ALLETE Executive Annual Incentive Plan Form of Award (2013)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of the ALLETE Executive Annual Incentive Plan for eligible executive employees, effective 2013. It specifies how target award opportunities are calculated based on a percentage of base salary and details performance levels (Superior, Target, Threshold, Below Threshold) that determine payout amounts. Awards are tied to achieving specific financial and strategic goals, with defined weightings. The plan also states that incentive compensation is subject to the company's Compensation Recovery policy, allowing for recoupment under certain conditions.

Read More Arrow
EX-10.(F)5 2 ex10f512-31x2012.htm EXEC ANNUAL INCENTIVE PLAN FORM OF AWARD Exhibit 10(f)5 12-31-2012


Exhibit 10(f)5

ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2013
[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
—%
$

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.