ALLETE Executive Annual Incentive Plan Form of Award for Eligible Clean Energy Employees (Effective 2025)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of the 2025 annual incentive plan for eligible ALLETE Clean Energy employees. It specifies that the incentive award is based on a percentage of the employee's base salary, with payout amounts determined by performance against financial and strategic goals. Awards can range from 0% to 200% of the target amount, depending on whether performance meets, exceeds, or falls below set thresholds. The plan is also subject to ALLETE's Compensation Recovery Policy, which allows for recoupment of awards under certain conditions.

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EX-10.(E)10 4 exhibit10e1012-31x2024.htm EX-10.(E)10 Document
                                                 Exhibit 10(e)10
ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2025
[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.