ALLETE Executive Annual Incentive Plan Form of Award for Eligible Clean Energy Employees (2024)
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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.
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 | ||||||
Superior | 200% | $ | ||||||
Target | 100% | $ | ||||||
Threshold | 50% | $ | ||||||
Below Threshold | 0% | $ |
Goals
Goal | ||||||||||||||||||||||||||
Weighting | ||||||||||||||||||||||||||
Financial Goals | ||||||||||||||||||||||||||
ALLETE Net Income | 15% | |||||||||||||||||||||||||
ALLETE Clean Energy Net Income | 45% | |||||||||||||||||||||||||
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.