ALLETE Executive Annual Incentive Plan Form of Award (2018) for Eligible Executive Employees (Excluding CEO and CFO)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of ALLETE's 2018 Executive Annual Incentive Plan for eligible executive employees, excluding the CEO and CFO. It specifies that the incentive award is based on a percentage of the executive's base salary, with payout levels determined by performance against financial and strategic goals. The plan details target, threshold, and superior performance levels, and states that awards are subject to the company's Compensation Recovery policy, allowing for potential recoupment under certain conditions.

Read More Arrow
EX-10.(A)1 3 ale3-31x2018exx10a1.htm EXHIBIT 10.(A)1 Exhibit
Exhibit 10(a)1



ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2018
[Eligible Executive Employees, except CEO and CFO]

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
45%
$
Below Threshold
0%
$

Goals


 
 
 
 
 
 
 
Goal
 
 
 
 
 
 
 
Weighting
 
Financial Goals
 
 
 
 
 
 
 
Net Income
50%
 
 
Cash from Operating Activities
 
25%
 
 
 
 
 
 
 
 
 
Strategic & Operational Positioning Goals
 
 
 
  25% 
 
 
 
 
 
 
 
100%

Compensation Subject to Compensation Recovery Policy

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