Knife River adopts CIC severance plan for named executives; switches to double trigger for equity vesting

Knife River Corp

Effective Aug 20, 2024, Compensation Committee adopted CIC Plan covering CEO and four other named officers.
CEO Brian Gray receives 3x multiple; other NEOs receive 2x multiple on base salary plus target incentive.
Benefits triggered only if termination occurs within two years post-change-in-control (double trigger).
Company will move equity awards to double-trigger vesting starting with 2025 annual awards.
Participants must sign release, one-year non-compete, two-year non-disparagement, perpetual confidentiality.

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