ANNEXB TO ALLETE EXECUTIVELONG TERM INCENTIVE COMPENSATION PLAN PERFORMANCESHARE GRANT Effective2009 [EligibleExecutive Employees]

Contract Categories: Human Resources - Bonus & Incentive Agreements
EX-10.M11 9 exhibit_10m11.htm ALLETE EXECUTIVE LONG-TERM INCENTIVE COMPENSATION PLAN EFFECTIVE 2009 exhibit_10m11.htm
Exhibit 10(m)11
 
ALLETE 2008 Form 10-K
 


ANNEX B
TO
ALLETE
EXECUTIVE LONG TERM INCENTIVE COMPENSATION PLAN
PERFORMANCE SHARE GRANT
Effective 2009
[Eligible Executive Employees]

Financial Measure:
Total Shareholder Return (TSR) computed over the three-year period.

Performance Share Award:
If ALLETE’s TSR ranking is 4th or higher among a peer group of 27 companies (superior performance), 200% of the Performance Share Grant will be earned.  If ALLETE’s TSR performance ranks 14th among the peer group (target performance), 100% of the Grant will be earned.  If ALLETE’s TSR performance ranks 19th (threshold performance), 50% of the Grant will be earned.  If TSR performance is below threshold, no Performance Shares will be earned.  Straight-line interpolation will be used to determine earned awards based on the TSR ranking between threshold, target and superior.
 
TSR Rank
Perf. Level
Payout %
1
  
200%
2
  
200%
3
  
200%
4
Superior
200%
5
  
190%
6
  
180%
7
  
170%
8
  
160%
9
  
150%
10
  
140%
11
  
130%
12
  
120%
13
  
110%
14
Target
100%
15
  
90%
16
  
80%
17
  
70%
18
  
60%
19
Threshold
50%
20
  
0%
21
  
0%
22
  
0%
23
  
0%
24
  
0%
25
  
0%
26
  
0%
27
  
0%
28
  
0%