><br></font></div></div>	</body>
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