Document:

MDU Resources 1997 Executive Long-Term Incentive Plan

    MDU
      RESOURCES GROUP, INC.

    1997
      EXECUTIVE LONG-TERM INCENTIVE PLAN

    

    Article
      1. Establishment, Purpose and Duration

    

    1.1 Establishment
      of the Plan.
      MDU
      Resources Group, Inc., a Delaware corporation (hereinafter referred to as the
      "Company"), hereby establishes an incentive compensation plan to be known as
      the
      "MDU Resources Group, Inc. 1997 Executive Long-Term Incentive Plan" (hereinafter
      referred to as the "Plan"), as set forth in this document. The Plan permits
      the
      grant of Nonqualified Stock Options (NQSO), Incentive Stock Options (ISO),
      Stock
      Appreciation Rights (SAR), Restricted Stock, Performance Units, Performance
      Shares and other awards.

    

    The
      Plan
      shall become effective when approved by the stockholders at the annual meeting
      on April 22, 1997 (the "Effective Date"), and shall remain in effect as provided
      in Section 1.3 herein.

    

    1.2 Purpose
      of the Plan.
      The
      purpose of the Plan is to promote the success and enhance the value of the
      Company by linking the personal interests of Participants to those of Company
      stockholders and customers.

    

    The
      Plan
      is further intended to provide flexibility to the Company in its ability to
      motivate, attract and retain the services of Participants upon whose judgment,
      interest and special effort the successful conduct of its operations is largely
      dependent.

    

    1.3 Duration
      of the Plan.
      The Plan
      shall commence on the Effective Date, as described in Section 1.1 herein, and
      shall remain in effect, subject to the right of the Board of Directors to
      terminate the Plan at any time pursuant to Article 15 herein, until all Shares
      subject to it shall have been purchased or acquired according to the Plan's
      provisions. However, in no event may an Award be made under the Plan on or
      after
      the day immediately preceding the tenth anniversary of the Effective
      Date.

    

    Article
      2. Definitions

    

    Whenever
      used in the Plan, the following terms shall have the meanings set forth below
      and, when such meaning is intended, the initial letter of the word is
      capitalized:

    

    2.1 "Award"
      means,
      individually or collectively, a grant under the Plan of NQSOs, ISOs, SARs,
      Restricted Stock, Performance Units, Performance Shares or any other type of
      award permitted under Article 10 of the Plan.

    

    2.2 "Award
      Agreement" means
      an
      agreement entered into by each Participant and the Company, setting forth the
      terms and provisions applicable to an Award granted to a Participant under
      the
      Plan.

    

    2.3 "Base
      Value" of
      an SAR
      shall have the meaning set forth in Section 7.1 herein.

    

    2.4 "Board"
      or
"Board
      of Directors"
      means
      the Board of Directors of the Company.

    

    2.5 "Change
      in Control" means
      the
      earliest of the following to occur: (a) the public announcement by the Company
      or by any person (which shall not include the Company, any subsidiary of the
      Company, or any employee benefit plan of the Company or of any subsidiary of
      the
      Company) ("Person") that such Person, who or which, together with all Affiliates
      and Associates (within the meanings ascribed to such terms in the Rule 12b-2
      of
      the General Rules and Regulations under the Exchange Act) of such Person, shall
      be the beneficial owner of twenty percent (20%) or more of the voting stock
      of
      the Company outstanding; (b) the commencement of, or after the first public
      announcement of any Person to commence, a tender or exchange offer the
      consummation of which would result in any Person becoming the beneficial owner
      of voting stock aggregating thirty percent (30%) or more of the then outstanding
      voting stock of the Company; (c) the announcement of any transaction relating
      to
      the Company required to be described pursuant to the requirements of Item 6(e)
      of Schedule 14A of Regulation 14A under the Exchange Act; (d) a proposed change
      in constituency of the Board such that, during any period of two (2) consecutive
      years, individuals who at the beginning of such period constitute the Board
      cease for any reason to constitute at least a majority thereof, unless the
      election or nomination for election by the stockholders of the Company of each
      new Director was approved by a vote of at least two-thirds (2/3) of the
      Directors then still in office who were members of the Board at the beginning
      of
      the period; or (e) any other event which shall be deemed by a majority of the
      Compensation Committee to constitute a "change in control."

    

    2.6 "Code"
      means
      the Internal Revenue Code of 1986, as amended from time to time.

    

    2.7 "Committee"
      means
      the Committee, as specified in Article 3, appointed by the Board to
      administer the Plan with respect to Awards.

    

    2.8 "Company"
      means
      MDU Resources Group, Inc., a Delaware corporation, or any successor thereto
      as
      provided in Article 17 herein.

    

    2.9 “Covered
      Employee”
      means
      any Participant who would be considered a “Covered Employee” for purposes of
      Section 162(m) of the Code.

    

    2.10 "Director"
      means
      any individual who is a member of the Board of Directors of the
      Company.

    

    2.11 "Disability"
      means
      "permanent and total disability" as defined under Section 22(e)(3)of the
      Code.

    

    2.12 "Dividend
      Equivalent" means,
      with respect to Shares subject to an Award, a right to be paid an amount equal
      to dividends declared on an equal number of outstanding Shares.

    

    2.13 "Eligible
      Employee" means
      an
      Employee who is eligible to participate in the Plan, as set forth in Section
      5.1
      herein.

    

    2.14 "Employee"
      means
      any
      full-time or regularly-scheduled part-time employee of the Company or of the
      Company's Subsidiaries, who is not covered by any collective bargaining
      agreement to which the Company or any of its Subsidiaries is a party. Directors
      who are not otherwise employed by the Company shall not be considered Employees
      for purposes of the Plan. For purposes of the Plan, transfer of employment
      of a
      Participant between the Company and any one of its Subsidiaries (or between
      Subsidiaries) shall not be deemed a termination of employment.

    

    2.15 "Exchange
      Act"
      means
      the Securities Exchange Act of 1934, as amended from time to time, or any
      successor act thereto.

    

    2.16 "Exercise
      Period"
      means
      the period during which an SAR or Option is exercisable, as set forth in the
      related Award Agreement.

    

    2.17 "Fair
      Market Value"
      shall
      mean the average of the high and low sale prices as reported in the consolidated
      transaction reporting system or, if there is no such sale on the relevant date,
      then on the last previous day on which a sale was reported.

    

    2.18 "Freestanding
      SAR" means
      an
      SAR that is granted independently of any Option.

    

    2.19 "Incentive
      Stock Option" or
      "ISO"
      means
      an option to purchase Shares, granted under Article 6 herein, which is
      designated as an Incentive Stock Option and satisfies the requirements of
      Section 422 of the Code.

    

    2.20 "Nonqualified
      Stock Option" or "NQSO"
      means an
      option to purchase Shares, granted under Article 6 herein, which is not intended
      to be an Incentive Stock Option under Section 422 of the Code.

    

    2.21 "Option"
      means an
      Incentive Stock Option or a Nonqualified Stock Option.

    

    2.22 "Option
      Price" means
      the
      price at which a Share may be purchased by a Participant pursuant to an Option,
      as determined by the Committee and set forth in the Option Award
      Agreement.

    

    2.23 "Participant"
      means
      an
      Employee of the Company who has an outstanding Award granted under the
      Plan.

    

    2.24 “Performance
      Goals” means the performance goals established by the Committee, which shall be
      based on one or more of the following measures: sales or revenues, earnings
      per
      share, shareholder return and/or value, funds from operations, operating income,
      gross income, net income, cash flow, return on equity, return on capital,
      earnings before interest, operating ratios, stock price, customer satisfaction,
      accomplishment of mergers, acquisitions, dispositions or similar extraordinary
      business transactions, profit returns and margins, financial return ratios
      and/or market performance. Performance goals may be measured solely on a
      corporate subsidiary or business unit basis, or a combination thereof.
      Performance goals may reflect absolute entity performance or a relative
      comparison of entity performance to the performance of a peer group of entities
      or other external measure.

    

    2.25 "Performance
      Unit" means
      an
      Award granted to an Employee, as described in Article 9 herein.

    

    2.26 "Performance
      Share" means
      an
      Award granted to an Employee, as described in Article 9 herein.

    

    2.27 "Period
      of Restriction" means
      the
      period during which the transfer of Restricted Stock is limited in some way,
      as
      provided in Article 8 herein.

    

    2.28 "Person"
      shall
      have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act,
      as used in Sections 13(d) and 14(d) thereof, including usage in the definition
      of a "group" in Section 13(d) thereof.

    

    2.29 “Qualified
      Restricted Stock” means an Award of Restricted Stock designated as Qualified
      Restricted Stock by the Committee at the time of grant and intended to qualify
      for the exemption from the limitation on deductibility imposed by
      Section 162(m) of the Code that is set forth in Section 162(m)(4)(C).

    

    2.30 "Restricted
      Stock" means
      an
      Award of Shares granted to a Participant pursuant to Article 8
      herein.

    

    2.31 "Shares"
      means
      the
      shares of common stock of the Company.

    

    2.32 "Stock
      Appreciation Right" or "SAR"
      means a right, granted alone or in connection with a related Option, designated
      as an SAR, to receive a payment on the day the right is exercised, pursuant
      to
      the terms of Article 7 herein. Each SAR shall be denominated in terms of one
      Share.

    

    2.33 "Subsidiary"
      means
      any
      corporation that is a "subsidiary corporation" of the Company as that term
      is
      defined in Section 424(f) of the Code.

    

    2.34 "Tandem
      SAR"
      means
      an SAR that is granted in connection with a related Option, the exercise of
      which shall require forfeiture of the right to purchase a Share under the
      related Option (and when a Share is purchased under the Option, the Tandem
      SAR
      shall be similarly canceled).

    

    Article
      3. Administration

    

    3.1 The
      Committee. The
      Plan
      shall be administered by the Compensation Committee of the Board, or by any
      other Committee appointed by the Board. The members of the Committee shall
      be
      appointed from time to time by, and shall serve at the discretion of, the Board
      of Directors.

    

    3.2 Authority
      of the Committee.
      The
      Committee shall have full power except as limited by law, the Articles of
      Incorporation and the Bylaws of the Company, subject to such other restricting
      limitations or directions as may be imposed by the Board and subject to the
      provisions herein, to determine the size and types of Awards; to determine
      the
      terms and conditions of such Awards in a manner consistent with the Plan; to
      construe and interpret the Plan and any agreement or instrument entered into
      under the Plan; to establish, amend or waive rules and regulations for the
      Plan's administration; and (subject to the provisions of Article 15 herein)
      to
      amend the terms and conditions of any outstanding Award. Further, the Committee
      shall make all other determinations which may be necessary or advisable for
      the
      administration of the Plan. As permitted by law, the Committee may delegate
      its
      authorities as identified hereunder.

    

    3.3 Restrictions
      on Share Transferability.
      The
      Committee may impose such restrictions on any Shares acquired pursuant to Awards
      under the Plan as it may deem advisable, including, without limitation,
      restrictions to comply with applicable Federal securities laws, with the
      requirements of any stock exchange or market upon which such Shares are then
      listed and/or traded and with any blue sky or state securities laws applicable
      to such Shares.

    

    3.4 Approval.
      The
      Board or the Committee shall approve all Awards made under the Plan and all
      elections made by Participants, prior to their effective date, to the extent
      necessary to comply with Rule 16b-3 under the Exchange Act.

    

    3.5 Decisions
      Binding.
      All
      determinations and decisions made by the Committee pursuant to the provisions
      of
      the Plan and all related orders or resolutions of the Board shall be final,
      conclusive and binding on all persons, including the Company, its stockholders,
      Employees, Participants and their estates and beneficiaries.

    

    3.6 Costs.
      The
      Company shall pay all costs of administration of the Plan.

    

    Article
      4. Shares Subject to the Plan

    

    4.1
      Number
      of Shares.
      Subject
      to Section 4.2 herein, the maximum number of Shares available for grant under
      the Plan shall be 6,625,581. Shares underlying lapsed or forfeited Awards,
      or
      Awards that are not paid in Shares, may be reused for other Awards. Shares
      granted pursuant to the Plan may be (i) authorized but unissued Shares of Common
      Stock, (ii) treasury shares, or (iii) shares purchased on the open
      market.

    

    4.2 Adjustments
      in Authorized Shares.
      In the
      event of any merger, reorganization, consolidation, recapitalization,
      separation, liquidation, stock split, stock dividend, split-up, share
      combination or other change in the corporate structure of the Company affecting
      the Shares, such adjustment shall be made in the number and class of Shares
      which may be delivered under the Plan, and in the number and class of and/or
      price of Shares subject to outstanding Awards granted under the Plan, as may
      be
      determined to be appropriate and equitable by the Committee, in its sole
      discretion, to prevent dilution or enlargement of rights; provided, however,
      that the number of Shares subject to any Award shall always be a whole number.
      Notwithstanding the foregoing, (i) each such adjustment with respect to an
      Incentive Stock Option shall comply with the rules of Section 424(a) of the
      Code
      and (ii) in no event shall any adjustment be made which would render any
      Incentive Stock Option granted hereunder to be other than an incentive stock
      option for purposes of Section 422 of the Code.

    

    4.3
      Individual
      Limitations.
      Subject
      to Section 4.2 herein, (i) the total number of Shares with respect to which
      Options or SARs may be granted in any calendar year to any Covered Employee
      shall not exceed 1,500,000 Shares; (ii) the total number of shares of Qualified
      Restricted Stock that may be granted in any calendar year to any Covered
      Employee shall not exceed 1,500,000 Shares; (iii) the total number of
      Performance Shares or Performance Units that may be granted in any calendar
      year
      to any Covered Employee shall not exceed 1,500,000 Shares or Units, as the
      case
      may be; (iv) the total number of Shares that are intended to qualify for
      deduction under Section 162(m) of the Code granted pursuant to Article 10 herein
      in any calendar year to any Covered Employee shall not exceed 1,500,000 Shares;
      (v) the total cash Award that is intended to qualify for deduction under Section
      162(m) of the Code that may be paid pursuant to Article 10 herein in any
      calendar year to any Covered Employee shall not exceed $6,000,000; and (vi)
      the
      aggregate number of Dividend Equivalents that are intended to qualify for
      deduction under Section 162(m) of the Code that a Covered Employee may receive
      in any calendar year shall not exceed $6,000,000.

    

    Article
      5. Eligibility and Participation

    

    5.1 Eligibility.
      Persons
      eligible to participate in the Plan include all officers and key employees
      of
      the Company and its Subsidiaries, as determined by the Committee, including
      Employees who are members of the Board, but excluding Directors who are not
      Employees.

    

    5.2 Actual
      Participation.
      Subject
      to the provisions of the Plan, the Committee may, from time to time, select
      from
      all eligible Employees those to whom Awards shall be granted and shall determine
      the nature and amount of each Award.

    

    Article
      6. Stock Options

    

    6.1 Grant
      of Options.
      Subject
      to the terms and conditions of the Plan, Options may be granted to an Eligible
      Employee at any time and from time to time, as shall be determined by the
      Committee.

    

    The
      Committee shall have complete discretion in determining the number of Shares
      subject to Options granted to each Participant (subject to Article 4 herein)
      and, consistent with the provisions of the Plan, in determining the terms and
      conditions pertaining to such Options. The Committee may grant ISOs, NQSOs,
      or a
      combination thereof.

    

    6.2 Option
      Award Agreement.
      Each
      Option grant shall be evidenced by an Option Award Agreement that shall specify
      the Option Price, the term of the Option, the number of Shares to which the
      Option pertains, the Exercise Period and such other provisions as the Committee
      shall determine, including but not limited to any rights to Dividend
      Equivalents. The Option Award Agreement shall also specify whether the Option
      is
      intended to be an ISO or an NQSO.

    

    The
      Option Price for each Share purchasable under any Incentive Stock Option granted
      hereunder shall be not less than one hundred percent (100%) of the Fair Market
      Value per Share at the date the Option is granted; and provided, further, that
      in the case of an Incentive Stock Option granted to a person who, at the time
      such Incentive Stock Option is granted, owns shares of stock of the Company
      or
      of any Subsidiary which possess more than ten percent (10%) of the total
      combined voting power of all classes of shares of stock of the Company or of
      any
      Subsidiary, the Option Price for each Share shall be not less than one hundred
      ten percent (110%) of the Fair Market Value per Share at the date the Option
      is
      granted. The Option Price will be subject to adjustment in accordance with
      the
      provisions of Section 4.2 of the Plan.

    

    No
      Incentive Stock Option by its terms shall be exercisable after the expiration
      of
      ten (10) years from the date of grant of the Option; provided, however, in
      the
      case of an Incentive Stock Option granted to a person who, at the time such
      Option is granted, owns shares of stock of the Company or of any Subsidiary
      possessing more than ten percent (10%) of the total combined voting power of
      all
      classes of shares of stock of the Company or of any Subsidiary, such Option
      shall not be exercisable after the expiration of five (5) years from the date
      such Option is granted.

    

    6.3 Exercise
      of and Payment for Options.
      Options
      granted under the Plan shall be exercisable at such times and be subject to
      such
      restrictions and conditions as the Committee shall in each instance
      approve.

    

    A
      Participant may exercise an Option at any time during the Exercise Period.
      Options shall be exercised by the delivery of a written notice of exercise
      to
      the Company or its designee, setting forth the number of Shares with respect
      to
      which the Option is to be exercised, accompanied by provisions for full payment
      for the Shares.

    

    The
      Option Price upon exercise of any Option shall be payable either: (a) in cash
      or
      its equivalent, (b) by tendering previously acquired Shares having an aggregate
      Fair Market Value at the time of exercise equal to the total Option Price
      (provided that the Shares which are tendered must have been held by the
      Participant for at least six (6) months prior to their tender to satisfy the
      Option Price), (c) by share withholding, (d) by cashless exercise or (e) by
      a
      combination of (a),(b),(c), and/or (d).

    

    As
      soon
      as practicable after receipt of a written notification of exercise of an Option
      and provisions for full payment therefor, there shall be delivered to the
      Participant, in the Participant's name, Share certificates in an appropriate
      amount based upon the number of Shares purchased under the
      Option(s).

    

    6.4 Termination
      of Employment.
      Each
      Option Award Agreement shall set forth the extent to which the Participant
      shall
      have the right to exercise the Option following termination of the Participant's
      employment with the Company and its Subsidiaries. Such provisions shall be
      determined in the sole discretion of the Committee (subject to applicable law),
      shall be included in the Option Award Agreement entered into with Participants,
      need not be uniform among all Options granted pursuant to the Plan or among
      Participants and may reflect distinctions based on the reasons for termination
      of employment. If the employment of a Participant by the Company or by any
      Subsidiary is terminated for any reason other than death, any Incentive Stock
      Option granted to such Participant may not be exercised later than three (3)
      months (one (1) year in the case of termination due to Disability) after the
      date of such termination of employment.

    

    6.5 Transferability
      of Options.
      Except
      as otherwise determined by the Committee and set forth in the Option Award
      Agreement, no Option granted under the Plan may be sold, transferred, pledged,
      assigned, or otherwise alienated or hypothecated, other than by will or by
      the
      laws of descent and distribution, and all Incentive Stock Options granted to
      a
      Participant under the Plan shall be exercisable during his or her lifetime
      only
      by such Participant.

    

    Article
      7. Stock Appreciation Rights

    

    7.1 Grant
      of SARs. Subject
      to the terms and conditions of the Plan, an SAR may be granted to an Eligible
      Employee at any time and from time to time as shall be determined by the
      Committee. The Committee may grant Freestanding SARs, Tandem SARs or any
      combination of these forms of SAR.

    

    The
      Committee shall have complete discretion in determining the number of SARs
      granted to each Participant (subject to Article 4 herein) and, consistent
      with the provisions of the Plan, in determining the terms and conditions
      pertaining to such SARs.

    

    The
      Base
      Value of a Freestanding SAR shall equal the Fair Market Value of a Share on
      the
      date of grant of the SAR. The Base Value of Tandem SARs shall equal the Option
      Price of the related Option.

    

    7.2 SAR
      Award Agreement. Each
      SAR
      grant shall be evidenced by an SAR Award Agreement that shall specify the number
      of SARs granted, the Base Value, the term of the SAR, the Exercise Period and
      such other provisions as the Committee shall determine.

    

    7.3 Exercise
      and Payment of SARs.
      Tandem
      SARs may be exercised for all or part of the Shares subject to the related
      Option upon the surrender of the right to exercise the equivalent portion of
      the
      related Option. A Tandem SAR may be exercised only with respect to the Shares
      for which its related Option is then exercisable.

    Notwithstanding
      any other provision of the Plan to the contrary, with respect to a Tandem SAR
      granted in connection with an ISO: (i) the Tandem SAR will expire no later
      than
      the expiration of the underlying ISO; (ii) the value of the payout with respect
      to the Tandem SAR may be for no more than one hundred percent (100%) of the
      difference between the Option Price of the underlying ISO and the Fair Market
      Value of the Shares subject to the underlying ISO at the time the Tandem SAR
      is
      exercised; and (iii) the Tandem SAR may be exercised only when the Fair Market
      Value of the Shares subject to the ISO exceeds the Option Price of the
      ISO.

    

    Freestanding
      SARs may be exercised upon whatever terms and conditions the Committee, in
      its
      sole discretion, imposes upon them.

    

    A
      Participant may exercise an SAR at any time during the Exercise Period. SARs
      shall be exercised by the delivery of a written notice of exercise to the
      Company, setting forth the number of SARs being exercised. Upon exercise of
      an
      SAR, a Participant shall be entitled to receive payment from the Company in
      an
      amount equal to the product of:

    

    
      	 	
              (a)

            	
              the
                excess of (i) the Fair Market Value of a Share on the date of exercise
                over (ii) the Base Value multiplied
                by

            

    

    

    
      	 	
              (b)

            	
              the
                number of Shares with respect to which the SAR is
                exercised.

            

    

    

    At
      the
      sole discretion of the Committee, the payment to the Participant upon SAR
      exercise may be in cash, in Shares of equivalent value, or in some combination
      thereof.

    

    7.4 Termination
      of Employment.
      Each SAR
      Award Agreement shall set forth the extent to which the Participant shall have
      the right to exercise the SAR following termination of the Participant's
      employment with the Company and its Subsidiaries. Such provisions shall be
      determined in the sole discretion of the Committee, shall be included in the
      SAR
      Award Agreement entered into with Participants, need not be uniform among all
      SARs granted pursuant to the Plan or among Participants and may reflect
      distinctions based on the reasons for termination of employment.

    

    7.5 Transferability
      of SARs.
      Except
      as otherwise determined by the Committee and set forth in the SAR Award
      Agreement, no SAR granted under the Plan may be sold, transferred, pledged,
      assigned, or otherwise alienated or hypothecated, other than by will or by
      the
      laws of descent and distribution, and all SARs granted to a Participant under
      the Plan shall be exercisable during his or her lifetime only by such
      Participant or his or her legal representative.

    

    Article
      8. Restricted Stock

    

    8.1 Grant
      of Restricted Stock. Subject
      to the terms and conditions of the Plan, Restricted Stock may be granted to
      Eligible Employees at any time and from time to time, as shall be determined
      by
      the Committee.

    

    The
      Committee shall have complete discretion in determining the number of shares
      of
      Restricted Stock granted to each Participant (subject to Article 4 herein)
      and,
      consistent with the provisions of the Plan, in determining the terms and
      conditions pertaining to such Restricted Stock.

    

    In
      addition, the Committee may, prior to or at the time of grant, designate an
      Award of Restricted Stock as Qualified Restricted Stock, in which event it
      will
      condition the grant or vesting, as applicable, of such Qualified Restricted
      Stock upon the attainment of the Performance Goals selected by the
      Committee.

    

    8.2 Restricted
      Stock Award Agreement.
      Each
      Restricted Stock grant shall be evidenced by a Restricted Stock Award Agreement
      that shall specify the Period or Periods of Restriction, the number of
      Restricted Stock Shares granted and such other provisions as the Committee
      shall
      determine.

    

    8.3 Transferability.
      Restricted Stock granted hereunder may not be sold, transferred, pledged,
      assigned, or otherwise alienated or hypothecated until the end of the applicable
      Period of Restriction established by the Committee and specified in the
      Restricted Stock Award Agreement. All rights with respect to the Restricted
      Stock granted to a Participant under the Plan shall be available during his
      or
      her lifetime only to such Participant or his or her legal
      representative.

    

    8.4 Certificate
      Legend.
      Each
      certificate representing Restricted Stock granted pursuant to the Plan may
      bear
      a legend substantially as follows:

    

    
      	 	
              "The
                sale or other transfer of the shares of stock represented by this
                certificate, whether voluntary, involuntary or by operation of law,
                is
                subject to certain restrictions on transfer as set forth in MDU Resources
                Group, Inc. 1997 Executive Long-Term Incentive Plan, and in a Restricted
                Stock Award Agreement. A copy of such Plan and such Agreement may
                be
                obtained from MDU Resources Group,
                Inc."

            

    

    

    The
      Company shall have the right to retain the certificates representing Restricted
      Stock in the Company's possession until such time as all restrictions applicable
      to such Shares have been satisfied.

    

    8.5 Removal
      of Restrictions.
      Restricted Stock shall become freely transferable by the Participant after
      the
      last day of the Period of Restriction applicable thereto. Once Restricted Stock
      is released from the restrictions, the Participant shall be entitled to have
      the
      legend referred to in Section 8.4 removed from his or her stock
      certificate.

    

    8.6 Voting
      Rights.
      During
      the Period of Restriction, Participants holding Restricted Stock may exercise
      full voting rights with respect to those Shares.

    

    8.7 Dividends
      and Other Distributions.
      Subject
      to the Committee's right to determine otherwise at the time of grant, during
      the
      Period of Restriction, Participants holding Restricted Stock shall receive
      all
      regular cash dividends paid with respect to all Shares while they are so held.
      All other distributions paid with respect to such Restricted Stock shall be
      credited to Participants subject to the same restrictions on transferability
      and
      forfeitability as the Restricted Stock with respect to which they were paid
      and
      shall be paid to the Participant within forty-five (45) days following the
      full
      vesting of the Restricted Stock with respect to which such distributions were
      made.

    

    8.8 Termination
      of Employment.
      Each
      Restricted Stock Award Agreement shall set forth the extent to which the
      Participant shall have the right to receive unvested Restricted Stock following
      termination of the Participant's employment with the Company and its
      Subsidiaries. Such provisions shall be determined in the sole discretion of
      the
      Committee, shall be included in the Restricted Stock Award Agreement entered
      into with Participants, need not be uniform among all grants of Restricted
      Stock
      or among Participants and may reflect distinctions based on the reasons for
      termination of employment.

    

    Article
      9. Performance Units and Performance Shares

    

    9.1 Grant
      of Performance Units and Performance Shares. Subject
      to the terms and conditions of the Plan, Performance Units and/or Performance
      Shares may be granted to an Eligible Employee at any time and from time to
      time,
      as shall be determined by the Committee.

    

    The
      Committee shall have complete discretion in determining the number of
      Performance Units and/or Performance Shares granted to each Participant (subject
      to Article 4 herein) and, consistent with the provisions of the Plan, in
      determining the terms and conditions pertaining to such Awards.

    

    9.2 Performance
      Unit/Performance Share Award Agreement. Each
      grant of Performance Units and/or Performance Shares shall be evidenced by
      a
      Performance Unit and/or Performance Share Award Agreement that shall specify
      the
      number of Performance Units and/or Performance Shares granted, the initial
      value
      (if applicable), the Performance Period, the Performance Goals and such other
      provisions as the Committee shall determine, including but not limited to any
      rights to Dividend Equivalents.

    

    9.3 Value
      of Performance Units/Performance Shares. Each
      Performance Unit shall have an initial value that is established by the
      Committee at the time of grant. The value of a Performance Share shall be equal
      to the Fair Market Value of a Share. The Committee shall set Performance Goals
      in its discretion which, depending on the extent to which they are met, will
      determine the number and/or value of Performance Units/Performance Shares that
      will be paid out to the Participants. The time period during which the
      Performance Goals must be met shall be called a "Performance
      Period."

    

    9.4 Earning
      of Performance Units/Performance Shares.
      After
      the applicable Performance Period has ended, the holder of Performance
      Units/Performance Shares shall be entitled to receive a payout with respect
      to
      the Performance Units/Performance Shares earned by the Participant over the
      Performance Period, to be determined as a function of the extent to which the
      corresponding Performance Goals have been achieved.

    

    9.5 Form
      and Timing of Payment of Performance Units/Performance Shares.
      Payment
      of earned Performance Units/Performance Shares shall be made following the
      close
      of the applicable Performance Period. The Committee, in its sole discretion,
      may
      pay earned Performance Units/Performance Shares in cash or in Shares (or in
      a
      combination thereof), which have an aggregate Fair Market Value equal to the
      value of the earned Performance Units/Performance Shares at the close of the
      applicable Performance Period. Such Shares may be granted subject to any
      restrictions deemed appropriate by the Committee.

    

    9.6 Termination
      of Employment.
      Each
      Performance Unit/Performance Share Award Agreement shall set forth the extent
      to
      which the Participant shall have the right to receive a Performance
      Unit/Performance Share payment following termination of the Participant's
      employment with the Company and its Subsidiaries during a Performance Period.
      Such provisions shall be determined in the sole discretion of the Committee,
      shall be included in the Award Agreement entered into with Participants, need
      not be uniform among all grants of Performance Units/Performance Shares or
      among
      Participants and may reflect distinctions based on reasons for termination
      of
      employment.

    

    9.7 Transferability.
      Except
      as otherwise determined by the Committee and set forth in the Performance
      Unit/Performance Share Award Agreement, Performance Units/Performance Shares
      may
      not be sold, transferred, pledged, assigned or otherwise alienated or
      hypothecated, other than by will or by the laws of descent and distribution,
      and
      a Participant's rights with respect to Performance Units/Performance Shares
      granted under the Plan shall be available during the Participant's lifetime
      only
      to such Participant or the Participant's legal representative.

    

    Article
      10. Other Awards

    

    The
      Committee shall have the right to grant other Awards which may include, without
      limitation, the grant of Shares based on attainment of Performance Goals
      established by the Committee, the payment of Shares in lieu of cash, or cash
      based on attainment of Performance Goals established by the Committee, and
      the
      payment of Shares in lieu of cash under other Company incentive or bonus
      programs. Payment under or settlement of any such Awards shall be made in such
      manner and at such times as the Committee may determine.

    

    Article
      11. Beneficiary Designation

    

    Each
      Participant under the Plan may, from time to time, name any beneficiary or
      beneficiaries (who may be named contingently or successively) to whom any
      benefit under the Plan is to be paid in case of his or her death before he
      or
      she receives any or all of such benefit. Each such designation shall revoke
      all
      prior designations by the same Participant, shall be in a form prescribed by
      the
      Company, and will be effective only when filed by the Participant in writing
      with the Company during the Participant's lifetime. In the absence of any such
      designation, benefits remaining unpaid at the Participant's death shall be
      paid
      to the Participant's estate.

    

    The
      spouse of a married Participant domiciled in a community property jurisdiction
      shall join in any designation of beneficiary or beneficiaries other than the
      spouse.

    

    Article
      12. Deferrals

    

    The
      Committee may permit a Participant to defer the Participant's receipt of the
      payment of cash or the delivery of Shares that would otherwise be due to such
      Participant under the Plan. If any such deferral election is permitted, the
      Committee shall, in its sole discretion, establish rules and procedures for
      such
      payment deferrals.

    

    Article
      13. Rights of Employees

    

    13.1 Employment.
      Nothing
      in the Plan shall interfere with or limit in any way the right of the Company
      to
      terminate any Participant's employment at any time, for any reason or no reason
      in the Company's sole discretion, nor confer upon any Participant any right
      to
      continue in the employ of the Company.

    

    13.2 Participation.
      No
      Employee shall have the right to be selected to receive an Award under the
      Plan,
      or, having been so selected, to be selected to receive a future
      Award.

    

    Article
      14. Change in Control

    

    The
      terms
      of this Article 14 shall immediately become operative, without further action
      or
      consent by any person or entity, upon a Change in Control, and once operative
      shall supersede and take control over any other provisions of this
      Plan.

    

    Upon
      a
      Change in Control

    

    
      	 	
              (a)

            	
              Any
                and all Options and SARs granted hereunder shall become immediately
                exercisable;

            

    

    

    
      	 	
              (b)

            	
              Any
                restriction periods and restrictions imposed on Restricted Shares
                and
                Qualified Restricted Shares shall be deemed to have expired and such
                Restricted Shares and Qualified Restricted Shares shall become immediately
                vested in full; and

            

    

    

    
      	 	
              (c)

            	
              The
                target payout opportunity attainable under all outstanding Awards
                of
                Performance Units, Performance Shares and other Awards shall be deemed
                to
                have been fully earned for the entire Performance Period(s) as of
                the
                effective date of the Change in Control. The vesting of all Awards
                denominated in Shares shall be accelerated as of the effective date
                of the
                Change in Control, and shall be paid out in cash to Participants
                immediately following the effective date of the Change in Control
                the full
                amount of the targeted cash payout opportunities associated with
                outstanding cash-based Awards.

            

    

    

    Article
      15. Amendment, Modification and Termination

    

    15.1 Amendment,
      Modification and Termination.
      The
      Board may, at any time and from time to time, alter, amend, suspend or terminate
      the Plan in whole or in part, provided that no amendment shall be made which
      shall increase the total number of Shares which may be issued and sold pursuant
      to Incentive Stock Options, reduce the minimum exercise price in the case of
      an
      Incentive Stock Option or modify the provisions of the Plan relating to
      eligibility with respect to Incentive Stock Options unless such amendment is
      made by or with the approval of the stockholders within 12 months of the
      effective date of such amendment, but only if such approval is required by
      any
      applicable provision of law. The Board of Directors of the Company is also
      authorized to amend the Plan and the Options granted hereunder to maintain
      qualification as "incentive stock options" within the meaning of Section 422
      of
      the Code, if applicable.

    

    15.2 Awards
      Previously Granted.
      No
      termination, amendment or modification of the Plan shall adversely affect in
      any
      material way any Award previously granted under the Plan, without the written
      consent of the Participant holding such Award, unless such termination,
      modification or amendment is required by applicable law and except as otherwise
      provided herein.

    

    Article
      16. Withholding

    

    16.1 Tax
      Withholding. The
      Company shall have the power and the right to deduct or withhold, or require
      a
      Participant to remit to the Company, an amount sufficient to satisfy Federal,
      state and local taxes (including the Participant's FICA obligation) required
      by
      law to be withheld with respect to an Award made under the Plan.

    

    16.2 Share
      Withholding.
      With
      respect to withholding required upon the exercise of Options or SARs, upon
      the
      lapse of restrictions on Restricted Stock, or upon any other taxable event
      arising out of or as a result of Awards granted hereunder, Participants may
      elect to satisfy the withholding requirement, in whole or in part, by tendering
      previously-owned Shares or by having the Company withhold Shares having a Fair
      Market Value on the date the tax is to be determined equal to the statutory
      total tax which could be imposed on the transaction. All elections shall be
      irrevocable, made in writing and signed by the Participant.

    

    Article
      17. Successors

    

    All
      obligations of the Company under the Plan, with respect to Awards granted
      hereunder, shall be binding on any successor to the Company, whether the
      existence of such successor is the result of a direct or indirect purchase,
      merger, consolidation or otherwise, of all or substantially all of the business
      and/or assets of the Company.

    

    Article
      18. Legal Construction

    

    18.1 Gender
      and Number.
      Except
      where otherwise indicated by the context, any masculine term used herein also
      shall include the feminine, the plural shall include the singular and the
      singular shall include the plural.

    

    18.2 Severability.
      In the
      event any provision of the Plan shall be held illegal or invalid for any reason,
      the illegality or invalidity shall not affect the remaining parts of the Plan,
      and the Plan shall be construed and enforced as if the illegal or invalid
      provision had not been included.

    

    18.3 Requirements
      of Law.
      The
      granting of Awards and the issuance of Shares under the Plan shall be subject
      to
      all applicable laws, rules and regulations, and to such approvals by any
      governmental agencies or national securities exchanges as may be
      required.

    

    18.4 Governing
      Law.
      To the
      extent not preempted by Federal law, the Plan, and all agreements hereunder,
      shall be construed in accordance with, and governed by, the laws of the State
      of
      Delaware.

    

    Article
      19. Accounting Restatements 

    

    This
      Article 19 shall apply to Awards granted to all Participants in the Plan.
      Notwithstanding anything in the Plan or in any Award Agreement to the contrary,
      if the Company's audited financial statements are restated, the Committee may,
      in accordance with the Company's Guidelines
      for Repayment of Incentives Due to Accounting Restatements,
      take
      such actions as it deems appropriate (in its sole discretion) with respect
      to

    

    (a) Awards
      then outstanding (including Awards that have vested or otherwise been earned
      but
      with respect to which payment of cash or distribution of Shares, as the case
      may
      be, has not been made or deferred and also including unvested or unpaid Dividend
      Equivalents attributable to such outstanding Awards) ("Outstanding Awards")
      and

    

    (b) vested,
      earned and/or exercised Awards and any cash or Shares received with respect
      to
      Awards (including, without limitation, dividends and Dividend Equivalents),
      in
      each case to the extent payment of cash or distribution of Shares, as the case
      may be, was received or deferred within the 3 year period preceding the
      restatement ("Prior Awards"), provided such Prior Awards were not vested,
      earned, exercised or paid prior to the date the Plan was amended to add this
      Article 19,

    

    if
      the
      terms of any such Outstanding Awards or Prior Awards or the benefits received
      by
      a Participant with respect to any such Outstanding Awards or Prior Awards
      (including, without limitation, dividends or Dividend Equivalents credited
      or
      distributed to a Participant and/or consideration received upon the sale of
      Shares that were acquired pursuant to the vesting, settlement or exercise of
      a
      Prior Award) are, or would have been, directly impacted by the restatement,
      including, without limitation, (i) securing (or causing to be secured) repayment
      of all or a portion of any amounts paid, distributed or deferred (including,
      without limitation, dividends or Dividend Equivalents and/or consideration
      received upon the sale of Shares that were acquired pursuant to the vesting,
      settlement or exercise of a Prior Award), (ii) granting additional Awards or
      making (or causing to be made) additional payments or distributions (or
      crediting additional deferrals) with respect to Prior Awards, (iii) rescinding
      vesting (including accelerated vesting) of Outstanding Awards and/or (iv)
      causing the forfeiture of Outstanding Awards. The Committee may, in its sole
      discretion, take different actions pursuant to this Article 19 with respect
      to
      different Awards, different Participants (or beneficiaries) and/or different
      classes of Awards or Participants (or beneficiaries). The Committee has no
      obligation to take any action permitted by this Article 19. The Committee may
      consider any factors it chooses in taking (or determining whether to take)
      any
      action permitted by this Article 19, including, without limitation, the
      following:

    

    (A) The
      reason for the restatement of the financial statements;

    

    (B) The
      amount of time between the initial publication and subsequent restatement of
      the
      financial statements; and

    

    (C) The
      Participant’s current employment status, and the viability of successfully
      obtaining repayment. 

    

    If
      the
      Committee requires repayment of all or part of a Prior Award, the amount of
      repayment shall be determined by the Committee based on the circumstances giving
      rise to the restatement. The Committee shall determine whether repayment shall
      be effected (i) by seeking repayment from the Participant, (ii) by reducing
      (subject to applicable law and the terms and conditions of the applicable plan,
      program or arrangement) the amount that would otherwise be provided to the
      Participant under any compensatory plan, program or arrangement maintained
      by
      the Company or any of its affiliates, (iii) by withholding payment of future
      increases in compensation (including the payment of any discretionary bonus
      amount) or grants of compensatory awards that would otherwise have been made
      in
      accordance with the Company's otherwise applicable compensation practices,
      or
      (iv) by any combination of the foregoing. Additionally, by accepting an Award
      under the Plan, Participants acknowledge and agree that the Committee may take
      any actions permitted by this Article 19 with respect to Outstanding Awards
      to
      the extent repayment is to be made pursuant to another plan, program or
      arrangement maintained by the Company or any of its affiliates.MDU Resources Executive Incentive Compensation Plan

    MDU
      RESOURCES GROUP, INC.

    

    EXECUTIVE
      INCENTIVE COMPENSATION PLAN

    ____________________________________________________________

    

    
      	
              I.

            	
              PURPOSE

            

    

    

    The
      purpose of the Executive Incentive Compensation Plan (the "Plan") is to provide
      an incentive for key executives of MDU Resources Group, Inc. (the "Company")
      to
      focus their efforts on the achievement of challenging and demanding corporate
      objectives. The Plan is designed to reward successful corporate performance
      as
      measured against specified performance goals as well as exceptional individual
      performance. When corporate performance reaches or exceeds the performance
      targets and individual performance is exemplary, incentive compensation awards,
      in conjunction with salaries, will provide a level of compensation which
      recognizes the skills and efforts of the key executives.

    

    
      	
              II.

            	
              BASIC
                PLAN CONCEPT 

            

    

    

    The
      Plan
      provides an opportunity to earn annual incentive compensation based on the
      achievement of specified annual performance objectives. A target incentive
      award
      for each individual within the Plan is established based on the position level
      and actual base salary, provided, however, that the Compensation Committee
      of
      the Board of Directors (the “Committee”) in its sole discretion, may, instead of
      actual base salary, use the assigned salary grade market value (midpoint)
      (“Salary”). The target incentive award represents the amount to be paid, subject
      to the achievement of the performance objective targets established each year.
      Larger incentive awards than target may be authorized when performance exceeds
      targets; lesser or no amounts may be paid when performance is below
      target.

    It
      is
      recognized that during a Plan Year major unforeseen changes in economic and
      environmental conditions or other significant factors beyond the control of
      management may substantially affect the ability of the Plan Participants to
      achieve the specified performance goals. Therefore, in its review of corporate
      performance the Committee, in consultation with the Chief Executive Officer
      of
      the Company, may modify the performance targets. However, it is contemplated
      that such target modifications will be necessary only in years of unusually
      adverse or favorable external conditions.

    

    
      	
              III.

            	
              ADMINISTRATION

            

    

    

    The
      Plan
      shall be administered by the Committee with the assistance of the Chief
      Executive Officer of the Company. The Committee shall approve annually, prior
      to
      the beginning of each Plan Year, the list of eligible Participants, and the
      target incentive award level for each position within the Plan. The Plan’s
      performance targets for the year shall be approved by the Committee no later
      than its regularly scheduled February meeting during that Plan Year. The
      Committee shall have final discretion to determine actual award payment levels,
      method of payment, and whether or not payments shall be made for any Plan
      Year.

    The
      Board
      of Directors of the Company may, at any time and from time to time, alter,
      amend, supersede or terminate the Plan in whole or in part, provided that no
      termination, amendment or modification of the Plan shall adversely affect in
      any
      material way an award that has met all requirements for payment without the
      written consent of the Participant holding such award, unless such termination,
      modification or amendment is required by applicable law.

    

    
      	
              IV.

            	
              ELIGIBILITY

            

    

    

    Executives
      who are determined by the Committee to have a key role in both the establishment
      and achievement of Company objectives shall be eligible to participate in the
      Plan.

    Nothing
      in the Plan shall interfere with or limit in any way the right of the Company
      to
      terminate any Participant’s employment at any time, for any reason or no reason
      in the Company’s sole discretion, or confer upon any Participant any right to
      continue in the employment of the Company. No executive shall have the right
      to
      be selected to receive an award under the Plan, or, having been so selected,
      to
      be selected to receive a future award.

    

    
      	
              V.

            	
              PLAN
                PERFORMANCE MEASURES

            

    

    

    Performance
      measures shall be established that consider shareholder and customer interests.
      These measures shall be evaluated annually based on achievement of specified
      goals. 

    The
      performance measure reflective of shareholder’s interest will be the percentage
      attainment of corporate goals, as determined each year by the Committee. This
      measure may be applied at the corporate level for individuals, such as the
      Chief
      Executive Officer, or at the business unit level for individuals whose major
      or
      sole impact is on business unit results.

    Individual
      performance will be assessed based on the achievement of annually established
      individual objectives.

    Threshold,
      target and maximum award levels will be established annually for each
      performance measure and business unit. The Committee will retain the right
      to
      make all interpretations as to the actual attainment of the desired results
      and
      will determine whether any circumstances beyond the control of management need
      to be considered.

    

    
      	
              VI.

            	
              TARGET
                INCENTIVE AWARDS

            

    

    

    Target
      incentive awards will be expressed as a percentage of each Participant’s Salary.
      These percentages shall vary by position and reflect larger reward opportunity
      for positions having greater effect on the establishment and accomplishment
      of
      the Company’s or business unit’s objectives. An exhibit showing the target
      awards as a percentage of Salary for eligible positions will be attached to
      this
      Plan at the beginning of each Plan Year.

    

    
      	
              VII.

            	
              INCENTIVE
                FUND DETERMINATION

            

    

    

    The
      target incentive fund is the sum of the individual target incentive awards
      for
      all eligible Participants. Once the incentive targets have been determined
      by
      the Committee, a target incentive fund shall be established and accrued ratably
      by the Company. The incentive fund and accruals may be adjusted during the
      year.

    At
      the
      close of each Plan Year, the Chief Executive Officer of the Company will prepare
      an analysis showing the Company's or business unit's performance in relation
      to
      each of the performance measures employed. This will be provided to the
      Committee for review and comparison to threshold, target and maximum performance
      levels. In addition, any recommendations of the Chief Executive Officer will
      be
      presented at this time. The Committee will then determine the amount of the
      target incentive fund earned.

    

    
      	
              VIII.

            	
              INDIVIDUAL
                AWARD DETERMINATION

            

    

    

    Each
      individual Participant's award will be based first upon the level of performance
      achieved by the Company or business unit and secondly based upon the
      individual's performance. The performance measures applicable for assessing
      individual performance will be established at the beginning of each Plan Year.
      The assessment by the Committee, after consultation with the Chief Executive
      Officer, of achievement relative to the established performance measures, as
      determined by a percentage from 0 percent to 200 percent, will be applied to
      the
      Participant's target incentive award which has been first adjusted for Company
      or business unit performance.

    

    
      	
              IX.

            	
              PAYMENT
                OF AWARDS

            

    

    

    Except
      as
      provided below or as otherwise determined by the Committee, in order to receive
      an award under the Plan, the Participant must remain in the employment of the
      Company or business unit for the entire Plan Year. If a Participant terminates
      employment with the Company pursuant to Section 5.01 of the Company’s Bylaws
      which provides for mandatory retirement for certain officers on their
      65th
      birthday
      (or terminates employment with a subsidiary of the Company pursuant to a similar
      subsidiary Bylaw provision) and if the Participant’s 65th
      birthday
      occurs during the Plan Year, determination of whether the performance measures
      have been met will be made at the end of the Plan Year, and to the extent met,
      payment of the award will be made to the Participant, prorated. Proration of
      awards shall be based upon the number of full months elapsed from and including
      January to and including the month in which the Participant’s 65th
      birthday
      occurs.

    An
      individual Participant who transfers between the Company and business units
      may
      receive a prorated award at the discretion of the Committee. Payments made
      under
      this Plan will not be considered part of compensation for pension purposes.
      Payments when made will be in cash. Incentive awards may be deferred if the
      appropriate elections have been executed prior to the end of the Plan Year.
      Deferred amounts will accrue interest at a rate determined annually by the
      Committee.

    In
      the
      event of a "Change in Control" (as defined by the Committee in its Rules and
      Regulations) then any award deferred by each Participant shall become
      immediately payable to the Participant in cash, together with accrued interest
      thereon to the date of payment. In the event the Participant files suit to
      collect the Participant's deferred award then all of the court costs, other
      expenses of litigation, and attorneys' fees shall be paid by the Company in
      the
      event the Participant prevails upon any of the Participant's claims for payment
      of a deferred award.

    

    
      	
              X.

            	
              ACCOUNTING
                RESTATEMENTS

            

    

    

    This
      Section X shall apply to incentive awards granted to all Participants in the
      Plan. Notwithstanding anything in the Plan or the Plan's Rules and Regulations
      to the contrary, if the Company's audited financial statements are restated,
      the
      Committee may, in accordance with the Company's Guidelines
      for Repayment of Incentives Due to Accounting Restatements,
      take
      such actions as it deems appropriate (in its sole discretion) with respect
      to

    (a) unpaid
      incentive awards under the Plan (including incentive awards relating to
      completed Plan Years, but with respect to which payments have not yet been
      made
      or deferred) ("Outstanding Awards") and 

    (b) prior
      incentive awards that were paid (or deferred) within the 3 year period preceding
      the restatement ("Prior Awards"), provided such Prior Awards were not paid
      prior
      to the date the Plan was amended to add this Section X, 

    if
      the
      calculation of the amounts payable, paid or deferred under such awards are,
      or
      would have been, directly impacted by the restatement, including, without
      limitation, (i) securing (or causing to be secured) repayment of some or all
      payments made pursuant to (or deferrals relating to) Prior Awards, (ii) making
      (or causing to be made) additional payments (or crediting additional deferrals),
      (iii) reducing or otherwise adjusting the amount payable pursuant to Outstanding
      Awards and/or (iv) causing the forfeiture of Outstanding Awards. The Committee
      may, in its sole discretion, take different actions pursuant to this Section
      X
      with respect to different awards, different Participants (or beneficiaries)
      and/or different classes of awards or Participants (or beneficiaries). The
      Committee has no obligation to take any action permitted by this Section X.
      The
      Committee may consider any factors it chooses in taking (or determining whether
      to take) any action permitted by this Section X, including, without limitation,
      the following:

    (A) The
      reason for the restatement of the financial statements;

    (B) The
      amount of time between the initial publication and subsequent restatement of
      the
      financial statements; and

    (C) The
      Participant's current employment status, and the viability of successfully
      obtaining repayment.

    If
      the
      Committee requires repayment of all or part of a Prior Award, the amount of
      repayment may be based on, among other things, the difference between the amount
      paid to the individual and the amount that the Committee determines in its
      sole
      discretion should have been paid based on the restated results. The Committee
      shall determine whether repayment shall be effected (i) by seeking repayment
      from the Participant, (ii) by reducing (subject to applicable law and the terms
      and conditions of the applicable plan, program or arrangement) the amount that
      would otherwise be provided to the Participant under any compensatory plan,
      program or arrangement maintained by the Company or any of its affiliates,
      (iii)
      by withholding payment of future increases in compensation (including the
      payment of any discretionary bonus amount) or grants of compensatory awards
      that
      would otherwise have been made in accordance with the Company's otherwise
      applicable compensation practices, or (iv) by any combination of the foregoing.
      Additionally, by accepting an incentive award under the Plan, Participants
      acknowledge and agree that the Committee may take any actions permitted by
      this
      Section X with respect to Outstanding Awards to the extent repayment is to
      be
      made pursuant to another plan, program or arrangement maintained by the Company
      or any of its affiliates.

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