ALLETE Executive Long-Term Incentive Plan Form of Cash Award (2018) for CEO and CFO

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of a long-term cash incentive award for ALLETE's CEO and CFO, effective in 2018. The award amount is based on a percentage of the executive's base salary and is tied to performance goals, including financial and strategic objectives. Payouts range from 0% to 200% of the target award depending on performance levels. The agreement also states that compensation is subject to ALLETE's Compensation Recovery policy, allowing for recoupment under certain conditions.

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EX-10.(B) 5 ale3-31x2018exx10b.htm EXHIBIT 10.(B) Exhibit
Exhibit 10(b)



ALLETE Executive Long-Term Incentive Plan
Form of Cash Award
Effective 2018
[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

Long-Term Incentive Plan compensation is subject to recoupment as defined in the Compensation Recovery policy.