Amendment to ALLETE Director Stock Plan Effective February 15, 2007

Contract Categories: Business Finance › Stock Agreements
Summary

This amendment updates the ALLETE Director Stock Plan, specifying that each director will receive a stock payment valued at $60,000 on the first business day in June after the annual shareholders meeting. The company will purchase shares of common stock in the market and deposit them into each director's Dividend Reinvestment Plan Account as part of their annual retainer. Any fractional share value will be paid in cash. Directors who join mid-year will receive their stock payment after their appointment. The amendment is signed by ALLETE's Chairman and General Counsel.

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EX-10.N.4 11 exhibit10n4.txt JANUARY 2007 AMENDMENT TO THE DIRECTOR STOCK PLAN EXHIBIT 10(n)4 ALLETE 2006 Form 10-K AMENDMENT TO THE ALLETE DIRECTOR STOCK PLAN EFFECTIVE FEBRUARY 15, 2007 The ALLETE Director Stock Plan, dated May 9, 1995, as amended, is amended as follows: 1. Effective February 15, 2007, Section V.B. is DELETED and REPLACED with the following: B. Each Director shall receive on the first business day in June following each annual meeting of shareholders, a Stock Payment equal in value to $60,000. To provide such Stock Payment to each Director, the Company shall cause shares of Common Stock to be purchased in the market and deposited to said Director's Dividend Reinvestment Plan Account on such date as a portion of the Annual Retainer payable to such Director for the Plan Year in which such date occurs. Any fraction of a Share shall be disregarded and the remaining amount shall be paid in cash. The cash portion of the Annual Retainer for such Plan Year shall be paid to Directors at such times and in such manner as may be determined by the Board of Directors. Directors joining the Board during the Plan Year after the first business day in June will receive their Stock Payment on the first business day following the effective date of their election or appointment to the Board. ALLETE, INC. By: /s/ Donald J. Shippar --------------------------------------------- Donald J. Shippar Chairman, President & Chief Executive Officer ATTEST: By: /s/ Deborah A. Amberg -------------------------------------------------- Deborah A. Amberg Senior Vice President, General Counsel & Secretary