ALLETE Executive Annual Incentive Plan Award Form for Superior Water, Light and Power Executives (2018)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of the 2018 annual incentive award for eligible executive employees of Superior Water, Light and Power, a subsidiary of ALLETE. The plan sets a target award based on a percentage of the executive's base salary, with payout amounts varying according to performance levels against specified financial and strategic goals. Awards can range from 0% to 200% of the target amount. The agreement also states that any incentive compensation is subject to ALLETE's Compensation Recovery policy, allowing for potential recoupment under certain conditions.

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EX-10.(A)2 4 ale3-31x2018exx10a2.htm EXHIBIT 10.(A)2 Exhibit
Exhibit 10(a)2



ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2018
[Eligible Superior Water, Light and Power 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
37.5%
$
Below Threshold
0%
$


Goals

 
 
 
 
 
 
 
Goal
 
 
 
 
 
 
 
Weighting
 
Financial Goals
 
 
 
 
 
 
 
ALLETE Net Income
15%
 
 
Superior Water Light & Power Net Income
 
55%
 
 
 
 
 
 
 
 
 
Strategic & Operational Positioning Goals
 
 
 
  30% 
 
 
 
 
 
 
 
100%

Compensation Subject to Compensation Recovery Policy

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