ALLETE Executive Annual Incentive Plan Award Agreement (Form)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of the ALLETE Executive Annual Incentive Plan for eligible executives, excluding the President of ALLETE Properties, Inc. It specifies how annual incentive awards are calculated based on base salary, performance goals, and achievement levels. Award payouts range from 0% to 200% of the target amount, depending on performance, and may be further adjusted by 80% to 120% based on non-financial goals. For the President of ALLETE Properties, Inc., the award is based on financial goals related to net sales and brokerage revenue, with similar adjustment provisions.

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EX-10.A.1 3 ex10a1.txt FORM OF EXECUTIVE ANNUAL INCENTIVE PLAN AWARD EXHIBIT 10(a)1 ALLETE EXECUTIVE ANNUAL INCENTIVE PLAN FORM OF AWARD [ELIGIBLE EXECUTIVES EXCLUDING PRESIDENT OF ALLETE PROPERTIES, INC.] TARGET AWARD OPPORTUNITY ------------------------
Base Salary $ x Award Opportunity (percent of base salary) % ----------- = Target Award $
GOALS ----- See attached goal sheet(s) PERFORMANCE LEVELS AND AWARD AMOUNTS ------------------------------------
- --------------------------------------------------------------------------------------------------------- PERFORMANCE LEVEL PAYOUT AS PERCENT OF AWARD AMOUNT TARGET AWARD - --------------------------------------------------------------------------------------------------------- Superior 200% $ - --------------------------------------------------------------------------------------------------------- Target 100% $ - --------------------------------------------------------------------------------------------------------- Threshold 50% $ - --------------------------------------------------------------------------------------------------------- Below Threshold 0% $ - --------------------------------------------------------------------------------------------------------- Award amounts will be modified 80% to 120% based on the accomplishment of non-financial goals.
ALLETE EXECUTIVE ANNUAL INCENTIVE PLAN FORM OF AWARD PRESIDENT OF ALLETE PROPERTIES, INC. 2005 FINANCIAL GOALS AND TARGET AWARD OPPORTUNITY -------------------------------------------------
Budgeted Net Sales $ x Percent of Net Sales % ----------- = Sales Award (capped) $ PLUS Brokerage Revenue $ x Percent of Brokerage Revenue % ----------- = Brokerage Award (uncapped) $ Total Target Award (Sales plus Brokerage) $ Award amount will be modified 80% to 120% based on the accomplishment of non-financial goals including maximizing the value of properties and successful implementation of the business strategy for ALLETE Properties, Inc.