ALLETE Executive Annual Incentive Plan Form of Award (Effective 2017) for Eligible Executive Employees (Excluding CEO)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of ALLETE's Executive Annual Incentive Plan for eligible executive employees, excluding the CEO, effective 2017. It specifies that the incentive award is based on a percentage of the executive's base salary, with payout amounts determined by performance against set financial and strategic goals. Awards can range from 0% to 200% of the target amount, depending on performance. The plan is also subject to the company's Compensation Recovery Policy, allowing for recoupment of awards under certain conditions.

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EX-10.E6 2 exhibit10e612-31x2016.htm EXHIBIT 10.E6 Exhibit
Exhibit 10(e)6

ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2017
[Eligible Executive Employees, except CEO]

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

Compensation Subject to Compensation Recovery Policy

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