ALLETE Executive Annual Incentive Plan Award Form (2007) for Eligible Executives

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms of ALLETE's 2007 Executive Annual Incentive Plan for eligible executive employees in both corporate/energy and real estate divisions. It specifies how annual incentive awards are calculated based on a percentage of base salary or bonus pools, with payouts tied to achieving specific financial and strategic goals. Award amounts vary depending on performance levels, with higher payouts for superior results. The plan details the weighting of goals and the method for determining final awards, ensuring executives are rewarded for meeting or exceeding company objectives within the plan year.

Read More Arrow
EX-10.H.7 5 rexhibit10h7.txt FORM OF EXEC ANNUAL INCENTIVE PLAN AWARDS EFFECTIVE 01-07 EXHIBIT 10(h)7 ALLETE 2006 Form 10-K ALLETE EXECUTIVE ANNUAL INCENTIVE PLAN FORM OF AWARD EFFECTIVE 2007 [ELIGIBLE EXECUTIVE EMPLOYEES - CORPORATE AND ENERGY] TARGET AWARD OPPORTUNITY ------------------------ Base Salary $ TIMES Award Opportunity (percent of base salary) % -------- EQUALS Target Award $ PERFORMANCE LEVELS AND AWARD AMOUNTS ------------------------------------ - -------------------------- ------------------------------- --------------------- PAYOUT AS PERCENT OF GOAL PERFORMANCE LEVEL 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 Flow from Operating Activities 25% STRATEGIC NON-FINANCIAL GOALS 25% ------ 100% ALLETE EXECUTIVE ANNUAL INCENTIVE PLAN FORM OF AWARD EFFECTIVE 2007 [ELIGIBLE EXECUTIVE EMPLOYEES - REAL ESTATE] FINANCIAL GOALS AND AWARD OPPORTUNITY ------------------------------------- Achievement Bonus Pool (0.0% - 0.xx% of Real Estate Land Sales) $ PLUS Incentive Bonus Pool (0.0% - 0.xx% of Total Real Estate Income) $ EQUALS -------- Bonus Pool Opportunity $ TIMES Strategic Non-financial Goals (0% - 120%) % EQUALS Annual Incentive Award $ -------- --------