ALLETE Executive Annual Incentive Plan Form of Award (2011) for Eligible Executive Employees

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 2011. It specifies that executives can earn an annual incentive award based on a percentage of their base salary, with payouts determined by performance against financial and strategic goals. The plan details performance levels (Superior, Target, Threshold, Below Threshold) and corresponding payout percentages. Awards are subject to ALLETE's Compensation Recovery Policy, meaning they may be recouped under certain circumstances.

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EX-10.H4 3 exhibit_10h4.htm ALLETE EXECUTIVE ANNUAL INCENTIVE PLAN FORM OF AWARD EFFECTIVE 2011 exhibit_10h4.htm
Exhibit 10(h)4
 
 
ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2011
[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 from Continuing Operations
50%
   
Cash from Operating Activities
  
25%
               
 
Strategic Goals
      
  25% 
             
100%

Compensation Subject to Compensation Recovery Policy

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