ALLETE, Inc. Non-Employee Director Compensation Schedule Effective January 1, 2015

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation structure for non-employee directors of ALLETE, Inc. effective January 1, 2015. It specifies annual retainers paid in cash and stock for board and committee service, as well as additional compensation for committee chairs, the Lead Director, and the Board Chairman. Directors may defer compensation or elect to receive cash retainers in company stock. The Lead Director and Board Chairman are not eligible for other committee or chair retainers.

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EX-10.L5 6 exhibit10l512-31x2014.htm EXHIBIT 10.L5 Exhibit 10(l)5 12-31-2014
Exhibit 10(l)5

ALLETE, INC.
Non-Employee Director Compensation
Effective January 1, 2015
    
             
Board Retainers (1) (2)
Stock
Cash

$73,000
$58,000
Committee Cash Retainers (1) (2)
Audit
Executive Compensation
Corporate Governance & Nominating

$9,000
$7,500
$7,500
Chair Cash Retainers (1) (2)
Audit
Executive Compensation
Corporate Governance & Nominating

$10,000
$7,500
$5,000

Lead Director (1) (2) (3)
Board Stock Retainer
Board Cash Retainer
Lead Director Cash Retainer

$73,000
$58,000
$25,000

Board Chairman (1) (2) (3)
Board Stock Retainer
Board Cash Retainer

$90,000
$85,000


(1) 
Cash and stock retainers may be deferred under the Director Compensation Deferral Plan II.
(2) 
Cash retainers may be elected to be received in ALLETE stock.
(3) 
Lead Director and Board Chairman are not eligible for other committee or chair retainers.