ALLETE, Inc. Non-Management Director Compensation Schedule (Effective May 1, 2010)

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation structure for non-management directors of ALLETE, Inc., effective May 1, 2010. It specifies annual retainers paid in cash and stock for board service, committee participation, and leadership roles such as Lead Director and Board Chairman. Directors may defer compensation or elect to receive cash retainers in company stock. The plan also clarifies that Lead Director and Board Chairman are not eligible for additional committee or chair retainers.

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EX-10.B 4 exhibit_10b.htm ALLETE NON-MANAGEMENT DIRECTOR COMPENSATION exhibit_10b.htm
Exhibit 10(b)

ALLETE, INC.
NON-MANAGEMENT DIRECTOR COMPENSATION
Effective May 1, 2010

 
 
Board Retainers (1) (2)
Stock
Cash
 
$60,000
$30,000
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
 
$8,500
$5,500
$4,500

Lead Director (1) (2) (3)
Board Stock Retainer
Board Cash Retainer
Lead Director Cash Retainer
 
$60,000
$30,000
$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.