ALLETE Executive Annual Incentive Plan Form of Award (Effective 2021)
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Summary
This agreement outlines the terms of ALLETE's Executive Annual Incentive Plan for eligible executive employees, effective 2021. It specifies that executives can earn an incentive award based on a percentage of their base salary, with payouts determined by performance against set financial and strategic goals. The plan details performance levels (Superior, Target, Threshold, Below Threshold) and corresponding payout percentages. Awards are also subject to ALLETE's Compensation Recovery Policy, which allows for recoupment under certain conditions.
EX-10.(E)8 3 exhibit10e812-31x2020.htm EX-10.(E)8 Document
Exhibit 10(e)8
ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2021
[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 | ||||||
| Superior | 200% | $ | ||||||
| Target | 100% | $ | ||||||
| Threshold | 44% | $ | ||||||
| Below Threshold | 0% | $ | ||||||
Goals
| Goal | ||||||||||||||||||||||||||
| Weighting | ||||||||||||||||||||||||||
| Financial Goals | ||||||||||||||||||||||||||
| Net Income | 50% | |||||||||||||||||||||||||
| Cash from Operating Activities | 20% | |||||||||||||||||||||||||
| Strategic & 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.
