ALLETE Executive Annual Incentive Plan Form of Award (2010)

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 2010. It sets a target award based on a percentage of the executive's base salary, with payouts varying according to performance levels: superior, target, threshold, or below threshold. The award is determined by achieving specific financial and strategic goals, each with assigned weightings. The plan specifies that no payout is made if performance falls below the threshold level.

Read More Arrow
EX-10.H3 5 exhibit_10h3.htm ALLETE EXECUTIVE ANNUAL INCENTIVE PLAN exhibit_10h3.htm
Exhibit 10(h)3



ALLETE Executive Annual Incentive Plan
Form of Award
Effective 2010
[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%