ALLETE, Inc. Non-Employee Director Compensation Schedule Effective January 1, 2023

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation structure for non-employee directors of ALLETE, Inc. effective January 1, 2023. It specifies annual retainers paid in cash and stock for board and committee service, including additional compensation for committee chairs and the Lead Director. Directors may defer or elect to receive cash retainers in company stock. The compensation plan also notes a restructuring of Lead Director pay for 2023.

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EX-10.(K)6 6 exhibit10k612-31x2022.htm EX-10.(K)6 Document



Exhibit 10(j)6

ALLETE, INC.
Non-Employee Director Compensation
Effective January 1, 2023

Board Retainers (1) (2)
Stock
Cash

$110,000
$85,000
Committee Cash Retainers (1) (2)
Audit
Executive Compensation & Human Capital
Corporate Governance & Nominating

$10,000
$10,000
$10,000
Chair Cash Retainers (1) (2)
Audit
Executive Compensation & Human Capital
Corporate Governance & Nominating

$12,000
$7,500
$5,000
Lead Director (1) (2) (3)
Board Stock Retainer
Board Cash Retainer
Lead Director Cash Retainer
Committee Cash Retainers

$110,000
$85,000
$25,000
$30,000


(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) In 2023, Lead Director pay was restructured to include committee cash retainers.