ALLETE Executive Annual Incentive Plan Form of Award (Effective 2014)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of ALLETE's Executive Annual Incentive Plan for eligible executive employees, effective in 2014. It specifies how target award amounts are calculated based on a percentage of base salary and details the performance levels required to earn different payout amounts. The plan includes financial and strategic goals, each with assigned weightings, and states that any compensation awarded is subject to ALLETE's Compensation Recovery policy, which allows for recoupment under certain conditions.

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EX-10.E6 4 exhibit10e612-31x2013.htm EXHIBIT 10E6 Exhibit 10(e)6 12-31-2013
Exhibit 10(e)6

ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2014
[Eligible 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
 
 
 
 
 
 
 
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.