ALLETE Executive Annual Incentive Plan Form of Award (Effective 2022)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of the ALLETE Executive Annual Incentive Plan for eligible executive employees, effective in 2022. It specifies how annual incentive awards are calculated based on a percentage of base salary and performance against set financial and strategic goals. Award payouts vary depending on whether performance meets threshold, target, or superior levels. The plan also states that incentive compensation is subject to the company's compensation recovery policy, allowing for recoupment under certain conditions.

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EX-10.(E)9 3 exhibit10e912-31x2021.htm EX-10.(E)9 Document
                                                 Exhibit 10(e)9
ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2022
[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 LevelPayout as Percent of
Target Award		Award Amount
Superior200% $
Target100% $
Threshold44%$
Below Threshold0% $


Goals
Goal
Weighting
Financial Goals
Net Income 50%
Cash from Operating Activities20%
Strategic & Operational & Values Goals30%
100%

Compensation Subject to Compensation Recovery Policy

Annual Incentive Plan Compensation is subject to recoupment as defined in the Compensation Recovery policy.