ALLETE Executive Annual Incentive Plan Form of Award (Effective 2025)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of ALLETE's Executive Annual Incentive Plan for eligible executive employees, effective in 2025. It specifies how target awards are calculated based on a percentage of base salary and details the performance levels required to earn payouts, ranging from 0% to 200% of the target award. The plan sets out specific financial and strategic goals with assigned weightings. All compensation under this plan is subject to ALLETE's Compensation Recovery Policy, which allows for recoupment under certain conditions.

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EX-10.(E)9 3 exhibit10e912-31x2024.htm EX-10.(E)9 Document
                                         Exhibit 10(e)9
ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2025
[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.