ALLETE Executive Annual Incentive Plan Form of Award (Effective 2023) for Eligible Executive Employees
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Summary
This agreement outlines the terms of ALLETE's Executive Annual Incentive Plan for eligible executive employees, effective in 2023. It specifies that executives can earn an incentive award based on a percentage of their base salary, with payouts determined by performance against financial and strategic goals. The plan sets different payout levels for superior, target, and threshold performance, and awards are subject to the company's Compensation Recovery policy, which allows for recoupment under certain conditions.
EX-10.(E)8 2 exhibit10e812-31x2022.htm EX-10.(E)8 Document
Exhibit 10(e)8
ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2023
[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.
