ALLETE Executive Annual Incentive Plan 2006 Award for President of ALLETE Properties, LLC

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2006 annual incentive award for the President of ALLETE Properties, LLC under ALLETE's Executive Annual Incentive Plan. The award is based on a bonus pool calculated from a percentage of total land sales and net income, adjusted by the achievement of specific financial and strategic goals. The final incentive amount is determined at year-end based on performance against these goals.

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EX-10.B 6 exhibit10b.txt FORM OF EXECUTIVE ANNUAL INCENTIVE PLAN 2006 AWARD-ALLETE PROPERTIES PRESIDENT Exhibit 10(b) ALLETE EXECUTIVE ANNUAL INCENTIVE PLAN FORM OF ANNUAL AWARD PRESIDENT OF ALLETE PROPERTIES, LLC 2006 FINANCIAL GOALS AND AWARD OPPORTUNITY ------------------------------------------ Achievement Bonus Pool (0.0% - 0.84% of Total Land Sales) $ PLUS Incentive Bonus Pool (0.0% - 0.35% of Total Net Income) $ EQUALS Bonus Pool Opportunity ------ $ TIMES Performance Scorecard Goal Achievement (0% - 120%) /1 % EQUALS Annual Incentive Award $ ====== /1 The Performance Scorecard includes one financial goal and six strategic nonfinanical goals. Goal achievement will be determined at the end of 2006.