CEO Nicole Kivisto was paid $4,812,252 in fiscal year 2025, ↓ down 14.5% from fiscal year 2024, the 26th percentile of its disclosed peer group (SEC filing 0000067716-26-000040 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$4,812,252 ↓ Nicole Kivisto total, FY2025 | 26th CEO pay percentile vs peers | 42:1 CEO-to-median pay ratio | 98.45% Say-on-pay support, latest vote |
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MDU's next annual pay disclosure, estimated March 30, 2027.est. Filing ↗
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Nicole Kivisto | $925,000 | $0 | $2,600,313 | $0 | $1,169,200 | $67,865 | $49,874 | $4,812,252 |
| President and Chief Executive Officer | ||||||||
| Jason Vollmer | 611,000 | 0 | 944,686 | 0 | 579,228 | 1,938 | 135,274 | 2,272,126 |
| Chief Financial Officer | ||||||||
| Garret Senger | 513,692 | 0 | 425,031 | 0 | 382,234 | 50,821 | 59,649 | 1,431,427 |
| Chief Utilities Officer | ||||||||
| Anthony Foti | 465,000 | 0 | 479,301 | 0 | 382,044 | 0 | 93,232 | 1,419,577 |
| Chief Legal Officer and Corporate Secretary | ||||||||
| Rob Johnson | 436,500 | 0 | 327,216 | 0 | 331,042 | 0 | 105,001 | 1,199,759 |
| President, WBI Energy, Inc. | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Nicole Kivisto | $4,812,252 | $5,628,905 | $2,479,280 | ↓ −816,653 |
| Jason Vollmer | 2,272,126 | 2,856,953 | 2,457,791 | ↓ −584,827 |
| Garret Senger | 1,431,427 | 1,415,509 | — | ↑ +15,918 |
| Anthony Foti | 1,419,577 | — | — | — |
| Rob Johnson | 1,199,759 | 1,266,641 | 1,053,471 | ↓ −66,882 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.
| Executive | Role | FY2025 total |
|---|---|---|
| Anthony Foti | General Counsel | $1,419,577 |
| Garret Senger | Chief Utilities Officer | $1,431,427 |
| Jason Vollmer | CFO | $2,272,126 |
| Rob Johnson | President | $1,199,759 |
| Nicole Kivisto | CEO | $4,812,252 |
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| Charles M. Kelley | Independent Director | $108,371 |
| Darrel T. Anderson | Chair of the Board | $338,448 |
| Dennis W. Johnson | Independent Director | $325,948 |
| Douglas W. Jaeger | Independent Director | $283,714 |
| Lisa A. Wang | Former director (through FY2025) | $108,381 |
| Marian M. Durkin | Independent Director | $271,781 |
| Priti R. Patel | Independent Director | $173,400 |
| Tammy J. Miller | Independent Director | $108,371 |
| Vernon A. Dosch | Independent Director | $260,114 |
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Marian M. Durkin | Director | 2026-06-30 | A | 152 | $0 | $0 | Common | Form 4 ↗ |
| Vernon A. Dosch | Director | 2026-06-30 | A | 1,293 | 0 | 0 | Common | Form 4 ↗ |
| Vernon A. Dosch | Director | 2026-09-30 | A | 1,462 | 0 | 0 | Common | Form 4 ↗ |
| Marian M. Durkin | Director | 2026-09-30 | A | 172 | 0 | 0 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Jason Vollmer | RSU | 2025-02-12 | — | — | 16,700 | — | $281,061 |
| Nicole Kivisto | PSU | 2025-02-12 | — | 26,815 | — | 107,260 | 902,593 |
| Anthony Foti | RSU | 2025-02-12 | — | — | 8,473 | — | 142,600 |
| Rob Johnson | PSU | 2025-02-12 | — | 3,374 | — | 13,498 | 116,285 |
| Nicole Kivisto | PSU | 2025-02-12 | — | 26,815 | — | 107,262 | 924,062 |
| Rob Johnson | PSU | 2025-02-12 | — | 3,374 | — | 13,496 | 113,569 |
| Nicole Kivisto | RSU | 2025-02-12 | — | — | 45,969 | — | 773,658 |
| Anthony Foti | PSU | 2025-02-12 | — | 4,942 | — | 19,770 | 166,365 |
| Garret Senger | RSU | 2025-02-12 | — | — | 7,514 | — | 126,461 |
| Jason Vollmer | PSU | 2025-02-12 | — | 9,742 | — | 38,968 | 327,916 |
| Anthony Foti | PSU | 2025-02-12 | — | 4,943 | — | 19,772 | 170,336 |
| Garret Senger | PSU | 2025-02-12 | — | 4,383 | — | 17,532 | 151,038 |
| Garret Senger | PSU | 2025-02-12 | — | 4,383 | — | 17,532 | 147,532 |
| Jason Vollmer | PSU | 2025-02-12 | — | 9,742 | — | 38,968 | 335,709 |
| Rob Johnson | RSU | 2025-02-12 | — | — | 5,785 | — | 97,362 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Jason Vollmer | $281,061 | $663,625 | $0 | 70.2% |
| Nicole Kivisto | 773,658 | 1,826,655 | 0 | 70.2% |
| Anthony Foti | 142,600 | 336,701 | 0 | 70.2% |
| Rob Johnson | 97,362 | 229,854 | 0 | 70.2% |
| Garret Senger | 126,461 | 298,570 | 0 | 70.2% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Johnson | RSU | 36,232 | — | $707,249 |
| Anthony Foti | RSU | 8,473 | — | 165,393 |
| Garret Senger | RSU | 54,810 | — | 1,069,891 |
| Nicole Kivisto | RSU | 302,158 | — | 5,898,124 |
| Anthony Foti | PSU | 19,771 | — | 385,930 |
| Garret Senger | PSU | 17,532 | — | 342,225 |
| Johnson | PSU | 13,497 | — | 263,461 |
| Garret Senger | RSU | 101,143 | — | — |
| Jason Vollmer | PSU | 116,647 | — | — |
| Jason Vollmer | RSU | 318,132 | — | — |
| Garret Senger | PSU | 68,014 | — | — |
| Johnson | PSU | 33,845 | — | — |
| Johnson | RSU | 92,923 | — | — |
| Nicole Kivisto | RSU | 494,432 | — | — |
| Jason Vollmer | RSU | 124,570 | — | 2,431,606 |
| Jason Vollmer | PSU | 38,968 | — | 760,655 |
| Nicole Kivisto | PSU | 107,261 | — | 2,093,735 |
| Nicole Kivisto | PSU | 247,644 | — | — |
The centerpiece of our compensation program is our pay-for-performance philosophy that aligns incentive compensation payouts with the achievement of our annual operating plan and long-term strategy, and consequently stockholder value. This is showcased at senior levels of the Company--particularly the CEO--for whom most compensation is tied to the achievement of metrics driving the Company s operations and stock performance.
| CEO STI target (% of salary) | 100% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Independent compensation consultant (nationally-recognized firm; name not disclosed in CD&A) |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-11 | 155,483,583 | 2,448,238 | 545,659 | 98.45% | Passed |
| 2025 | 2025-05-13 | 148,199,129 | 10,334,399 | 1,446,785 | 92.64% | Passed |
| 2024 | 2024-05-14 | 149,441,848 | 5,921,590 | 702,771 | 95.76% | Passed |
| 2023 | 2023-05-09 | 152,033,521 | 3,325,740 | 1,404,209 | 96.98% | Passed |
| 2022 | 2022-05-10 | 144,014,541 | 5,551,276 | 965,721 | 95.67% | Passed |
| 2021 | 2021-05-11 | 144,534,051 | 5,101,703 | 1,078,048 | 95.9% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-05-11 | 98.45%a |
| 2025 | 2025-05-13 | 92.64%b |
| 2024 | 2024-05-14 | 95.76%c |
a. Voting standard not stated in the filing.
b. Approved under the standard stated in the filing — “Abstentions will count as votes against this proposal.”.
c. Approved under the standard stated in the filing — “Abstentions will count as votes against this proposal.”.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | 42 : 1 |
|---|---|
| CEO total compensation | $4,812,252 |
| Median employee compensation | $113,619 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Darrel T. AndersonIndependent · Board Chair · Compensation · Governance (Chair) | $171,667 | $166,667 | $0 | $0 | $114 | $338,448 |
| Dennis W. JohnsonIndependent · Compensation · Governance · Not standing for re-election | 160,417 | 160,417 | 0 | 0 | 5,114 | 325,948 |
| Douglas W. JaegerIndependent · Audit (Chair) | 130,000 | 150,000 | 0 | 0 | 3,714 | 283,714 |
| Marian M. DurkinIndependent · Compensation (Chair) · Governance | 121,667 | 150,000 | 0 | 0 | 114 | 271,781 |
| Vernon A. DoschIndependent · Audit | 110,000 | 150,000 | 0 | 0 | 114 | 260,114 |
| Priti R. PatelIndependent · Audit · Newly elected | 73,333 | 100,000 | 0 | 0 | 67 | 173,400 |
| Lisa A. WangIndependent · Departed during FY | 45,833 | 62,500 | 0 | 0 | 48 | 108,381 |
| Charles M. KelleyIndependent · Compensation · Newly elected | 45,833 | 62,500 | 0 | 0 | 38 | 108,371 |
| Tammy J. MillerIndependent · Governance · Newly elected | 45,833 | 62,500 | 0 | 0 | 38 | 108,371 |
| Nicole A. KivistoEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $110,000 |
|---|---|
| Annual equity retainer | $150,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 20,000 |
| Stock ownership guideline | 5x Annual Retainer Fee |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $904,583 |
| Equity awards (grant-date value) | $1,064,584 |
| All other compensation | $9,361 |
| Total cost of the board | $1,978,528 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies MDU Resources Group names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including MDU Resources Group.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Equitrans Midstream Corporation | 2023 | Thomas Karam | $790,250 | $5,364,344 | $0 | $1,715,880 | $15,457,854 |
| 2 | NiSource Inc. | 2025 | Lloyd Yates | 1,191,667 | 9,619,864 | 0 | 2,261,784 | 13,197,800 |
| 3 | OGE Energy Corp. | 2025 | Sean Trauschke | 1,239,372 | 5,811,824 | 0 | 1,753,487 | 12,032,007 |
| 4 | Southwest Gas Holdings, Inc. | 2025 | Karen Haller | 1,090,685 | 5,776,085 | 0 | 1,861,200 | 10,029,409 |
| 5 | Atmos Energy Corporation | 2025 | J. Kevin Akers | 1,147,802 | 5,179,057 | 0 | 2,100,572 | 9,953,274 |
| 6 | DT Midstream, Inc. | 2025 | David Slater | 852,203 | 6,282,371 | 0 | 1,839,938 | 9,328,071 |
| 7 | National Fuel Gas Company | 2025 | David Bauer | 1,095,000 | 4,170,593 | 0 | 1,881,347 | 9,119,455 |
| 8 | Alliant Energy Corporation | 2025 | Lisa Barton | 1,136,937 | 5,471,255 | 0 | 1,835,563 | 8,999,073 |
| 9 | Pinnacle West Capital Corporation | 2025 | Theodore Geisler | 938,356 | 5,257,108 | 0 | 1,853,040 | 8,414,652 |
| 10 | Portland General Electric Company | 2025 | Maria Pope | 1,205,111 | 4,549,047 | 0 | 1,235,019 | 7,583,877 |
| 11 | IDACORP, Inc. | 2025 | Lisa Grow | 1,050,000 | 2,942,308 | 0 | 1,785,001 | 7,529,892 |
| 12 | Otter Tail Corporation | 2025 | Charles MacFarlane | 867,578 | 3,149,276 | 0 | 1,471,194 | 6,792,688 |
| 13 | New Jersey Resources Corporation | 2025 | Stephen Westhoven | 1,002,737 | 3,514,633 | 0 | 1,398,286 | 6,433,253 |
| 14 | Black Hills Corporation | 2025 | Linden Evans | 995,594 | 2,966,688 | 0 | 1,294,886 | 5,991,759 |
| 15 | ONE Gas, Inc. | 2025 | Robert McAnnally | 925,000 | 3,154,361 | 0 | 1,300,000 | 5,575,027 |
| 16 | Spire Inc. | 2025 | Steven Lindsey | 497,308 | 1,873,940 | 0 | 0 | 5,066,799 |
| 17 | MDU Resources Group | 2025 | Nicole Kivisto | 925,000 | 2,600,313 | 0 | 1,169,200 | 4,812,252 |
| 18 | Avista Corporation | 2025 | Heather Rosentrater | 786,845 | 2,653,743 | 0 | 897,732 | 4,773,308 |
| 19 | Chesapeake Utilities Corporation | 2025 | Jeffry Householder | 872,385 | 2,420,566 | 0 | 1,097,863 | 4,531,322 |
| 20 | TXNM Energy, Inc. | 2025 | Joseph Tarry | 839,462 | 2,275,011 | 0 | 495,058 | 3,903,948 |
| 21 | ALLETE, Inc. | 2024 | Bethany Owen | 871,175 | 1,378,138 | 0 | 1,329,692 | 3,720,063 |
| 22 | Northwest Natural Holding Company | 2025 | Justin Palfreyman | 812,500 | 1,726,208 | — | 726,406 | 3,695,467 |
| 23 | MGE Energy, Inc. | 2025 | Jeffrey Keebler | 795,833 | 1,402,881 | 0 | 865,920 | 3,613,508 |
| — | Northwestern Energy Group, Inc. | — | — | — | — | — | — | not in coverage universe |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| MDU Resources Group | 126.4% | PSU 70 · RSU 30 | Yes — Three-Year rTSR | Independent compensation consultant (nationally-recognized firm; name not disclosed in CD&A) |
| ALLETE, Inc. | 153.2% | PSU 75 · RSU 25 | Yes — Relative TSR | Pearl Meyer |
| Alliant Energy Corporation | 130% | PSU 75 · RSU 25 | No | Pay Governance LLC |
| Atmos Energy Corporation | 153% | PSU 75 · RSU 25 | No | Meridian Compensation Partners, LLC |
| Avista Corporation | 114% | not disclosed | No | Meridian Compensation Partners |
| Black Hills Corporation | 118.4% | PSU 60 · RSU 40 | Yes — Relative Total Shareholder Return (rTSR) | Meridian |
| Chesapeake Utilities Corporation | not disclosed | PSU 100 | not disclosed | FW Cook |
| DT Midstream, Inc. | 152.62% | PSU 70 · RSU 30 | No | Meridian Compensation Partners LLC |
| Equitrans Midstream Corporation | 181% | PSU 55 · RSU 45 | Yes — Relative TSR | Pay Governance |
| IDACORP, Inc. | 170% | PSU 67 · RSU 33 | Yes — TSR | Pay Governance |
| MGE Energy, Inc. | 135.3% | PSU 50 · RSU 50 | Yes — Relative Total Shareholder Return (TSR) | FW Cook |
| National Fuel Gas Company | not disclosed | PSU 66.67 · RSU 33.33 | not disclosed | Korn Ferry and Meridian Compensation Partners, LLC |
| New Jersey Resources Corporation | 126.17% | PSU 51 · RSU 49 | No | FW Cook |
| NiSource Inc. | 146% | PSU 80 · RSU 20 | Yes — Three-Year RTSR | Meridian Compensation Partners |
| Northwest Natural Holding Company | 138.8% | PSU 65 · RSU 35 | No | Pay Governance |
| Northwestern Energy Group, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| OGE Energy Corp. | 118% | PSU 65 · RSU 35 | No | Mercer |
| ONE Gas, Inc. | 140.6% | PSU 70 · RSU 30 | Yes — Relative TSR | Meridian Compensation Partners |
| Otter Tail Corporation | not disclosed | not disclosed | Yes — Three-Year TSR performance relative to peer group | WTW |
| Pinnacle West Capital Corporation | 197.5% | PSU 70 · RSU 30 | Yes — Relative TSR | FW Cook |
| Portland General Electric Company | not disclosed | PSU 70 · RSU 30 | Yes — Relative Total Shareholder Return (TSR) | FW Cook |
| Southwest Gas Holdings, Inc. | 141% | PSU 60 · RSU 40 | No | Aon Human Capital Solutions |
| Spire Inc. | 95% | PSU 75 · RSU 25 | No | Semler Brossy Consulting Group LLC |
| TXNM Energy, Inc. | 50% | PSU 70 · RSU 30 | Yes — Relative TSR Goal | Pay Governance |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Nicole Kivisto | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Summary Compensation Table”. As printed: 4,812,252. Filing ↗machine: r4 · c21 · span 904325–904334 |
| 2 | Section 01, Jason Vollmer | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Summary Compensation Table”. As printed: 2,272,126. Filing ↗machine: r7 · c21 · span 909938–909947 |
| 3 | Section 01, Garret Senger | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Summary Compensation Table”. As printed: 1,431,427. Filing ↗machine: r10 · c21 · span 915535–915544 |
| 4 | Section 01, Anthony Foti | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Summary Compensation Table”. As printed: 1,419,577. Filing ↗machine: r12 · c21 · span 919753–919762 |
| 5 | Section 01, Rob Johnson | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Summary Compensation Table”. As printed: 1,199,759. Filing ↗machine: r13 · c21 · span 921686–921695 |
| 6 | Section 03, Jason Vollmer RSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 999345–999352 |
| 7 | Section 03, Nicole Kivisto PSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 984846–984853 |
| 8 | Section 03, Anthony Foti RSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1022591–1022598 |
| 9 | Section 03, Rob Johnson PSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗ |
| 10 | Section 03, Nicole Kivisto PSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 981976–981983 |
| 11 | Section 03, Rob Johnson PSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1031311–1031318 |
| 12 | Section 03, Nicole Kivisto RSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 987717–987724 |
| 13 | Section 03, Anthony Foti PSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1019721–1019728 |
| 14 | Section 03, Garret Senger RSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1010969–1010976 |
| 15 | Section 03, Jason Vollmer PSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 996474–996481 |
| 16 | Section 03, Anthony Foti PSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗ |
| 17 | Section 03, Garret Senger PSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗ |
| 18 | Section 03, Garret Senger PSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1008099–1008106 |
| 19 | Section 03, Jason Vollmer PSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗ |
| 20 | Section 03, Rob Johnson RSU | DEF 14A | 1900-01-01 | 0000067716-26-000040 | Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1034485–1034491 |
| 21 | Section 07, pay ratio | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “CEO Pay Ratio”. As printed: 42 : 1. Filing ↗machine: span 1178496–1178503 |
| 22 | Section 08, Darrel T. Anderson | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Director Compensation”. As printed: 338,448. Filing ↗machine: t116 · r2 · c4 · span 622584–622708 |
| 23 | Section 08, Dennis W. Johnson | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Director Compensation”. As printed: 325,948. Filing ↗machine: t116 · r6 · c4 · span 627496–627620 |
| 24 | Section 08, Douglas W. Jaeger | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Director Compensation”. As printed: 283,714. Filing ↗machine: t116 · r5 · c4 · span 626266–626390 |
| 25 | Section 08, Marian M. Durkin | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Director Compensation”. As printed: 271,781. Filing ↗machine: t116 · r4 · c4 · span 625062–625186 |
| 26 | Section 08, Vernon A. Dosch | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Director Compensation”. As printed: 260,114. Filing ↗machine: t116 · r3 · c4 · span 623860–623984 |
| 27 | Section 08, Priti R. Patel | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Director Compensation”. As printed: 173,400. Filing ↗machine: t116 · r9 · c4 · span 631657–631781 |
| 28 | Section 08, Lisa A. Wang | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Director Compensation”. As printed: 108,381. Filing ↗machine: t116 · r10 · c4 · span 633202–633326 |
| 29 | Section 08, Charles M. Kelley | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Director Compensation”. As printed: 108,371. Filing ↗machine: t116 · r7 · c4 · span 628883–629007 |
| 30 | Section 08, Tammy J. Miller | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Director Compensation”. As printed: 108,371. Filing ↗machine: t116 · r8 · c4 · span 630270–630394 |
| 31 | Section 08, Nicole A. Kivisto | DEF 14A | 2026-04-01 | 0000067716-26-000040 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 32 | Section 02, Marian M. Durkin 2026-06-30 | Form 4 | 2026-07-01 | 0001225208-26-006307 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 33 | Section 02, Vernon A. Dosch 2026-06-30 | Form 4 | 2026-07-01 | 0001225208-26-006306 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 34 | Section 02, Vernon A. Dosch 2026-09-30 | Form 4 | 2026-10-01 | 0001225208-26-008064 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 35 | Section 02, Marian M. Durkin 2026-09-30 | Form 4 | 2026-10-01 | 0001225208-26-008065 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 36 | Section 06, 2026 vote | Form 8-K | 2026-05-13 | 0000067716-26-000054 | Item 5.07 · say-on-pay result. As reported: 98.45% (votes for as printed: 155,483,583). Filing ↗ |
| 37 | Section 06, 2025 vote | Form 8-K | 2025-05-15 | 0000067716-25-000052 | Item 5.07 · say-on-pay result. As reported: 92.64% (votes for as printed: 148,199,129). Filing ↗ |
| 38 | Section 06, 2024 vote | Form 8-K | 2024-05-20 | 0000067716-24-000059 | Item 5.07 · say-on-pay result. As reported: 95.76% (votes for as printed: 149,441,848). Filing ↗ |
| 39 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 40 | Section 03b vehicle mix (computed) | Computed | — | — | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 41 | Section 09b board cost (computed) | Computed | — | — | Cash 904,583 + equity 1,064,584 + all other 9,361 = 1,978,528, summed across the director compensation table rows.machine: formula: Σ = 1,978,528 |
| 42 | Equitrans Midstream Corporation, Section 10b CEO total | DEF 14A | 2024-03-04 | 0001104659-24-030225 | CEO total compensation as printed in Equitrans Midstream Corporation's own proxy. As printed: 15,457,854. Filing ↗machine: r1 · c43 · span 963653–963663 |
| 43 | NiSource Inc., Section 10b CEO total | DEF 14A | 2026-03-30 | 0001140361-26-011851 | CEO total compensation as printed in NiSource Inc.'s own proxy. As printed: 13,197,800. Filing ↗machine: t253 · r2 · c22 · span 1412582–1412592 |
| 44 | OGE Energy Corp., Section 10b CEO total | DEF 14A | 2026-04-01 | 0001193125-26-138065 | CEO total compensation as printed in OGE Energy Corp.'s own proxy. As printed: 12,032,007. Filing ↗machine: span 979637–979647 |
| 45 | Southwest Gas Holdings, Inc., Section 10b CEO total | DEF 14A | 2026-03-23 | 0001692115-26-000080 | CEO total compensation as printed in Southwest Gas Holdings, Inc.'s own proxy. As printed: 10,029,409. Filing ↗machine: r2 · c24 · span 1094860–1094870 |
| 46 | Atmos Energy Corporation, Section 10b CEO total | DEF 14A | 2025-12-19 | 0000731802-25-000076 | CEO total compensation as printed in Atmos Energy Corporation's own proxy. As printed: 9,953,274. Filing ↗machine: t122 · r2 · c12 · span 827644–827653 |
| 47 | DT Midstream, Inc., Section 10b CEO total | DEF 14A | 2026-03-26 | 0001140361-26-011280 | CEO total compensation as printed in DT Midstream, Inc.'s own proxy. As printed: 9,328,071. Filing ↗machine: t213 · r2 · c19 · span 834643–834652 |
| 48 | National Fuel Gas Company, Section 10b CEO total | DEF 14A | 2026-01-23 | 0001193125-26-020739 | CEO total compensation as printed in National Fuel Gas Company's own proxy. As printed: 9,119,455. Filing ↗machine: r2 · c39 · span 1246006–1246015 |
| 49 | Alliant Energy Corporation, Section 10b CEO total | DEF 14A | 2026-03-31 | 0000352541-26-000025 | CEO total compensation as printed in Alliant Energy Corporation's own proxy. As printed: 8,999,073. Filing ↗machine: r2 · c27 · span 489074–489084 |
| 50 | Pinnacle West Capital Corporation, Section 10b CEO total | DEF 14A | 2026-04-03 | 0001628280-26-023516 | CEO total compensation as printed in Pinnacle West Capital Corporation's own proxy. As printed: 8,414,652. Filing ↗machine: r2 · c24 · span 1811110–1811119 |
| 51 | Portland General Electric Company, Section 10b CEO total | DEF 14A | 2026-03-13 | 0000784977-26-000034 | CEO total compensation as printed in Portland General Electric Company's own proxy. As printed: 7,583,877. Filing ↗machine: r4 · c27 · span 2638140–2638149 |
| 52 | IDACORP, Inc., Section 10b CEO total | DEF 14A | 2026-04-02 | 0001057877-26-000091 | CEO total compensation as printed in IDACORP, Inc.'s own proxy. As printed: 7,529,892. Filing ↗machine: t35 · r2 · c9 · span 715958–715967 |
| 53 | Otter Tail Corporation, Section 10b CEO total | DEF 14A | 2026-03-02 | 0001466593-26-000023 | CEO total compensation as printed in Otter Tail Corporation's own proxy. As printed: 6,792,688. Filing ↗machine: r3 · c24 · span 879904–879913 |
| 54 | New Jersey Resources Corporation, Section 10b CEO total | DEF 14A | 2025-12-10 | 0000356309-25-000096 | CEO total compensation as printed in New Jersey Resources Corporation's own proxy. As printed: 6,433,253. Filing ↗machine: t217 · r2 · c14 · span 1329193–1329202 |
| 55 | Black Hills Corporation, Section 10b CEO total | DEF 14A | 2026-03-18 | 0001193125-26-113958 | CEO total compensation as printed in Black Hills Corporation's own proxy. As printed: 5,991,759. Filing ↗machine: t83 · r2 · c21 · span 1356271–1356280 |
| 56 | ONE Gas, Inc., Section 10b CEO total | DEF 14A | 2026-04-01 | 0001193125-26-137922 | CEO total compensation as printed in ONE Gas, Inc.'s own proxy. As printed: 5,575,027. Filing ↗machine: span 1271269–1271278 |
| 57 | Spire Inc., Section 10b CEO total | DEF 14A | 2025-12-16 | 0001308179-25-000657 | CEO total compensation as printed in Spire Inc.'s own proxy. As printed: 5,066,799. Filing ↗machine: t142 · r16 · c27 · span 939926–939935 |
| 58 | MDU Resources Group (subject), Section 10b CEO total | DEF 14A | 2026-04-01 | 0000067716-26-000040 | CEO total compensation as printed in MDU Resources Group's own proxy. As printed: 4,812,252. Filing ↗machine: r4 · c21 · span 904325–904334 |
| 59 | Avista Corporation, Section 10b CEO total | DEF 14A | 2026-04-01 | 0001193125-26-138034 | CEO total compensation as printed in Avista Corporation's own proxy. As printed: 4,773,308. Filing ↗machine: span 842223–842232 |
| 60 | Chesapeake Utilities Corporation, Section 10b CEO total | DEF 14A | 2026-03-25 | 0001628280-26-020945 | CEO total compensation as printed in Chesapeake Utilities Corporation's own proxy. As printed: 4,531,322. Filing ↗machine: span 694783–694792 |
| 61 | TXNM Energy, Inc., Section 10b CEO total | DEF 14A | 2026-04-28 | 0001108426-26-000020 | CEO total compensation as printed in TXNM Energy, Inc.'s own proxy. As printed: 3,903,948. Filing ↗machine: r7 · c27 · span 791496–791505 |
| 62 | ALLETE, Inc., Section 10b CEO total | DEF 14A | 2025-03-31 | 0000066756-25-000043 | CEO total compensation as printed in ALLETE, Inc.'s own proxy. As printed: 3,720,063. Filing ↗machine: r6 · c24 · span 830444–830454 |
| 63 | Northwest Natural Holding Company, Section 10b CEO total | DEF 14A | 2026-04-17 | 0001193125-26-161075 | CEO total compensation as printed in Northwest Natural Holding Company's own proxy. As printed: 3,695,467. Filing ↗ |
| 64 | MGE Energy, Inc., Section 10b CEO total | DEF 14A | 2026-04-02 | 0001161728-26-000005 | CEO total compensation as printed in MGE Energy, Inc.'s own proxy. As printed: 3,613,508. Filing ↗machine: r4 · c9 · span 1077549–1077558 |
| 65 | Section 10a, IDACORP, Inc. reciprocity | DEF 14A | — | 0001057877-26-000091 | IDACORP, Inc.'s most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 66 | Section 10a, Southwest Gas Holdings, Inc. reciprocity | DEF 14A | — | 0001692115-26-000080 | Southwest Gas Holdings, Inc. names MDU Resources Group in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 67 | Section 10a, Alliant Energy Corporation reciprocity | DEF 14A | — | 0000352541-26-000025 | Alliant Energy Corporation names MDU Resources Group in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 68 | Section 10a, Atmos Energy Corporation reciprocity | DEF 14A | — | 0000731802-25-000076 | Atmos Energy Corporation's most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 69 | Section 10a, Avista Corporation reciprocity | DEF 14A | — | 0001193125-26-138034 | Avista Corporation's most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 70 | Section 10a, DT Midstream, Inc. reciprocity | DEF 14A | — | 0001140361-26-011280 | DT Midstream, Inc.'s most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 71 | Section 10a, New Jersey Resources Corporation reciprocity | DEF 14A | — | 0000356309-25-000096 | New Jersey Resources Corporation's most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 72 | Section 10a, Northwest Natural Holding Company reciprocity | DEF 14A | — | 0001193125-26-161075 | Northwest Natural Holding Company's most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 73 | Section 10a, OGE Energy Corp. reciprocity | DEF 14A | — | 0001193125-26-138065 | OGE Energy Corp.'s most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 74 | Section 10a, ONE Gas, Inc. reciprocity | DEF 14A | — | 0001193125-26-137922 | ONE Gas, Inc.'s most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 75 | Section 10a, Pinnacle West Capital Corporation reciprocity | DEF 14A | — | 0001628280-26-023516 | Pinnacle West Capital Corporation's most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 76 | Section 10a, TXNM Energy, Inc. reciprocity | DEF 14A | — | 0001108426-26-000020 | TXNM Energy, Inc. names MDU Resources Group in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 77 | Section 10a, Chesapeake Utilities Corporation reciprocity | DEF 14A | — | 0001628280-26-020945 | Chesapeake Utilities Corporation's most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 78 | Section 10a, Otter Tail Corporation reciprocity | DEF 14A | — | 0001466593-26-000023 | Otter Tail Corporation names MDU Resources Group in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 79 | Section 10a, Spire Inc. reciprocity | DEF 14A | — | 0001308179-25-000657 | Spire Inc. names MDU Resources Group in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 80 | Section 10a, Portland General Electric Company reciprocity | DEF 14A | — | 0000784977-26-000034 | Portland General Electric Company's most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 81 | Section 10a, NiSource Inc. reciprocity | DEF 14A | — | 0001140361-26-011851 | NiSource Inc.'s most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 82 | Section 10a, MGE Energy, Inc. reciprocity | DEF 14A | — | 0001161728-26-000005 | MGE Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 83 | Section 10a, Black Hills Corporation reciprocity | DEF 14A | — | 0001193125-26-113958 | Black Hills Corporation names MDU Resources Group in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 84 | Section 10a, National Fuel Gas Company reciprocity | DEF 14A | — | 0001193125-26-020739 | National Fuel Gas Company names MDU Resources Group in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 85 | Section 10a, Equitrans Midstream Corporation reciprocity | DEF 14A | — | 0001104659-24-030225 | Equitrans Midstream Corporation's most recent proxy was read; its disclosed peer group does not include MDU Resources Group. Filing ↗ |
| 86 | Section 10a, ALLETE, Inc. reciprocity | DEF 14A | — | 0000066756-25-000043 | ALLETE, Inc. names MDU Resources Group in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
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