ALLETE, Inc. Non-Employee Director Compensation Schedule Effective January 1, 2020

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation structure for non-employee directors of ALLETE, Inc. as of January 1, 2020. It specifies annual retainers paid in cash and stock for board and committee service, including additional amounts for committee chairs and the Lead Director. Directors may defer compensation or elect to receive cash retainers in company stock. The Lead Director receives a separate retainer and is not eligible for other committee or chair retainers.

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EX-10.K(3) 6 exhibit10k312-31x2020.htm EX-10.K(3) Document



Exhibit 10(k)3
ALLETE, INC.
Non-Employee Director Compensation
Effective January 1, 2020

Board Retainers (1) (2)
Stock
Cash

$93,000
$75,000
Committee Cash Retainers (1) (2)
Audit
Executive Compensation
Corporate Governance & Nominating

$9,000
$7,500
$7,500
Chair Cash Retainers (1) (2)
Audit
Executive Compensation
Corporate Governance & Nominating

$10,000
$7,500
$5,000
Lead Director (1) (2) (3)
Board Stock Retainer
Board Cash Retainer
Lead Director Cash Retainer

$93,000
$75,000
$40,000


(1) Cash and stock retainers may be deferred under the Director Compensation Deferral Plan II.
(2) Cash retainers may be elected to be received in ALLETE stock.
(3) Lead Director is not eligible for other committee or chair retainers.