Nicole A. Kivisto

President and Chief Executive Officer at MDU RESOURCES GROUP

Board

Since January 6, 2024

Age

50 years

Tenure

Joined MDU in 1995 as a financial analyst, progressed through roles including controller, vice president, and chief accounting officer, and was promoted in 2015 before assuming the role of President and Chief Executive Officer on January 6, 2024.

Also at MDU RESOURCES GROUP

Garret Senger

Chief Utilities Officer

JLV

Jason L. Vollmer

Vice President, Chief Financial Officer, and Treasurer

JST

Jeffrey S. Thiede

President and Chief Executive Officer of MDU Construction Services Group, Inc.

About

Nicole A. Kivisto is a 50-year-old executive who embarked on her career in the utility industry when she joined MDU as a financial analyst in 1995.

She advanced through a series of roles, including controller, vice president, and chief accounting officer, thereby gaining invaluable experience that underpinned her rise within the organization.

In 2015, she took on significant executive responsibilities prior to her appointment as President and Chief Executive Officer of MDU Resources Group, Inc. on January 6, 2024, a role that highlights her deep industry expertise and commitment to strategic leadership.

Her professional journey is marked by a steadfast dedication to operational excellence and a clear focus on driving sustainable growth in the utility sector.

$MDU Performance Under Nicole A. Kivisto

Past Roles

Organization	Role	Date Range	Details
Montana-Dakota Utilities Co., Cascade Natural Gas Corporation, and Intermountain Gas Company	President & Chief Executive Officer	Jan 9, 2015 – Jan 5, 2024	Held concurrently; role ended with transition
University of Mary	Board of Trustees Member	2017 – 2023	Served on audit and finance committees
Montana-Dakota Utilities Co. and Great Plains Natural Gas Co.	Vice President of Operations	Since Jan 3, 2014 (Past role)
MDU Resources Group, Inc.	Vice President, Controller, and Chief Accounting Officer	Since Feb 17, 2010 (Past role)
MDU Resources Group, Inc.	Controller and Vice President	N/A
MDU Resources Group, Inc.	Financial Analyst	Started 1995 – Until promotion in 2015	Held positions of increasing responsibility until 2015

External Roles

Organization	Role	Date Range	Details
Bravera	Director	Feb 2018 – Present	Bank providing financial services
American Gas Association	Board Member	2015 – Present
Edison Electric Institute	Board Member	2015 – Present

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$550,000	Annually [N/A]	Base salary for fiscal year 2023
Long-Term Equity Incentive - RSUs	$935,000	Vesting on December 31, 2025	Target amount representing 170% of base salary; granted under LTIP
Stock Awards	$957,734	Typically upon vesting conditions [N/A]	Grant date fair value for 2023 awards
All Other Compensation	$43,974	Annually [N/A]	Additional cash compensation component
Pension Benefits	$58,798	Annually [N/A]	Change in pension value and nonqualified deferred compensation earnings
Incremental Increase in Fair Value Due to Knife River Spinoff	$23,149	N/A	Incremental increase from spinoff conversions

Performance Compensation

Data from FY 2023

Component	Target Amount	Threshold	Max Amount	Weight	Vesting Schedule	Evaluation Period	Additional Details
Annual Cash Incentive Opportunity	$412,500	N/A	N/A	Performance Measures: 200%; DEI Modifier: 5%	N/A	N/A	Total payout achieved was 205.0%; Grant Date: Feb 16, 2023. No further performance metrics available for 2023.