August 2006 Amendment to Minnesota Power Executive Investment Plan II

Contract Categories: Human Resources › Compensation Agreements
Summary

This amendment, effective August 9, 2006, modifies the Minnesota Power and Affiliated Companies Executive Investment Plan II. It removes a provision that previously granted an additional benefit to participants who were involuntarily terminated within twelve months after a change in control. The amendment clarifies that no supplemental tax benefit will be paid under these circumstances. The amendment is executed by ALLETE, Inc. and signed by its senior officers.

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EX-10.C 4 exhibit10c.txt AUGUST 2006 AMENDMENT TO THE EXECUTIVE INVESTMENT PLAN II EXHIBIT 10(c) TO THE AMENDED AND RESTATED MINNESOTA POWER AND AFFILIATED COMPANIES EXECUTIVE INVESTMENT PLAN II The Amended and Restated Minnesota Power and Affiliated Companies Executive Investment Plan I effective November 1, 1988, is amended as follows: 1. Effective August 9, 2006, Section 6.4.1 is amended to DELETE the following: In the event that there is a Change in Control, and if, within twelve (12) months after a Change in Control a Participant is involuntarily terminated, the Participant shall be entitled to an additional benefit equal to forty percent (40%) of any amount distributed ("Supplemental Tax Benefit") pursuant to Section 6.4.1. If a Participant is eligible for Retirement, no Supplemental Tax Benefit will be paid. 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