ALLETE Executive Annual Incentive Plan Form of Award (Effective 2024)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of the ALLETE Executive Annual Incentive Plan for eligible executive employees, effective in 2024. It specifies how annual incentive awards are calculated based on a percentage of the executive's base salary and performance against set financial and strategic goals. Award payouts range from 0% to 200% of the target amount, depending on performance. The plan also states that any compensation awarded is subject to the company's Compensation Recovery policy, which allows for recoupment under certain conditions.

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EX-10.(E)8 3 exhibit10e812-31x2023.htm EX-10.(E)8 Document
                                         Exhibit 10(e)8
ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2024
[Eligible Executive Employees]

Target Award Opportunity


Base Salary$
Times
Award Opportunity (percent of base salary)
%
    Equals
Target Award$

Performance Levels and Award Amounts



Goal Performance Level
Payout as Percent of
Target Award

Award Amount
Superior200%$
Target100%$
Threshold44%$
Below Threshold0%$


Goals

Goal
Weighting
Financial Goals
Net Income50%
Cash from Operating Activities20%
Strategic and Operational & Values Goals  30% 
100%

Compensation Subject to Compensation Recovery Policy
Annual Incentive Plan Compensation is subject to recoupment as defined in the Compensation Recovery policy.