ALLETE Executive Annual Incentive Plan Form of Award for Eligible Clean Energy Employees (2024)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of the 2024 Executive Annual Incentive Plan for eligible ALLETE Clean Energy employees. It specifies that participants can earn an incentive award based on a percentage of their base salary, with payouts determined by performance against financial and strategic goals. Awards range from 0% to 200% of the target amount, depending on results. The plan also states that any incentive compensation is subject to ALLETE’s Compensation Recovery Policy, which allows for recoupment under certain conditions.

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EX-10.(E)9 4 exhibit10e912-31x2023.htm EX-10.(E)9 Document
                                                 Exhibit 10(e)9
ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2024
[Eligible ALLETE Clean Energy 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%$
Threshold50%$
Below Threshold0%$


Goals

Goal
Weighting
Financial Goals
ALLETE Net Income15%
ALLETE Clean Energy Net Income45%
Strategic and Operational & Values Goals  40% 
100%

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