Everus Construction Group, Inc.
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
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Jun 30, 2025 · Filed Aug 13, 2025
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12. Employee Benefit Plans
Note 12 –Employee Benefit Plans
Nonqualified Deferred Compensation Plans
In 2012, MDU Resources established a nonqualified deferred compensation plan (the “MDU Resources 2012 plan”) for certain key management employees, including certain employees of the Company. In 2020, the MDU Resources 2012 plan was frozen to new participants and no new Company contributions were made to the MDU Resources 2012 plan after December 31, 2020. Vesting for participants not fully vested was retained. To replace the MDU Resources 2012 plan, a new nonqualified deferred compensation plan was adopted in 2020 by MDU Resources, effective January 1, 2021 (the “MDU Resources 2020 plan”).
In connection with the Separation, the Company adopted its own nonqualified deferred compensation plan, effective October 31, 2024, in which eligible employees of the Company may participate. Previous Company employee liability balances related to the MDU Resources 2020 plan were transferred to the Company. The MDU Resources 2012 plan associated liability balances were assumed by MDU Resources.
Net expenses incurred by the Company under these plans were $0.4 million and $1.6 million for the three and six months ended June 30, 2025, respectively, and $0.1 million and $0.5 million for the three and six months ended June 30, 2024, respectively.
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