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Exhibit 10.1(r)    
  

 
 

NORTHWESTERN CAPITAL PARTNERS LLC
  
    LIMITED LIABILITY COMPANY AGREEMENT    
  

        This LIMITED LIABILITY COMPANY AGREEMENT of NorthWestern Capital Partners LLC (the "Company"), is entered into and made effective as of September 30, 1999
by and among NorthWestern Growth Corporation, a Delaware corporation, as Managing Member ("NGC" or the "Managing Member"), those Members of the Company set forth on  Schedule 2 hereto, and such
other parties which may be admitted to the Company as Members after the date hereof in accordance with the terms
hereof. 

 
 

W I T N E S S E T H:    
  

        WHEREAS, the Company was formed under the LLC Act (as defined below) pursuant to a Certificate of Formation filed with the Secretary of State of the State of
Delaware on September 20, 1999; and 

        WHEREAS,
NGC's business now includes the making of strategic investments intended to generate capital appreciation; and 

        WHEREAS,
NGC intends to continue to make such strategic investments in accordance with past practice and, subject to legal or regulatory limitations, intends to own such investments
through NorthWestern Capital Corporation, a Delaware corporation and wholly owned subsidiary of NGC ("NorthWestern Capital"); and 

        WHEREAS,
concurrently with the execution of this Agreement, the Managing Member is acquiring an Interest (as defined below) in the Company and, as consideration for such Interest, is
contributing to the Company, shares of NorthWestern Capital as set forth in Schedule 1; and 

        WHEREAS,
the Members desire to enter into this Agreement to more specifically provide for their respective rights and obligations. 

        NOW,
THEREFORE, in consideration of the mutual promises and agreements herein made and intending to be legally bound hereby, the parties hereto agree as follows: 

 
 

ARTICLE 1
  
    DEFINITIONS    
  

        SECTION
1.1    Definitions.    Unless the context otherwise requires, the following terms shall have the following
meanings for purposes of this Agreement: 

        "Acquisition
Return Component" means that portion of a Member's Targeted Capital Account which is attributable to such Member as determined pursuant to Section 3.2(c) and
Exhibit A. 

        "Adjusted Capital Account" shall mean, with respect to each Member, an amount equal to the balance in such Member's Capital Account,
increased by such Member's share of minimum gain and partner nonrecourse debt minimum gain. 

        "Adjusted Value" shall mean: (i) for any asset purchased by the Company or contributed to the Company during a particular
Calculation Period, the cost of such purchased asset or the fair market value, at the time of its contribution, of such contributed asset; and (ii) for any other asset, the Fair Market Value as
determined by the Managing Member in its reasonable discretion, as of the last day of the immediately preceding Calculation Period, of such asset. 

        "Affiliate" with respect to any person means any other person who controls, is controlled by or is under common control with such person. 

 

        "Agreement" means this Limited Liability Company Agreement of the Company, as it may be amended, supplemented, modified or restated from
time to time. 

        "Annual Appreciation Component" means that portion of a Member's Targeted Capital Account which is attributable to such Member as
determined pursuant to Section 3.2(c) and Exhibit B to this Agreement. 

        "Approval of the Non-Managing Members" means, with respect to any matter set forth herein, the affirmative vote or consent of
Non-Managing Members holding a majority of Voting Interests then held by Non-Managing Members. 

        "Asset One Stock," "Asset Two Stock" and "Asset Three
Stock" have the respective meanings set forth in Schedule 1. 

        "Calculation Period" means a period beginning upon the later to occur of (x) the date of the Company's formation and (y) the
date immediately following the date upon which any prior Calculation Period ends, and ending upon (i) the last day of each fiscal period of the Company, (ii) the date upon which a Member
is admitted to the Company with respect to an Interest, (iii) quarterly with respect to the Acquisition Return Component, (iv) the date upon which any material assets of the Company,
including any shares of Stock, are sold, converted, exchanged, transferred or otherwise disposed of (including as a result of a distribution to one or more Members (whether or not such distribution is
in connection with a liquidation or winding up of the Company)), (v) the date upon which any material assets are contributed to the Company by any new or existing Member, (vi) in
connection with any of Transfer of any Interest in the Company (other than certain transfers to family members), and (vii) such other dates as the Managing Member, in its reasonable discretion
determines that a Calculation Period should end in order to give effect to the economic intent of the parties. 

        "Capital Account" has the meaning set forth in Section 5.2. 

        "Capital Contribution" means, with respect to any Member, the amount of cash or other property contributed to the Company by such Member,
as set forth on Schedule 2. 

        "Class" means each of the Asset One Stock, the Asset Two Stock, the Asset Three Stock and any other stock contributed to the Company. 

        "Code" means the Internal Revenue Code of 1986, as amended, or any successor statute. Any reference herein to a particular provision of
the Code shall mean where appropriate, the corresponding provision in any successor statute. 

        "Company" has the meaning set forth in the recitals hereto. 

        "Company Asset" or "Company Assets" means all interest, properties, whether real or
personal, tangible or intangible and rights of any type owned or held by the Company whether owned or held directly or indirectly by the Company on the date of its formation or thereafter acquired,
including, but not limited to, the Stock. 

        "Equity Ownership Component" means that portion of a Member's Targeted Capital Account which is attributable to such Member as determined
pursuant to Section 3.2(c) and Exhibit C to this Agreement. 

        "Fair Market Value" means the fair market value of an asset, an Interest or any sub-component of a Member's Targeted Capital
Account as determined in good faith by the Managing Member without any discount for minority interest, lack of liquidity or other factor. In the event of a dispute between the Members with respect to
the fair market value of any such asset or Interest, such dispute shall be resolved through arbitration as provided in Article 10. 

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        "Fiscal Year" means the calendar year or, in the case of the last fiscal year of the Company, the fraction thereof ending on the date on
which the winding up of the Company is completed. 

        "Income Tax Regulations" means the regulations issued with respect to or pursuant to the Code. 

        "Initial
Member" means each Person listed on Schedule 2 to this Agreement. 

        "Interest" means the entire interest owned by a Member in the Company at any particular time, including the right of such Member to any
and all benefits to which such Member may be entitled as provided in this Agreement, together with the obligations of such Member to comply with all the terms and provisions of this Agreement, and
includes, without limitation, a Member's Capital Account and Targeted Capital Account. 

        "LLC Act" means the Delaware Limited Liability Company Act, 6 Del. C.
§§18-101, et seq., as it may be amended from time to time, and any successor to such statute. 

        "Managing Member" means NGC or any Member designated as such by the Members pursuant to Section 18-401 of the LLC Act
and the provisions of this Agreement, until such time as such Person ceases to be a Managing Member of the Company as provided herein. The Managing Member shall be considered a "Manager" within the
meaning of Section 18-101(10) of the LLC Act. 

        "Member" means each Person designated as such on Schedule 2 to this Agreement, and
any Person admitted to the Company as an additional or substitute Member of the Company in accordance with the provisions of this Agreement, until such time as such person ceases to be a Member of the
Company as provided herein. 

        "NGC" has the meaning set forth in the recitals of this Agreement. 

        "Non-Managing Member" means each Member of the Company other than the Managing Member. 

        "NorthWestern" means NorthWestern Corporation, a Delaware corporation. 

        "NorthWestern Capital" has the meaning set forth in the recitals. 

        "Person" means any general partnership, limited partnership, corporation, limited liability company, joint venture, trust, business trust,
governmental agency, cooperative, association, individual or other entity, and the heirs, executors, administrators, legal representatives, successors and assigns of such persons, as the context may
require. 

        "Securities" means any of the following, whether readily marketable or not: (a) capital stock, foreign securities, shares of
beneficial interest, warrants, bonds, notes, debentures, whether subordinated,
convertible or otherwise, no-load mutual funds, money market funds, commercial paper, certificates of deposit, bank debt, trade claims, obligations of the United States, any State thereof,
any foreign country or political subdivision thereof and instrumentalities of any of them, bankers' acceptances, trust receipts and other obligations, and instruments or evidences of indebtedness
commonly referred to as securities of whatever kind or nature of any person, corporation, government or entity whatsoever, (b) rights and options relating thereto, (c) options, futures
contracts, options on futures contracts, forward contracts, "spot" transactions and swap arrangements involving stock indexes or other indexes, financial instruments, interest rates, currency and
commodities, (d) interests in partnerships or limited liability companies and (e) any interest which pursuant to its terms or any other arrangement is convertible into, or exchangeable
for, any asset described in (a)-(d). 

        "Stock" has the meaning provided for in Schedule 1 hereto. 

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        "Targeted Capital Accounts" means an account, separately maintained and calculated for each Member as follows: 

        (i)    such
account shall initially be established for a Member with a balance equal to such Member's Capital Contribution, if any (and if none, with a balance of zero) at the
time such Member is admitted to the Company; provided however, that a Member admitted to the Company with respect to a transferred Interest shall have a Targeted Capital Account equal to the Targeted
Capital Account of the transferor of such Interest (equitably adjusted by the Managing Member in the event of a transfer of less than all of a Member's Interest), and the transferor of such Interest
shall have no remaining Targeted Capital Account (equitably adjusted, by the Managing Member, in the event of a transfer of less than an entire Interest); 

        (ii)  each
such account shall thereafter be: 

        (a)  increased
by the amount of any cash and the fair market value of any assets contributed to the Company by such Member other than as provided in clause (i); 

        (b)  decreased
by the amount of any cash and the fair market value of any assets distributed in-kind to such Member; and 

        (c)  increased
by the appreciation in the Fair Market Value of such Member's Interest attributable to such Member's Acquisition Return Component, Annual Appreciation
Component and Equity Ownership Component. 

        "Tax Matters Partner" has the meaning set forth in Section 6.3. 

        "Term" has the meaning set forth in Section 2.5. 

        "Transfer" means any assignment, sale, exchange, transfer, pledge, hypothecation, mortgage or other disposition of all or any part of an
interest in the Company or of any Securities or other property of the Company. 

        "Voting Interest" means, with respect to each Non-Managing Member, such Member's Targeted Capital Account relative to the
Targeted Capital Accounts for all Non-Managing Members. 

        SECTION
1.2    Terms Generally.    The definitions in Section 1.1 shall apply equally to both the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. Unless the context requires otherwise, the words
"include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation". 

 
 

ARTICLE 2
  
    GENERAL PROVISIONS

        SECTION
2.1    Formation; Foreign Jurisdictions.    The Company was formed as a limited liability company pursuant to
the LLC Act upon the filing of a Certificate of Formation with the Secretary of State of the State of Delaware. The Managing Member is hereby designated an "authorized person" (within the meaning of
the LLC Act) to amend or restate, from time to time, the Certificate of Formation. The Managing Member is further authorized to deliver and file any other certificates and any amendments or
restatements thereof, including those necessary for the Company to qualify to do business in a jurisdiction in which the Company may wish to conduct business. 

        SECTION
2.2    Members.    Schedule 2 to this Agreement contains the name and address of each Member as of the
date of this Agreement. Schedule 2 may be revised by the Managing Member from time to time to reflect the admission, removal, withdraw or
substitution of a Member in accordance 

4

 

with the terms of this Agreement and other modifications to or changes in the information set forth therein made in accordance with the terms of this Agreement. 

        SECTION
2.3    Name.    The Company shall conduct its activities under the name of "NorthWestern Capital Partners
LLC." The Company's business may be conducted under any other name or names as the Managing Member may determine; provided, that the name shall always
contain the words "Limited Liability Company," the letters "L.L.C." or the designation "LLC." The Members shall be given prompt notice of any such name change. 

        SECTION
2.4    Limitation of Liability.    

        (a)  Except
as provided in the LLC Act, as expressly provided in this Agreement or as such Member shall otherwise expressly agree in writing, no Member of the Company shall
be obligated personally for any debt, obligation or liability of the Company or of any other Member by reason of being a Member of the Company. 

        (b)  In
no event shall any Member or former Member (i) be obligated to make any capital contribution or payment to or on behalf of the Company, except as set out in  Section 5.1, or (ii) have any
liability to return distributions received by such Member from the Company, in each case except as such
Member shall otherwise expressly agree in writing or as may be required by applicable law. 

        SECTION
2.5    Term.    The existence of the Company shall continue from the date hereof until wound up and terminated
in accordance with Article 7. No Member has the right to redeem his Interest in the Company at any time prior to the liquidation of the Company
without the consent of the Managing Member. Furthermore, no Member shall have the right, and each Member hereby agrees not to petition a court for the dissolution, termination or liquidation of the
Company, in each case except as expressly provided in this Agreement; and, except with the consent of the Managing Member, no Member at any time shall have the right to petition or to take any action
to subject Company assets or any part thereof to the authority of any court or other governmental body in connection with any bankruptcy, insolvency, receivership or similar proceeding. 

        SECTION
2.6    Purpose; Powers.    

        (a)  The
purpose of the Company shall be (i) to hold the Stock and other Securities as determined in the reasonable discretion of the Managing Member (subject, when
applicable, to the voting rights of Members as set forth in Section 3.4) and all lawful purposes and (ii) to do all things necessary or incidental thereto. 

        (b)  In
furtherance of its purposes, the Company shall have all powers necessary, suitable or convenient for the accomplishment of its purposes, alone or with others,
including the following: 

        (i)    to
hold, receive, Transfer, grant options with respect to and otherwise deal in and exercise all rights, powers, privileges and other incidents of ownership or
possession with respect to all Securities and other property; 

        (ii)  to
invest and reinvest cash assets of the Company in money-market or other short-term investments; 

        (iii)  to
have and maintain one or more offices within or without the State of Delaware and, in connection therewith, to rent or acquire office space, engage personnel and do
such other acts and things as may be advisable or necessary in connection with the maintenance of such office or offices; 

        (iv)  to
open, maintain and close bank accounts and draw checks and other orders for the payment of moneys and to open, maintain and close accounts with brokers, custodians
and others; 

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        (v)  to
engage employees (with such titles and delegated responsibilities as may be specified herein or determined by the Managing Member), accountants, auditors, custodians,
consultants, attorneys and any and all other agents and assistants, both professional and nonprofessional, including Members and their Affiliates, and to compensate them as may be necessary or
advisable; 

        (vi)  to
form or cause to be formed and to own the stock of one or more corporations, whether foreign or domestic, and to form or cause to be formed and to participate in
partnerships and joint ventures, whether foreign or domestic; 

        (vii) to
enter into, make and perform all contracts, agreements and other undertakings as may be deemed necessary or advisable or incident to carrying out its purposes; 

        (viii)to
sue, prosecute, settle or compromise all claims against third parties, to compromise, settle or accept judgment of claims against the Company, and to execute all
documents and make all representations, admissions and waivers in connection therewith; 

        (ix)  to
distribute, subject to the terms of this Agreement, at any time and from time to time to Members cash or investments or other property of the Company, or any
combination thereof; and 

        (x)  to
take such other actions necessary or incidental thereto as may be permitted under applicable law. 

        SECTION
2.7    Places of Business.    The Company shall maintain a registered office in the State of Delaware at 1013
Center Road, Wilmington, New Castle County, Delaware 19805 or such other office as determined by the Managing Member. The Company shall maintain an office and principal place of business at 125 South
Dakota Avenue, Suite 1100, Sioux Falls, SD 57104, or at such other place as may from time to time be determined by the Managing Member. The Company may also conduct business at such other places as
the Managing Member may from time to time determine to be required by the operations of the Company. The name and address of the Company's registered agent as of the date of this Agreement is
Corporation Service Company, 1013 Center Road, Wilmington, New Castle County, Delaware 19085. 

 
 

ARTICLE 3
  
    MANAGEMENT AND OPERATION OF THE COMPANY

        SECTION
3.1    Management.    

        (a)  Subject
to Section 3.4 and to compliance with the other restrictions and provisions contained herein and imposed by law, the overall management and control of the
business and affairs of the Company shall be vested solely with, and is hereby expressly delegated to, the Managing Member and the Managing Member shall have the authority to exercise all powers
necessary and convenient for the purposes of the Company including, without limitation, those enumerated in Section 2.6, on behalf and in the name of the Company. 

        (b)  Except
as set forth in Section 3.4, the Members shall have no right to, and shall not, take part in the management or affairs of the Company, nor shall any Member
have the power to act for or bind the Company. 

        (c)  Except
as provided in the LLC Act or this Agreement or as such Member shall otherwise expressly agree in writing, the Managing Member shall not take any action that
would subject any Member to personal liability for any debt, obligation or liability of the Company or any other Member by reason of being a Member of the Company. 

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        SECTION
3.2    Certain Duties and Obligations of the Managing Member.    

        (a)  The
Managing Member shall take all actions which may be necessary or appropriate on its part (i) for the continuation of the Company as a limited liability
company under the laws of the State of Delaware and (ii) for the development, maintenance, preservation and operation of the business of the Company in accordance with the provisions of this
Agreement and applicable laws and regulations. 

        (b)  The
Managing Member shall take all action which is reasonably necessary to form or qualify the Company to conduct the business in which the Company is engaged under the
laws of any jurisdiction in which the Company is doing business and to continue in effect such formation or qualification. To the extent reasonably necessary for the conduct of the Company's business
or the performance by the Managing Member of its responsibilities hereunder, the Managing Member shall take or cause to be taken all action required to register or qualify the Company under applicable
federal, state and foreign securities laws and rules and regulations of applicable self-regulatory organizations, and to maintain such registrations, qualifications and memberships in
effect for so long as required. 

        (c)  The
Managing Member shall, following the end of any Calculation Period, determine the appreciation, if any, in the Fair Market Value of a Member's Interest attributable
to the Acquisition Return Component, the Annual Appreciation Component and the Equity Ownership Component of each Member's Targeted Capital Account and adjust each Member's Targeted Capital Account in
accordance with the procedures set forth on Exhibit A, Exhibit B or Exhibit C, as the case may be, to this Agreement, such adjustments shall be retroactive to the commencement of
such Calculation Period. 

        SECTION
3.3    Personnel.    The day-to-day administration of the business of the Company
shall be carried out by the Managing Member. Notwithstanding the foregoing, the Managing Member is especially authorized to delegate all or any portion of its authority hereunder to any employee,
agent or other person, including any Member of the Company, to the extent: (1) such delegation is pursuant to a written document executed by the Managing Member and (2) subject to the
requirement that such employee, agent or other person at all times remains subject to the oversight and control of the Managing Member. 

        SECTION
3.4    Duties of Managing Member.    (a) Notwithstanding any contrary provision contained herein, the
Managing Member shall take no action with respect to the Company, pursuant to this Agreement or otherwise, which would have, or could reasonably be expected to have, a material adverse effect on the
economic value of any Member's Interest unless such adversely affected Member or Members consents to the taking of such action; provided, however,that
the Managing Member may, consistent with the provisions hereof, (i) amend this Agreement to remedy obvious error or correct any ministerial
procedure; or (ii) make the determinations set forth in section 3.2(c), and any such act shall not be interpreted or construed as having a material adverse effect on the value of such
Member's Interest such to require such Member's consent to the taking of such action. The Managing Member in exercising all powers and authority under this Agreement, including without limitation, the
management and control of the business and affairs of the Company, the making of all determinations, valuations, calculations, allocations, distributions, consents and other matters of judgment, shall
act in good faith in accordance with the essential intent and principles of this Agreement and the economic bargain of the parties as manifested in the terms of this Agreement. If any event occurs as
to which, in the good faith judgment of the Managing Member, the provisions of this Agreement are not strictly applicable or if strictly applicable would not fairly protect the rights of the Members
in accordance with the essential intent and principles of the Agreement and the economic bargain of the parties as manifested in the terms of this Agreement, then the Managing Member in the good
faith, reasonable exercise of its business judgment shall, with the Approval of the Non-Managing Members, make an adjustment in the application of such provision so as to protect such
essential intent, principles and economic bargain. 

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        (b)  The
Managing Member shall, within 3 business days of the receipt thereof, notify the Members of (i) any calculation or determination ("Determination") of the
value of the Stock (or any component thereof) made by or on behalf of the NGC or NorthWestern Capital Board of Directors or (ii) any matter requiring the vote of the capital stock of
NorthWestern Capital ("NCC Vote"). In connection with: (a) any Determination, the Members thereafter shall have 45 days in which to dispute such Determination in accordance with the
procedures set forth in Section 10.1 hereof; and (b) any Vote, the Managing Member shall not act without the Approval of the Non-Managing Members. 

 
 

ARTICLE 4
  
    DISTRIBUTIONS

        SECTION
4.1    Distributions—General Principles and Definitions.    

        (a)  Except
as otherwise expressly provided in this Article 4 or in Article 7, no Member shall have the right to withdraw capital from the Company or to receive
any distribution or return of his Capital Contribution. 

        (b)  Distributions
pursuant to this Article 4 shall be made in cash, provided, however, that distributions may be made
in property other than cash if such distributions are being made by the Company as a result of its receipt of property other than cash as a distribution from NorthWestern Capital with respect to the
Stock. Any such distributions in property other than cash shall be distributed to the
Members entitled thereto in the same proportions as if such distribution were in cash. Such assets shall be valued at their then fair market value as reasonably determined by the Managing Member. 

        (c)  Subject
to Section 4.2, available cash and property shall be distributed at such times and in such amounts as determined in the reasonable discretion of the
Managing Member. The Managing Member shall determine the amount of any distribution in accordance with the terms set forth herein and, subject to Sections 3.4 and 10.1, such determination shall be
final and binding upon the Members and each if their heirs, successors and assigns, and on any person or entity claiming an interest in or through each such Member hereunder. 

        SECTION
4.2    Amounts and Priority of Distributions.    

        (a)  Prior
to dissolution of the Company, the Managing Member shall, to the extent of available cash, after servicing all Company debt and provision of reasonable reserves
for expenses and contingencies, distribute in cash, no later than sixty (60) days after the close of each fiscal year, to the Members the excess, if any, of (i) forty percent (40%) of an
amount equal to the excess, if any, of the cumulative items of income and gain over the cumulative items of deduction, loss and credit (grossed up to a deduction equivalent at a forty percent (40%)
tax rate) as shown on the federal income tax returns of the Company for all periods over (ii) the sum of amounts previously distributed pursuant to Section 4.2(a) and (b). The Managing
Member shall adjust the rate of distribution provided in this Section 4.2(a) to reflect any changes made to the ordinary income and capital gains tax rates of the Code which may have the effect
of requiring the Members to pay more or less taxes on ordinary income or capital gains generated by Company activities. Distributions pursuant to this Section 4.2(a) shall be made to the
Members ratably in the proportions in which the net recognized income and gains (but not income and gains deemed recognized under Section 5.2(b)) for such fiscal periods have been allocated to
them for federal income tax purposes pursuant to Section 5.3. For purposes of this Section 4.2(a), in the case of property contributed to
the capital of the Company, items of income, gain, deduction and loss shall be computed as if the tax basis of such property were equal to its fair market value at the time of such contribution. 

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        (b)  Subject
to Sections 4.2(a) and 4.3, prior to dissolution of the Company, the Managing Member may, in its reasonable discretion, distribute to the Members additional
amounts after making adequate reserves for expenses and contingencies. Distributions pursuant to this Section 4.3(b) shall be made to the Members in proportion to their Targeted Capital Account
balances. 

        SECTION
4.3    Restricted Payments.    Notwithstanding any provisions to the contrary in this Agreement, the Company
shall not make a distribution if such distribution would violate the LLC Act or other applicable law. 

        SECTION
4.4    Amounts Withheld.    All amounts withheld pursuant to the Code or any provision of any other tax law
with respect to any income or gain realized by the Company or any payment or distribution to the Company or the Members shall be treated as amounts distributed to the Members pursuant to this
Section 4.4 for all purposes under this Agreement. The Managing Member is authorized to withhold from distributions, or with respect to allocations, to any Member and to pay over to any
government any amounts required to be so withheld pursuant to the Code or any provisions of any other tax law, and shall allocate any such amounts to the Members with respect to which such amounts
were withheld. 

 
 

ARTICLE 5
  
    CAPITAL CONTRIBUTIONS; ALLOCATIONS; EXPENSES

        SECTION
5.1    Capital Contributions.    

        (a)  Concurrently
with the execution of this Agreement, the Managing Member shall be obligated to contribute the Stock and each other Member shall be obligated to make the
Capital Contribution to the Company as set forth opposite each such Member's name on Schedule 3 hereto. 

        (b)  Upon
authorization by the Managing Member of the issuance of an Interest to any Person, such Person shall make a Capital Contribution to the Company in such amount as
reasonably determined by the Managing Member. 

        (c)  Except
as set forth in Section 5.1(a) and 5.1(b), no Member shall be required or permitted to make a Capital Contribution to the Company without the Approval of
the Non-Managing Members. 

        SECTION
5.2    Capital Accounts.    

        (a)  A
single capital account ("Capital Account") shall be maintained for each Member (regardless of the class of interests owned by such Member and regardless of the time or
manner in which such interests were acquired) in accordance with the capital accounting rules of section 704(b) of the Code, and the regulations thereunder (including particularly
section 1.704-1(b)(2)(iv) of the Income Tax Regulations). In general, under such rules, a Member's Capital Account shall be: 

        (i)    increased
by (A) the amount of money contributed by the Member to the Company (including the amount of any Company liabilities that are assumed by such Member
other than in connection with distribution of Company property); (B) the fair market value of property contributed by the Member to the Company (net of liabilities secured by such contributed
property that the Company is considered to assume or take subject to under section 752 of the Code); and (C) allocations to the Member of Company income and gain (or item thereof),
including income and gain exempt from tax; 

        (ii)  decreased
by (A) the amount of money distributed to the Member by the Company (including the amount of such Member's individual liabilities that are assumed by
the Company other than in connection with contribution of property to the Company); (B) the fair market value of property distributed to the Member by the Company (net of liabilities secured by
such distributed property that such Member is considered to assume or take subject to under 

9

 

section 752 of the Code); (C) allocations to the Member of expenditures of the Company not deductible in computing the Company's taxable income and not properly chargeable to capital;
and (D) allocations to the Member of Company loss and deduction (or item thereof). 

        (b)  Where
section 704(c) of the Code applies to Company property or where Company property is revalued pursuant to paragraph (b)(2)(iv)(f) of
section 1.704-1 of the Income Tax Regulations, each Member's Capital Account shall be adjusted in accordance with Sections 1.704-1(1)(b)(2)(iv)(g) and
1.704-3(d)(2) of the Income Tax Regulations as to allocations to the Members of depreciation, depletion, amortization and gain or loss, as computed for book purposes with respect to such
property. 

        (c)  When
Company property is revalued pursuant to paragraph (b)(2)(iv)(f) of section 1.704-1 of the Income Tax Regulations, or where Company
property is distributed in kind (whether in connection with a liquidation and dissolution or otherwise), the Capital Accounts of the Members shall first be adjusted to reflect the manner in which the
unrealized income, gain, loss and deduction inherent in such property (that has not been reflected in the Capital Account previously) would be allocated among the Members if there were a taxable
disposition of such property for the fair market value of such property (taking into account section 7701(g) of the Code) on the date of distribution. 

        (d)  The
Managing Member shall direct the Company's accountant to make all necessary adjustments in each Member's Capital Account as required by the capital accounting rules
of section 704(b) of the Code and the regulations thereunder. 

        SECTION
5.3    Allocations of Profits and Losses.    A Member's distributive share of the Company's total income,
gain, loss, deduction or credit (or items thereof), which total shall be as shown on the annual federal income tax return prepared by the Company's accountants or as finally determined by the Internal
Revenue Service or the courts, and as modified by the capital accounting rules of section 704(b)
of the Code and the regulations thereunder as implemented by Section 5.2 hereof, as applicable, shall be determined as follows: 

        (a)  General. Except as otherwise provided for in this Section 5.3, all items of income, gain, loss, deduction and
credit shall be allocated solely to the Managing Member. 

        (b)  Loss Limitation. Notwithstanding anything in this Section 5.3 to the contrary, items of loss and deduction
allocated to any Member pursuant to this Section 5.3 with respect to any taxable period shall not exceed the maximum amount of such items that can be so allocated to such Member without causing
such Member to have a deficit balance in its Capital Account in excess of the amount of such Member's obligation, if any, to restore such deficit Capital Account, computed and adjusted in accordance
with the rules of section 1.704-1(b)(2)(ii)(d) of the Income Tax Regulations (including such Member's share of minimum gain and partner nonrecourse debt minimum gain as provided in
sections 1.704-2(g) and 2(i)(5) of the Income Tax Regulations). Any such items of loss or deduction in excess of the limitation set forth in the preceding sentence shall be allocated to
those Members who would not be subject to such limitation, proportionately in accordance with their relative positive Adjusted Capital Account balances. 

        (c)  Section 704(c) Allocations. Solely for tax purposes, in determining each Member's allocable share of the taxable
income or loss of the Company, depreciation, depletion, amortization and gain or loss with respect to any contributed property, or with respect to revalued property where Company property is revalued
pursuant to section 1.704-1(b)(2)(iv)(f) of the Income Tax Regulations, shall be allocated to the Members under the traditional method as provided in
section 1.704-3(b) of the Income Tax Regulations. 

        (d)  Minimum Gain Chargeback. Notwithstanding anything to the contrary in this Section 5.3, if there is a net decrease
in Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain (as such terms are defined in sections 1.704-2(b) and 1.704-2(i)(2), respectively, of the Income Tax
Regulations) during a Company taxable year, then each Member shall be allocated 

10

 

items of Company income and gain for such year (and, if necessary, for subsequent years), to the extent required by, and in the manner provided in, section 1.704-2 of the Income
Tax Regulations. 

        (e)  Qualified Income Offset. Subject to the provisions of Section 5.3(d), but otherwise notwithstanding anything to
the contrary in this Section 5.3, if any Member's Capital Account has a deficit balance in excess of such Member's obligation to restore its Capital Account balance, computed in accordance with
the rules of section 1.704-l(b)(2)(ii)(d) of the Income Tax Regulations (including such Member's share of minimum gain and partner nonrecourse debt minimum gain as provided in
sections 1.704-2(g) and 1.704-2(i)(5) of the Income Tax Regulations), then sufficient amounts of income and gain (consisting of a pro rata portion of each item of Company
income, including gross income, and gain for such year) shall be allocated to such Member in an amount and manner sufficient to eliminate such deficit as quickly as possible. 

        (f)    Depreciation Recapture. Solely for tax purposes, gain recognized (or deemed recognized under the provisions hereof) upon
the sale or other disposition of Company property, which is treated as depreciation recapture, shall be allocated among the Members as provided in sections 1.704-3(a)(11),
1.1245-1(e) and 1.1250-1(f) of the Income Tax Regulations. 

        (g)  Closing of the Books. Except as otherwise required by law, if the Interests of the Members herein change during any
taxable period, all items to be allocated to the Members for such entire taxable year shall be allocated based upon a closing of the books methodology as of the date upon which such change occurred. 

        (h)  Curative Allocation. Any allocation pursuant to Sections 5.3(b) or 5.3(e) hereof shall be taken into account in computing
subsequent allocations pursuant to this Section 5.3 so that the net amount of all such allocations to each Member shall, to the extent possible, be equal to the net amount that would have been
allocated to each such Member pursuant to the provisions of this Section 5.3 if the allocations made pursuant to Sections 5.3(b) and 5.3(e) hereof had not occurred. It is anticipated that
allocations of items of loss and deduction pursuant to Section 5.3(k) hereof will be offset by allocations pursuant to Section 5.3(d) hereof. To the extent the Managing Member determines
that any such amounts allocated pursuant to Section 5.3(k) hereof are unlikely to be offset by a countervailing allocation of pursuant to Section 5.3(d) hereof, then so much of such
allocation as the Manager has determined is unlikely to be offset shall also be taken into account in computing subsequent allocations pursuant to this Section 5.3 so that the net amount of all
such allocations shall, to the extent possible, equal the net amount that would be allocated to such Members in the absence of such special allocations. 

        (i)    Adjustment to Reflect Targeted Capital Account. Subject to the provisions of Sections 5.3(b) through (h), and subject to
Section 5.3(k), items of income, gain, deduction and loss shall be allocated among the Members in such a manner as to cause each Member's Adjusted Capital Account balance to equal, as nearly as
practicable, such Member's Targeted Capital Account balance. 

        (j)    Nonrecourse Deductions. Items of deduction and loss attributable to "partner nonrecourse debt" within the meaning of
section 1.704-2(b)(4) of the Income Tax Regulations shall be allocated to the Members bearing the economic risk of loss with respect to such debt in accordance with
section 1.704-2(i)(1) of the Income Tax Regulations. Items of deduction and loss attributable to "nonrecourse debt" of the Company within the meaning of
section 1.752-2 of the Income Tax Regulations shall be allocated to the Members in proportion to the items of loss and deduction allocable pursuant to
Section 5.3(i) hereof. 

        (k)  Consent by Members. The methods hereinabove set forth by which income, gains, losses, deductions, credits and
distributions are allocated and apportioned are hereby expressly consented to by each Member as a specific condition to becoming a Member. Each Member covenants that 

11

 

he or it will make no claim or representation concerning the income tax effects of the provisions contained in this Agreement that is inconsistent with the provisions of this Agreement. 

        SECTION
5.4    Expenses.    Except as otherwise agreed to by the Members, the Managing Member shall bear and be
responsible for all expenses incurred in connection with the formation and operation of the Company. 

12

  

 
 

ARTICLE 6
  
    ACCOUNTING MATTERS; TAX MATTERS

        SECTION
6.1    General Accounting Matters.    The Managing Member shall keep or cause to be kept books and records
pertaining to the Company's business showing all of its assets and liabilities, receipts and disbursements, profits and losses, Members' Capital Accounts and all transactions entered into by the
Company. Such books and records of the Company shall be kept by the Company at its principal office. Any Member shall have the right to inspect or copy the books or records of the Company as necessary
to verify compliance with this Agreement insofar as it materially relates to the rights and obligations of such Member. The Company's books of account shall be maintained in United States dollars and
kept on the accrual method of accounting and otherwise in accordance with United States generally accepted accounting principles; provided, however, that books and records with respect to the
Company's Capital Accounts and allocations of income, gain, loss, deduction or credit (or item thereof) shall be kept under United States federal income tax accounting principles as applied to
partnerships. For all purposes of this Agreement, all determinations, valuations and other matters of judgment which are required to be made under this Agreement shall be made in good faith by the
Managing Member and in a manner consistent with the economic agreement of the Members and subject to Section 3.4. 

        SECTION
6.2    Tax Information.    Each person that was a Member at any time during a Fiscal Year shall be supplied
with information to prepare his or its federal, state, local and foreign income tax returns based upon such person's status as a Member, such other information as such person may reasonably request
for the purpose of applying for withholding taxes and a statement as to such Member's Capital Account as at the close of such Fiscal Year. 

        SECTION
6.3    Certain Tax Matters.    The taxable year of the Company shall be the same as its Fiscal Year. The
Managing Member shall prepare or cause to be prepared all federal, state and local, as well as foreign, if any, tax returns of the Company for each year for which such returns are required to be filed
and shall file or cause such returns to be timely filed. The Managing Member shall determine the appropriate treatment of each item of income, gain, loss, deduction and credit of the Company and the
accounting methods and conventions under the tax laws of the United States, the several states and other relevant jurisdictions as to the treatment of any such item or any other method or procedure
related to the preparation of such tax returns. The Managing Member may cause the Company to make or refrain from making any and all elections permitted by such tax laws. The Company and each Member
hereby designate the Managing Member as the "tax matters partner" for purposes of
Section 6231(a)(7) of the Code (the "Tax Matters Partner"). The Tax Matters Partner shall have all of the rights, duties, powers and obligations
provided for in Sections 6221 through 6232 of the Code. 

        SECTION
6.4    Partnership Tax Treatment.    The Members intend for the Company to be treated as a partnership for
federal income tax purposes, and no election to the contrary shall be made. 

 
 

ARTICLE 7
  
    DISSOLUTION    
  

        SECTION
7.1    Dissolution.    The Company shall be dissolved and subsequently terminated upon the occurrence of the
first of the following events: 

        (a)  the
written consent of the Managing Member and the Approval of the Non-Managing Members; or 

13

 

        (b)  the
dissolution and winding up of the Managing Member, NorthWestern Capital or NorthWestern. 

        SECTION
7.2    Winding-up.    When the Company is dissolved, the business and property of the Company
shall be wound up and liquidated by the Managing Member. The Managing Member shall use its best efforts to reduce to cash and cash equivalent items such assets of the Company as the Managing Member
shall deem it advisable to sell and to obtain fair value for such assets taking into account any tax and other legal considerations. 

        SECTION
7.3    Withdrawal of Members.    No Member shall be entitled to withdraw unless the Managing Member consents
to such withdrawal (provided, that such withdrawal shall be permitted in connection with the termination of a Member's employment with NorthWestern, NGC or any of their affiliates). 

        SECTION
7.4    Final Distribution.    Not later than the end of the taxable year of dissolution of the Company (i.e.,
the date upon which the Company ceases to be a going concern as provided in section 1.704-1(b)(2)(ii)(g) of the Income Tax Regulations), or if later within ninety (90) days
after the
date of such dissolution, the assets of the Company shall be distributed in the following manner and order: 

        (i)    to
the payment of the expenses of the winding-up, liquidation and dissolution of the Company; 

        (ii)  to
pay all creditors of the Company, other than Members, either by the payment thereof or the making of reasonable provision therefor; 

        (iii)  to
establish reserves, in amounts established by the Managing Member or such liquidator, to meet other liabilities of the Company; and 

        (iv)  to
pay, in accordance with the terms agreed among them and otherwise on a pro rata basis, all creditors of the Company that are Members, either by the payment thereof
or the making of reasonable provision therefor. 

        The
remaining assets of the Company shall be applied and distributed among the Members in accordance with their respective positive Capital Account balances. 

        SECTION
7.5    No Obligation to Restore Negative Capital Accounts.    Except as may otherwise be required by law, no
Member whose Capital Account balance is a negative or deficit amount (either during the existence of the Company or upon liquidation) shall have any obligation to return any amounts previously
distributed to such Member or to contribute cash or other assets to the Company to restore or make up the deficit in such Member's impaired Capital Account. 

 
 

ARTICLE 8
  
    TRANSFER OF MEMBERS' INTERESTS    
  

        SECTION
8.1    Transfer of Interests.    

        (a)  No
Member may Transfer his or her Interest without the prior written consent of the Managing Member, which consent may be given or withheld in its sole and absolute
discretion. No Interest may
be Transferred unless such Transfer will not (and if requested by the Managing Member, the Member proposing to Transfer such Interest obtains for the Company an opinion of counsel, in 

14

 

form and substance satisfactory to the Managing Member in its reasonable discretion, that such Transfer will not): 

        (i)    violate
any applicable federal or state securities laws or regulations, or subject the Company to registration as an investment company or election as a "business
development company" under the Investment Company Act; 

        (ii)  require
the Managing Member or any of its Members or partners to register as an investment adviser under the Investment Advisers Act of 1940; 

        (iii)  violate
any other federal, state or local laws; 

        (iv)  effect
a termination of the Company under section 708 of the Code; 

        (v)  cause
the Company to be treated as an association taxable as a corporation for federal income tax purposes; or 

        (vi)  violate
this Agreement. 

        (b)  Notwithstanding
the foregoing, the following shall be permitted: 

        (i)    a
Transfer of a Member's Interest by operation of law to such Member's estate upon his or her death, or 

        (ii)  a
Member who is a natural person may Transfer his or her Interest to a member of such Member's immediate family or to a trust of which only members of such immediate
family are the beneficiaries. 

        (c)  A
transferee of an Interest who has complied with the foregoing requirements shall be admitted as a Member with respect to the Interest so transferred. A purported
Transfer in violation of the provisions
of this Article 8 shall be void and, except for the right of the Company to obtain damages against the person purporting to Transfer such Interest, shall be void and without effect. 

 
 

ARTICLE 9
  
    ADDITIONAL MEMBERS

        SECTION
9.1    Admission of Additional Members.    

        (a)  Subsequent
to the date hereof, the Managing Member may cause the Company to admit one or more persons as a Member, in which event the Company shall issue an Interest to
such person on such terms and conditions as the Managing Member may determine in its reasonable discretion and consistent with the terms of this Agreement, and such Person shall thereupon be admitted
as a Member. 

        (b)  Concurrently
with the admission of any additional or substitute Member, the Managing Member shall forthwith cause any necessary papers to be filed and recorded and
notice to be given wherever and to the extent required showing the substitution of such transferee as a substitute Member in place of the transferor Member, or the admission of an additional Member.
The admission of any person as an additional or substitute Member shall be conditioned upon such person's written acceptance and adoption of all the terms and provisions of this Agreement. 

        (c)  The
Managing Member may amend this Agreement, without the consent of any other Member, to reflect the terms of admission of any additional Member admitted in accordance
with this Section and in a manner consistent with the terms of this Agreement and the economic agreement of the parties. 

15

 

 
 

ARTICLE 10
  
    MISCELLANEOUS    
  

        SECTION
10.1    Arbitration.    To the fullest extent permitted by law, any dispute, controversy or claim arising out
of or relating to this Agreement or to the Company's affairs or the rights or interests of the Members or the breach or alleged breach of this Agreement (including without limitation the manner of
making all determinations, valuations, calculations, allocations, distributions, votes of securities and other matters of judgment) whether arising during the Company term or at or after its
termination or during or after the liquidation of the Company, shall be settled by arbitration in Sioux Falls, South Dakota (or, if applicable law requires some other forum, then such other forum) in
accordance with the rules then obtaining of the American Arbitration Association. If the parties to any such controversy are unable to agree upon a neutral arbitration or arbitrators, then an
arbitrator shall be appointed in accordance with such rules. The parties consent to the nonexclusive jurisdiction of the United States District Court for the District of South Dakota, for all purposes
in connection with any such arbitration. The parties agree that any process or notice of motion or other application to either of such courts, and any paper in connection with any such arbitration,
may be served by certified mail, return receipt requested, or by personal service or in such other manner as may be permissible under the rules of the applicable court or arbitration tribunal,
provided a reasonable time for appearance is allowed. All costs of any such arbitration shall be paid by the Company. 

        SECTION
10.2    Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware. In particular, the Company is formed pursuant to the LLC Act, and the rights and liabilities of the Members shall be as provided therein, except as herein otherwise expressly
provided. 

        SECTION
10.3    Successors and Assigns.    This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective successors and assigns. 

        SECTION
10.4    Confidentiality.    By executing this Agreement, each Member expressly agrees, at all times during the
term of the Company and thereafter and whether or not at the time a Member of the Company, unless otherwise agreed in writing by the Managing Member, to maintain the confidentiality of, and not to
disclose to any person, any material information relating to the business, financial results, clients or affairs of the Company that shall not be generally known to the public, except (a) to
such Member's professional advisers, (b) as required for any arbitration proceeding pursuant to Section 10.1 or as required by law, by
rule or regulation having the force of law, by any regulatory or self-regulatory organization having jurisdiction or by process of law or (c) as is reasonably necessary in the
course of conduct of the business of the Company by such Member. The provisions of this Section 10.4 shall survive the dissolution of the Company. 

        SECTION
10.5    Notices.    Whenever notice is required or permitted by this Agreement to be given, such notice shall
be in writing (including cable, telex, facsimile or similar writing) and shall be given to any Member at his or its address or telex or facsimile number shown in the Company's books and records. Each
such notice shall be effective (i) if given by telex or facsimile, upon electronic confirmation of receipt and (ii) if given by any other means, when delivered to and receipted for at
the address of such Member, as the case may be, specified as aforesaid. 

        SECTION
10.6    Counterparts.    This Agreement may be executed in any number of counterparts, all of which together
shall constitute a single instrument. 

        SECTION
10.7    Entire Agreement.    This Agreement and the Exhibits hereto embody the entire agreement and
understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those
expressly set forth or referred to herein. Except as expressly provided herein, this Agreement and 

16

 

such other agreements supersede all prior agreements and understandings between the parties with respect to such subject matter. This Agreement does not create any right of employment on the part of
any Member, and no Member shall have any right, implied or otherwise, to be paid any amount hereunder except as expressly provided for herein. 

        SECTION
10.8    Amendments.    Except as required by law or as otherwise set forth herein, this Agreement may be
amended or modified only with the consent of the Managing Member and the Approval of the Non-Managing Members. 

        SECTION
10.9    Titles.    Section titles are for descriptive purposes only and shall not control or alter the meaning
of this Agreement as set forth in the text hereof. 

        SECTION
10.10    Power of Attorney.    

        (a)  By
executing this Agreement, each Member hereby grants to the Managing Member a special power of attorney, making, constituting and appointing the Managing Member as
such Member's true and lawful attorney-in-fact, with power and authority to act in his or her name and on his or her behalf to make, execute, acknowledge and swear to the
execution, acknowledgment and filing or recording of any instrument or other document which may be necessary or advisable to carry out the terms and provisions of this Agreement or required to effect
the continuation of the Company, the admission of an additional or substituted Member, or the dissolution and termination of the Company (provided such continuation, admission or dissolution and
termination are in accordance with the terms of this Agreement). 

        (b)  The
special power of attorney being granted hereby by each Member (A) is a special power of attorney coupled with an interest, is irrevocable, and shall survive
the death or legal incapacity of the granting Member, (B) may be exercised by any duly authorized officer of the Managing Member signing individually for each Member or for all Members
executing any particular instrument, and (C) shall survive an assignment by any Member of such Member's Interest in the Company. 

        SECTION
10.11    Severability.    Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties shall endeavor in good faith negotiations to replace any such
prohibited or unenforceable provision with one or more provisions that faithfully reflect the original economic intent of the parties as manifested in the unenforceable provisions. 

        SECTION
10.12    Effective Date.    This Agreement shall be legally binding and effective from the date first set
forth above. 

17

        IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 

	 	 	MANAGING MEMBER
	

 	
 	

 	
 	

 
	 	 	NORTHWESTERN GROWTH CORPORATION,

a South Dakota corporation
	

 	
 	

By	
 	

/s/  DANIEL K. NEWELL      
 Daniel K. Newell, Managing Director and

Chief Executive Officer

	 	 	NON-MANAGING MEMBERS
	

 	
 	

Name:	
 	

/s/  MERLE D. LEWIS      
 Merle D. Lewis
	

 	
 	

Name:	
 	

/s/  RICHARD R. HYLLAND      
 Richard R. Hylland
	

 	
 	

Name:	
 	

/s/  DANIEL K. NEWELL      
 Daniel K. Newell
	

 	
 	

Name:	
 	

/s/  ERIC R. JACOBSEN      
 Eric R. Jacobsen
	

 	
 	

Name:	
 	

/s/  G. MARK MICKELSON      
 G. Mark Mickelson
	

 	
 	

Name:	
 	

/s/  CHRISTOPHER J. YOUNGER      
 Christopher J. Younger
	

	
 	

Name:	
 	

/s/  GREGORY COX      
 Gregory Cox
	

 	
 	

Name:	
 	

/s/  DANIEL L. RAUSCH      
 Daniel L. Rausch
	

 	
 	

Name:	
 	

/s/  KIPP ORME      
 Kipp Orme
	

 	
 	

Name:	
 	

/s/  MICHAEL L. NIEMAN      
 Michael L. Nieman
	

 	
 	

Name:	
 	

/s/  MARK A. LUECKE      
 Mark A. Luecke

 
 

SCHEDULE 1    
  

 
  Description of Managing Member's Capital Contribution    
  

        The Managing Member, as of the date hereof, has contributed to the Company an aggregate of 150,000 shares of the common stock, $.001 par value per share, of
NorthWestern Capital, which contribution consists of 75,000 shares of a class of common stock designated as "NorthWestern Capital Common Stock" ("Asset One Stock"), 37,500 shares of a class of common
stock designated as "Blue Dot Group Common Stock" ("Asset Two Stock") and 37,500 shares of a class of common stock designated as "Exp@nets Group Common Stock ("Asset Three Stock" and, together with
Asset One Stock and Asset Two Stock and any other stock transferred at a future date, "Stock"). 

 
 

SCHEDULE 2    
  

 
  Names and Addresses of
  Members of the Company    
  

	Name
 
	 	Address
 

	MANAGING MEMBER:	 	 
	

NorthWestern Growth Corporation

    Attn: President	
 	

 
	
NON-MANAGING MEMBERS	
 	

 

 
 

SCHEDULE 3    
  

 
  Capital Contribution and Capital Account Balance
  of the Members of the Company    
  

	Name
 
	 	Capital

Contribution
	 	Initial

Capital

Account Balance

	Managing Member:	 	 	 	 
	

NorthWestern Growth Corporation	
 	

 	
 	

 
	
Non-Managing Members:	
 	

 	
 	

 

 
 

EXHIBIT A    
  

 
  Allocating the Acquisition Return Component
  of Targeted Capital Account    
  

        The Acquisition Return Component of each Member's Targeted Capital Account shall be credited with their share of the appreciation (if any) in the Fair Market
Value of an Interest attributable to the "Acquisition Return" realized from each acquisition or investment ("Acquisition"). There shall be a separate Acquisition Return Component maintained for each
Investment Strategy and determinations with respect to Acquisitions within one Investment Strategy shall not affect the determinations with respect to any other Investment Strategy. 

        The
Acquisition Return Component of the Member's Targeted Capital Account shall equal the following percentage(s) of the appreciation (if any) in the Fair Market Value realized from each
acquisition as measured by the actual performance of the Acquisition transactions. 

	Member
 
	 	Acquisition Return

Percentage

	 	 	 
	 	 	 

 
 

EXHIBIT B    
  

 
  Allocating the Annual Appreciation Component
  of Targeted Capital Accounts    
  

        The Annual Appreciation Component of each Member's Targeted Capital Account shall be credited with their share of the annual appreciation (if any) in the Fair
Market Value of an Interest realized from increases in value attributable to the improved economic performance of investment strategies and businesses for the relevant period (without reference to
determinations made with respect to prior periods) as measured by increases or loss (if any) in the annual after-tax investment returns of such investments and businesses. 

        The
Annual Appreciation Component of each Member's Targeted Capital Account shall be credited with an amount equal to the percentage set forth below of the Total Improved Return Amount. 

	 
	 	Private Equity Value as a Percent

of Total Improved Return Amount

	Strategy
 
	 	Preferred Stock Rate

to 10%
	 	10-13%
	 	13+%

Return

	Non-Propane/Propane	 	 	 	 	 	 
	New Strategies (post 1/1/99)	 	 	 	 	 	 

 
 

EXHIBIT C    
  

 
  Allocating the Equity Ownership Component
  of Targeted Capital Accounts    
  

        The Equity Ownership Component of each Member's Targeted Capital Account shall be credited with their share as set forth below of the "improved equity value" (if
any) of each acquisition and/or investment strategy or portfolio entity ("Investment Strategy") entered into or made or acquired by or on behalf of NGC or any affiliate. There shall be a separate
Equity Ownership Component maintained for each Investment Strategy and determinations with respect to one Investment Strategy shall not affect the determinations with respect to any other Investment
Strategy. 

        The
Equity Ownership Component of each Member's Targeted Capital Account shall be credited with an amount equal to the percentage set forth below of the "Improved Equity Value" of each
Investment Strategy as of the Liquidity Date. 

	 
	 	 
	 	Percent of Improved Return Amount

	Investment Strategy
 
	 	NorthWestern Benchmark

Date (NDB)(1)
	 	PSIR to 10%
	 	10-13%
	 	13+% Return

	Propane (CornerStone)	 	 	 	 	 	 	 	 
	Blue Dot	 	 	 	 	 	 	 	 
	Exp@nets	 	 	 	 	 	 	 	 
	New Strategies (From 9/30/99 to 3/31/00)	 	 	 	 	 	 	 	 

	Note: (1)	 	The NorthWestern Benchmark Date (NBD) shall be the later of (i) the Approval Date (which is the earlier of the date on which the strategic decision to enter into the particular industry segment was made by the
NorthWestern or NGC Board of Directors, as the case may be, or the date of the closing of the original acquisition or investment in such industry segment) or (ii) the date the Member first became entitled to participate in the improved equity
value of such Investment Strategy.

QuickLinks

Exhibit 10.1(r)

NORTHWESTERN CAPITAL PARTNERS LLC LIMITED LIABILITY COMPANY AGREEMENT

W I T N E S S E T H

ARTICLE 1 DEFINITIONS

ARTICLE 2 GENERAL PROVISIONS

ARTICLE 3 MANAGEMENT AND OPERATION OF THE COMPANY

ARTICLE 4 DISTRIBUTIONS

ARTICLE 5 CAPITAL CONTRIBUTIONS; ALLOCATIONS; EXPENSES

ARTICLE 6 ACCOUNTING MATTERS; TAX MATTERS

ARTICLE 7 DISSOLUTION

ARTICLE 8 TRANSFER OF MEMBERS' INTERESTS

ARTICLE 9 ADDITIONAL MEMBERS

ARTICLE 10 MISCELLANEOUS

SCHEDULE 1

Description of Managing Member's Capital Contribution

SCHEDULE 2

Names and Addresses of Members of the Company

SCHEDULE 3

Capital Contribution and Capital Account Balance of the Members of the Company

EXHIBIT A

Allocating the Acquisition Return Component of Targeted Capital Account

EXHIBIT B

Allocating the Annual Appreciation Component of Targeted Capital Accounts

EXHIBIT C

Allocating the Equity Ownership Component of Targeted Capital AccountsQuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

Exhibit 10.1(s)    
  

 
 

PUT OPTION AGREEMENT    
  

        THIS PUT OPTION AGREEMENT (this "Agreement") is entered into and made effective as of September 30, 1999 by and among NorthWestern Growth Corporation, a
South Dakota corporation ("NGC" and, along with permitted assignees, "Optionor"), the member named below, a natural person resident in the State of South Dakota (along with permitted assigns,
"Optionee"), and, with respect to Section 8, NorthWestern Capital Partners LLC, a Delaware limited liability company (the "Company"). 

 
 

W I T N E S S E T H:    
  

        WHEREAS, concurrently with the execution of this Agreement, Optionee is acquiring an ownership interest (the "Interest") in the Company which will entitle
Optionee to receive from the Company specified distributions and allocations of income, gain, loss, deduction and/or credit (or items thereof) ("Allocations," which for all purposes herein shall
include all Allocations to which Optionee is or may become entitled by virtue of ownership or transfer of the Interest); 

        WHEREAS,
the Company maintains a Targeted Capital Account (as defined in the Limited Liability Company Agreement, dated of even date herewith, of the Company (the "LLC Agreement")) in
respect of the Interest, such Targeted Capital Account consisting of (in addition to Optionee's original capital contribution to the Company) an Acquisition Return Component, an Annual Appreciation
Component and an Equity Ownership Component (each as defined in the LLC Agreement); and 

        WHEREAS,
the Parties desire to set forth their agreement whereby Optionee may from time to time sell all or part of the Interest to Optionor on the terms and subject to the conditions
contained herein; and 

        WHEREAS,
NGC is the Managing Member and controlling person of the Company, and it is in NGC's interest and to its advantage to restrict the transferability of Interests in the Company so
as not to create additional minority interests; and 

        WHEREAS,
terms not defined herein shall have the meanings given in the LLC Agreement. 

        NOW,
THEREFORE, for and in consideration of the foregoing recitals and mutual covenants, agreements, representations and warranties contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 

        1.    Grant of Options.

        (a)    Annual Appreciation Component.    Optionor hereby grants to Optionee one or more options (each, an "Option"
and, collectively, "Options"), each representing the right, but not the obligation, to sell to Optionor, from time to time in accordance with the provisions hereof, all or any part of that portion of
the Interest which is attributable to the Annual Appreciation Component of Optionee's Targeted Capital Account, such Options to be exercisable from time to time, in whole or in part, as follows: From
and after the date which is two years after the date hereof (the "Second Anniversary Date"), Optionee shall have the right to exercise an Option with respect to any positive balance in his or her
Targeted Capital Account which relates to the Annual Appreciation Component, such Option(s) shall be deemed immediately exercisable whenever an Allocation is made with respect to the Annual
Appreciation Component of Optionee's Targeted Capital Account. 

        (b)    Equity Ownership Component.    Optionor hereby grants to Optionee one or more additional Options, each
representing the right, but not the obligation, to sell to Optionor from time to time in 

2

 

accordance with the provisions hereof, all or any part of that portion of his or her Interest attributable to any Equity Ownership Component of Optionee's Targeted Capital Account as follows: 

        (i)    As
of that date which is two years after the NBD with respect to any Investment Strategy, up to 25% of any positive balance in the Equity Ownership Component of
Optionee's Targeted Capital Account relating to such Investment Strategy; 

        (ii)    As
of that date which is three years after the NBD with respect to any Investment Strategy, up to 50% of any positive balance in the Equity Ownership Component of
Optionee's Targeted Capital Account relating to such Investment Strategy; 

        (iii)    As
of that date which is four years after NBD with respect to any Investment Strategy, up to 75% of any positive balance in the Equity Ownership Component of
Optionee's Targeted Capital Account relating to such Investment Strategy; and 

        (iv)    As
of that date which is five years after the NBD with respect to any Investment Strategy, up to 100% of any positive balance in the Equity Ownership Component of
Optionee's Targeted Capital Account relating to such Investment Strategy. 

        (c)    Acquisition Return Component.    Optionor hereby grants to Optionee one or more additional Options, each
representing the right, but not the obligation, to sell to Optionor from time to time in accordance with the provisions hereof, all or any part of that portion of his or her Interest attributable to
any Acquisition Return Component of Optionee's Targeted Capital Account, such Options to be exercisable from time to time, in whole or in part, as follows: From and after the Second Anniversary Date,
Optionee shall have the right to exercise an Option with respect to any positive balance in his or her Targeted Capital Account relating to the Acquisition Return Component in respect of any
Investment Strategy, such Option(s) shall be deemed immediately exercisable whenever an Allocation is made with respect to the Acquisition Return Component of Optionee's Targeted Capital Account. 

        (d)    Each
Option granted pursuant to Sections 1(a), 1(b) and 1(c) above shall accelerate and be deemed to be immediately exercisable in full as to any positive balance in any
component of Optionee's Targeted Capital Account without regard to any restrictions or limitations as to timing or other factors described in such Sections, if any, in the event any of the following
are applicable to Optionee: (A) upon the occurrence or deemed occurrence of a Change of Control or Major Transaction or termination by Optionee for Good Reason in connection with an actual or
deemed Change of Control or Major Transaction, as defined in Optionee's Employment Agreement ("Employment Agreement") with NOR, NGC or an affiliate thereof, as the case may be at the time,
(B) upon the occurrence of a Fundamental Change (as such term is defined in the Employment Agreement, (C) if Optionee's employment with NorthWestern Corporation "NOR"), NGC, or an
affiliate of NOR (as the case may be) is terminated by NOR, NGC, or that affiliate (as the case may be) without Cause (as defined in the Employment Agreement), (D) if Optionee dies or suffers a
permanent Disability (as defined in the Employment Agreement), (E) upon the Normal Retirement (as defined by Optionee's employer) of Optionee and (F) with respect to Options granted
pursuant to Sections 1(a), 1(b) and 1(c) above relating to all or any portion of an Investment Strategy, to the extent of any sale, transfer or disposition of all or any portion of the assets or
business of an Investment Strategy (including, without limitation, by way of a merger, consolidation, joint venture, public offering, or creation or sale of a minority interest (other than in
connection with acquisitions by NGC or its affiliates in the ordinary course of business consistent with past practices)); in all cases under clauses (A) through (F) above,
(i) determining the Annual Appreciation Component of Optionee's Targeted Capital Account by including investment returns through the Liquidity Date relating to each or the relevant portion of
each Investment Strategy, as the case may be, and (ii) determining the Acquisition Return Component of Optionee's Targeted Capital Account by treating each acquisition relating to each or the
relevant portion of each Investment
Strategy, as the case may be, as having achieved Target Performance for the applicable Measurement Period. 

3

 

        2.    Purchase Price.    The purchase price for that portion of the Interest which is the subject of an Option shall
be equal to the Fair Market Value of the Interest (or relevant portion thereof) as represented by the positive balances in the various components of the Optionee's Targeted Capital Account determined
in accordance with the procedures set forth in Exhibit A (Acquisition Return Component),  Exhibit B (Annual Appreciation Component), and
Exhibit C (Equity Ownership Component), as
applicable. The purchase price shall be payable in cash, but may, upon the mutual agreement of the parties, be paid in (i) NOR Common Stock or (ii) any combination of cash and NOR Common
Stock. If any portion of the purchase price is to be paid in NOR Common Stock, Optionee shall receive that number of shares of NOR Common Stock which is derived by dividing the portion of the purchase
price to be paid in NOR Common Stock by the average, volume weighted closing price of NOR Common Stock on the New York Stock Exchange for the twenty (20) trading days ending on the date
preceding the date of exercise of the Option. 

        3.    Exercise.

        (a)    Optionee
shall exercise an Option by delivering written notice to Optionor which specifies the portion of the Interest desired to be sold, provided, that in the event
Optionee's employment with NOR, NGC or their affiliates terminates for any reason, each Option which is currently exercisable according to its terms (including by acceleration, if applicable) on the
date Optionee's employment is terminated shall be deemed automatically exercised without further action on the part of any party, provided, however, if Optionee should terminate employment with NGC in
order to be employed by a NOR affiliate, it shall not constitute such automatic exercise. 

        (b)    Upon
delivery (or deemed delivery) of the notice required by Section 3(a), Optionee shall be obligated to sell, and Optionor obligated to purchase, that portion
of the Interest as set forth in the notice for the price and on the terms as set forth in the notice (or deemed notice), and Optionor and Optionee shall take all actions as necessary to complete such
sale. 

        4.    Termination.    This Agreement shall terminate upon the liquidation, dissolution and winding up of the Company. 

        5.    Closing.    The closing (the "Closing") of each purchase transaction contemplated herein shall occur on the
fifth business day following delivery of the notice specified in Section 3. At the Closing, Optionee and Optionor shall each deliver to the other an executed Assignment Agreement, in the form
of  Exhibit E hereto, and Optionor shall deliver the Purchase Price to Optionee. Optionor shall pay all transfer taxes (if any) imposed by reason of
an exercise of an Option. 

        6.    Transfer of Option.    No Party shall have the right to assign, transfer, sell or otherwise encumber such
Party's right, title or interest in or to this Agreement without the written consent and approval of the other Parties hereto, which consent may be withheld in the sole and absolute discretion of any
such Party. Notwithstanding the foregoing, (i) Optionor may assign, transfer, sell or otherwise transfer any of its rights or obligations under or to this Agreement to any affiliate and
(ii) Optionee's rights and obligations under or to this Agreement shall be transferable to Optionee's estate in the event of his or her death or to Optionee's personal representative in the
event Optionee suffers a permanent disability (as defined in the Employment Agreement) or to members of Optionee's immediate family or a trust of which only members of such immediate family are the
beneficiaries. 

        7.    Amendment of LLC Agreement.    Upon the exercise of any Option pursuant to the terms of this Agreement, the
Company hereby agrees to cause the LLC Agreement to be amended to reflect the sale and purchase of the Interest and to take such further action as is necessary and appropriate to effect the sale and
acquisition of the Interest (including, without limitation, the making of any required determinations under Section 3.2(c) of the LLC Agreement in connection with the Transfer of any Interest). 

4

 

        8.    Severability.    Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties shall endeavor in good faith negotiations to replace any such prohibited or
unenforceable provision with one or more provisions that faithfully reflect the original economic intent of the parties as manifested in the unenforceable provision(s). 

        9.    Arbitration.    To the fullest extent permitted by law, any dispute, controversy or claim arising out of or
relating to this Agreement or the breach or alleged breach of this Agreement, shall be settled by arbitration in Sioux Falls, South Dakota (or, if applicable law requires some other forum, then such
other forum) in accordance with the rules then obtaining of the American Arbitration Association. If the parties to any such controversy are unable to agree upon a neutral arbitration or arbitrators,
then an arbitrator shall be appointed in accordance with such rules. The parties consent to the nonexclusive jurisdiction of the United States District Court for the District of South Dakota, for all
purposes in connection with any such arbitration. The parties agree that any process or notice of motion or other application to either of such courts, and any paper in connection with any such
arbitration, may be served by certified mail, return receipt requested, or by personal service or in such other manner as may be permissible under the rules of the applicable court or arbitration
tribunal, provided a reasonable time for appearance is allowed. All costs of any such arbitration shall be paid by Optionor. 

        10.    Miscellaneous.

        (a)    The
Parties agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement. 

        (b)    Subject
to the restrictions of Section 6, this Agreement shall inure to the benefit of, and be binding upon, the successors and assigns of the Parties. No waiver
of any Party's rights hereunder or of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent rights, breach or condition, whether of a like or different
nature. 

        (c)    The
acknowledgements, covenants, agreements and obligations hereunder of each of the Parties hereto shall survive until satisfied in full. 

        (d)    This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 

        (e)    No
modification of this Agreement shall be valid unless made in writing and signed by each of the Parties hereto. 

        (f)    Any
notice provided hereunder shall be so given as set forth in the LLC Agreement. 

        (g)    This
Agreement constitutes the entire complete and final agreement between Optionor and Optionee with respect to the subject matter hereof. Any and all prior agreements
and negotiations are merged herein. 

        (h)    The
parties agree to execute and deliver all such further instruments and to take such further actions as may be reasonably necessary or appropriate to carry out the
intent of this Agreement. 

        (i)    This
Agreement may be executed in one or more counterparts each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. 

5

 

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

	

 	
 	

"Optionor"
	

 	
 	

NORTHWESTERN GROWTH CORPORATION,

a South Dakota corporation
	

 	
 	

By	
 	

	

 	
 	

"Optionee"
	

 	
 	
WITH RESPECT TO SECTIONS 7, 8, 9 & 10 ONLY:
	

 	
 	

NORTHWESTERN CAPITAL PARTNERS, L.L.C.,

a Delaware limited liability company
	

 	
 	

By:	
 	

NorthWestern Growth Corporation,

Its: Managing Member
	

 	
 	

By	
 	

6

 
 

EXHIBIT A    
  

 
 

Criteria For Determining Fair Market Value of
  Acquisition Return Component of Targeted Capital Accounts    
  

        The Acquisition Return Component of each Member's Targeted Capital Account shall be credited with their share of the appreciation (if any) in the Fair Market
Value of an Interest attributable to the "Acquisition Return" realized from each acquisition or investment ("Acquisition") and shall generally be determined as described below. There shall be a
separate Acquisition Return Component maintained for each Investment Strategy and determinations with respect to Acquisitions within one Investment Strategy shall not affect the determinations with
respect to any other Investment Strategy. 

        The
Acquisition Return Component of the Member's Targeted Capital Account shall equal the following percentage(s) of the appreciation (if any) in the Fair Market Value realized from each
acquisition as measured by the actual performance of the Acquisition transactions. 

	 	 	Acquisition Return
	Measurement

Member
	 	Percentage

	Date                	 	 

        The actual amount credited to the Acquisition Return Component of a Member's Targeted Capital Account shall equal the Acquisition Return Percentage (specified
above) times the average purchase price EBITDA multiple paid for the Acquisitions under review times the
EBITDA of the acquired companies used in computing this multiple times the actual EBITDA of these acquisitions during the 12 month period
following the Acquisition as a percentage of their Target EBITDA (see below for definitions and qualifications). 

        Measurement Period:    The 12 month period ending no earlier (unless accelerated) than 12 months after the
month-end following the date of the Acquisition and ending no later than 24 months following the quarter-end most closely following the date of the Acquisition
("Measurement Period"—See also "Make Whole," below). Each Acquisition will be originally evaluated for the period of time that ends
12 months after the month end in which the Acquisition was made (e.g., if an Acquisition was made October 7th, 1998, the measuring period is the 12 months ending
October 31st, 1999), each such Acquisition being an "Eligible Acquisitions". In the event the Actual Performance (in all cases, before general allocations of corporate overhead
and compensation) is less than 95% of Target Performance for the quarter's Eligible Acquisitions, the Measurement Period shall be extended to the end of the following quarter and the results
recalculated. In the event a shortfall remains, the Measurement Period will be extended to each succeeding quarter but can not be extended beyond four quarters from the quarter in which the Eligible
Acquisitions were originally measured for the Acquisition Return Component (e.g., the acquisition made on October 7th, 1998 cannot have a Measurement Period extending beyond the
quarter ending December 31, 2000). 

        In
the event the Actual Performance is more than 105% of Target Performance, the Acquisition Return credited to the Acquisition Return Component of the Member's Targeted Capital Account
will be computed assuming 105% performance. 

        Measurement Criteria:    When an Acquisition requires NOR or NGC Board approval, a "Target Performance" (before allocations of
corporate overhead) is set forth and documented in the acquisition analysis presented to the applicable Board. In the case of Blue Dot Services, Inc. ("Blue Dot") and Exp@nets, Inc.
("Expanets"), the Target Performance for each acquired subsidiary is as set forth in the operating subsidiary's global model. The Acquisition will be evaluated by measuring the Acquisition's Actual
Performance (as reflected in NorthWestern's internal accounting records) during the Measurement Period against Target Performance. 

        Quarterly Aggregate Structure:    All Acquisitions at an operating subsidiary whose Measurement Period ends during a calendar
quarter shall be aggregated for purposes of measuring acquisition return eligibility ("Performance") (e.g., if the Measurement Period for three acquired companies each end in 

 

the fourth quarter of 1998 and each company's Target EBITDA is $1,000,000, the three companies' actual EBITDA for the Measurement Period shall be combined and compared to $3,000,000 (3 companies at
$1,000,000 each) to determine acquisition return eligibility). Acquisitions at different operating subsidiaries shall not be combined (i.e., Blue Dot is grouped separately from Exp@nets). 

        Service Partner/Tuck-in Acquisitions:    Companies that are combined with another company in the same geographic
territory will be tracked and measured separately if the accounting records are kept in such a manner. In the event the accounting records do not allow for separate measurement of a service
partner/tuck-in acquisition (an "Integrated Acquisition"), each Integrated Acquisition with total consideration of $500,000 or less will be measured and credited with the platform company
("Platform") (e.g., if the Platform was purchased on October 7th, 1998 with a Target EBITDA of $200,000 and the tuck-in was acquired on June 30th,
1999 for consideration less than $500,000 with a Target EBITDA of $50,000 and the accounting records do not allow for separate measurement of the tuck-in, the Platform's and the
tuck-in's Target EBITDA will be aggregated and measured on October 31st, 1999 with a Target EBITDA of $216,667 ($200,000 plus $50,000 times 4/12)), the
acquisition return for both the Platform and the Integrated Acquisition being paid at such time. In the event the accounting records do not allow for separate measurement of an Integrated Acquisition
with purchase price consideration greater than $500,000, each Integrated Acquisition will be measured for performance during its Measurement Period by combining the results of the Integrated
Acquisition(s) and the Platform within the common geographic territory. For example, if a Platform acquisition is completed November 15th, 1998 with a Target EBITDA of $200,000
and a tuck-in is completed in the same market on August 15th, 1999 for consideration greater than $500,000 with a Target EBITDA of $50,000 and the accounting records
do not allow for the separate measurement of each organization, the performance of the November 15th Platform acquisition will be measured for the 12 months ending
November 30th, 1999 using a Target EBITDA of $214,833 ($200,000 plus $50,000 times 3.5 months divided by 12 months). The Integrated Acquisition will be measured for
the 12 months ended August 30th, 2000 with a Target EBITDA of $250,000 ($50,000 plus $200,000 times 12/12). 

        Allocation/Credit Frequency:    Determinations and allocations in respect of Acquisition Return Component of the Member's
Targeted Capital Account shall be made quarterly, thirty days following the end of the calendar quarter (or at such other times as called for in the Agreement). 

        Make Whole:    Upon the sale, transfer or disposition of the assets or business of any Acquisition (including, without
limitation, by way of a merger, consolidation, joint venture, public offering, or creation or sale of a minority interest (other than in connection with acquisitions by NGC or its affiliates in the
ordinary course of business consistent with past practices)), the acquisition return on each such Acquisition will be determined and credited to the Acquisition Return Component of the Member's
Targeted Capital Account as though the Acquisition has achieved Target Performance. 

        In
addition, annually, at the end of each fiscal year, all Eligible Acquisitions whose original Measurement Period ended during such fiscal year ("Make Whole Eligible Acquisitions")
shall be eligible for remeasurement in the event any such Make Whole Eligible Acquisitions did not meet Target Performance during the fiscal year. The remeasurement shall be the aggregate purchase
price EBITDA multiple (EBITDA at the end of the fiscal year divided by the purchase price for all Make Whole Eligible Acquisitions) versus the purchase price to EBITDA multiple approved by the NOR or
NGC Board for the Investment Strategy. In the event this aggregate measurement results in a purchase price multiple less than or equal to the Board approved multiple, the 95% minimum Target
Performance criteria shall be lowered to 70% for purposes of computing the acquisition return earned on all Make Whole Eligible Acquisitions. Again, acquisitions at different operating subsidiaries
shall not be combined (e.g., Blue Dot is grouped separately from Exp@nets). 

2

 
 

EXHIBIT B    
  

 
 

Criteria For Determining Fair Market Value of
  Annual Appreciation Component of Targeted Capital Accounts    
  

        The Annual Appreciation Component of each Member's Targeted Capital Account shall be credited with their share of the annual appreciation (if any) in the Fair
Market Value of an Interest realized from increases in value attributable to the improved economic performance of investment strategies and businesses for the relevant period (without reference to
determinations made with respect to any prior period) as measured by increases (if any) in the annual after-tax investment returns of such investments and businesses. 

Non-Propane Businesses:  

        The "Improved Return Amount" for non-propane businesses shall equal the amount of investment book earnings,including income from preferred stock or
debt investments in portfolio companies (adjusted as appropriate to reflect income or loss attributable to common stock), and realized capital gains, less fully allocated NGC compensation and overhead
expenses (excluding general allocations of NorthWestern corporate overhead and compensation), over the weighted average annual after-tax return (as adjusted quarterly) of NorthWestern's
utility preferred stock portfolio (the "Preferred Stock Rate"). 

Propane Businesses:  

        The "Improved Return Amount" for propane businesses shall equal the greater of 50% of the cash investment return or total investment book earnings and realized
capital gains, less fully allocated NGC compensation and overhead expenses (excluding general allocations of NorthWestern corporate overhead and compensation), over the Preferred Stock Rate. 

        The
Annual Appreciation Component of each Member's Targeted Capital Account shall be credited with an amount equal to the percentage set forth below of the total Improved Return Amount
for non-propane and propane businesses. 

	 
	 	Private Equity Value as a Percent

of Total Improved Return Amount

	Strategy
	 	Preferred Stock Rate to 10%
	 	10-13%
	 	13+% Return

	

	 	 	 	 	 	 	 
	

	Non-Propane/Propane	 	 	 	 	 	 
	

	New Strategies (post 1/1/99)	 	 	 	 	 	 
	

	All Strategies—From 4/1/00	 	 	 	 	 	 

 
 

EXHIBIT C    
  

 
 

Criteria For Determining Fair Market Value of
  Equity Ownership Component of Targeted Capital Accounts    
  

        The Equity Ownership Component of each Member's Targeted Capital Account shall be credited with their share as set forth below of the "improved equity value" (if
any) of each acquisition and/or investment strategy or portfolio entity ("Investment Strategy") entered into or made or acquired by or on behalf of NGC or any affiliate. There shall be a separate
Equity Ownership Component maintained for each Investment Strategy and determinations with respect to one Investment Strategy shall not affect the determinations with respect to any other Investment
Strategy. 

        The
term "improved equity value" ("IEV"), which shall be determined at such times as required under the Agreement, shall equal: 

IEV =
Portfolio Appraised Value-Portfolio Benchmark Investment Value 

 Where:  

        "Liquidity Date" shall mean the date of determination in accordance with the Agreement (including, without limitation, determinations pursuant to
Section 3.2(c) thereof). 

        "Portfolio
Appraised Value" shall equal the after tax fair market value of the equity in each Investment Strategy at the Liquidity Date as mutually agreed by the Managing Member with the
Approval of the Non-Managing Members (or failing agreement within thirty (30) days, as determined (before general allocations of NorthWestern and NGC corporate overhead and
compensation) without a discount for minority interest, lack of liquidity or other factor by a nationally recognized investment banking firm reasonably acceptable to the Managing Members with the
Approval of the Non-Managing Members and at the cost of the Managing Member). 

        "Portfolio
Benchmark Investment Value" shall equal an amount at the Liquidity Date which is calculated as follows: 

IF
X (1 + (PSIR X PI)) 

 Where:  

        IF = The dollar amount of the Investment Funds actually advanced by or on behalf of NGC or its affiliate(s) in connection with such Investment Strategy. 

        PSIR =
The rate of return on NorthWestern's Preferred Stock Investment Portfolio, stated as a weighted annualized rate over the relevant period, prorated on a daily basis based on
a 365 day year for any partial year. 

        PI =
The period of time such Investment Funds were actually invested in the Investment Strategy (net of any returns, recoveries or distributions in respect of such funds) stated
in years, prorated on a daily basis based on a 365 day year for any partial year and ending on the Liquidity Date. 

 

Long-Term Private Equity Ownership  

        The Equity Ownership Component of each Member's Targeted Capital Account shall be credited with an amount equal to the percentage set forth below of the "Improved
Equity Value" of each Investment Strategy as of the Liquidity Date. 

	 
	 	 
	 	Percent of Improved Return Amount

	Investment Strategy
 
	 	NorthWestern Benchmark

Date (NBD)(1)
	 	PSIR to 10%
	 	10-13%
	 	13+% Return

	

	Propane (CornerStone)	 	 	 	 	 	 	 	 
	

	Blue Dot	 	 	 	 	 	 	 	 
	

	Exp@nets	 	 	 	 	 	 	 	 
	

	

	Note:	(1) The NorthWestern Benchmark Date (NBD) shall be the later of (i) the Approval Date (which is the earlier of the date on which the strategic decision to enter into the particular industry segment was made by the
NorthWestern or NGC Board of Directors, as the case may be, or the date of the closing of the original acquisition or investment in such industry segment) or (ii) the date the Member first became entitled to participate in the equity
appreciation of such Investment Strategy.

2

 
 

EXHIBIT D    
  

 
 

[sample determination]    

QuickLinks

Exhibit 10.1(s)

PUT OPTION AGREEMENT

W I T N E S S E T H

EXHIBIT A

Criteria For Determining Fair Market Value of Acquisition Return Component of Targeted Capital Accounts

EXHIBIT B

Criteria For Determining Fair Market Value of Annual Appreciation Component of Targeted Capital Accounts

EXHIBIT C

Criteria For Determining Fair Market Value of Equity Ownership Component of Targeted Capital Accounts

EXHIBIT D

[sample determination]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}]]