ALLETE Executive Long-Term Incentive Compensation Plan – Form of Long-Term Cash Incentive Award (2007)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the terms for a long-term cash incentive award under ALLETE's Executive Long-Term Incentive Compensation Plan, effective 2007. It applies to eligible executive employees and sets out how the cash award is calculated based on a percentage of the executive's base salary and achievement of strategic non-financial goals. The agreement also specifies a vesting period for the award. The main obligations are for ALLETE to pay the incentive if goals are met and for the executive to remain eligible during the vesting period.

Read More Arrow
EX-10.M.8 9 rexhibit10m8.txt FORM OF EXEC LT INCENTIVE COMP PLAN LT CASH INCENTIVE AWARD EFFECTIVE 01-07 EXHIBIT 10(m)8 ALLETE 2006 FORM 10-K ALLETE EXECUTIVE LONG-TERM INCENTIVE COMPENSATION PLAN FORM OF LONG-TERM CASH INCENTIVE AWARD EFFECTIVE 2007 [ELIGIBLE EXECUTIVE EMPLOYEES] GOALS AND AWARD OPPORTUNITY --------------------------- Base Salary $ TIMES Award Opportunity (percent of base salary) % ------- EQUALS Target Award Opportunity $ TIMES Strategic Non-financial Goals (0% - 120%) EQUALS Cash Incentive Award $ ------- Vesting Period: