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EXHIBIT 10(m)6
ALLETE 2006 Form 10-K
ALLETE
EXECUTIVE LONG-TERM INCENTIVE COMPENSATION PLAN
NONQUALIFIED STOCK OPTION GRANT
EFFECTIVE 2007
[ELIGIBLE EXECUTIVE EMPLOYEES]
Name
SS#
In accordance with the terms of ALLETE's Executive Long-Term
Incentive
Compensation Plan (the "Plan"), as determined by and through the
Executive
Compensation Committee of ALLETE's Board of Directors, ALLETE
hereby grants to
you (the "Participant"), subject to the terms and conditions set
forth in this
Grant (including Annex A hereto and all documents incorporated
herein by
reference) the rights and options (the "Options") to purchase from
ALLETE,
shares of its common stock, without par value, as set forth
below:
Number of Options Granted:
Number of Shares to which Options Pertain:
Date of Grant:
Option Price:
Vesting:
Expiration Date:
Exercise Period:
Further terms and conditions of the Grant are set forth in Annex A
hereto, which
is an integral part of this Grant. This Grant is made in accordance
with the
Plan, which was approved by ALLETE's shareholders at the 2005
Annual Meeting.
All terms, provisions and conditions applicable to the Options set
forth in the
Plan and not set forth herein are incorporated by reference. To the
extent any
provision hereof is inconsistent with a provision of the Plan, the
provisions of
the Plan will govern.
These Options are not intended to qualify as incentive stock
options under
Section 422 of the Internal Revenue Code of 1986, as amended.
IN WITNESS WHEREOF, ALLETE has caused this Grant to be executed by
its Chairman,
President and Chief Executive Officer as of the date and year first
above
written.
ALLETE
By:
-------------------------------------
Chairman, President and CEO
Attachment: Annex A
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ANNEX A
TO
EXECUTIVE LONG-TERM INCENTIVE COMPENSATION PLAN
NONQUALIFIED STOCK OPTION GRANT
EFFECTIVE 2007
[ELIGIBLE EXECUTIVE EMPLOYEES]
1.
FURTHER TERMS
AND CONDITIONS OF OPTIONS. The Grant of Options
evidenced by the Grant to which this is annexed is subject to the
following
additional terms and conditions:
(a)
EXERCISE OF OPTIONS. Except as otherwise provided in subsection
(b) hereof, upon a Change in Control as set forth in the Plan or as
the
Executive Compensation Committee (the "Committee") may determine,
the
Participant must be in the employ of ALLETE or a Subsidiary thereof
at the time
the Options are exercised. Subject to the foregoing and to
subsection (b)
hereof, after vesting, the Options may be exercised in whole or in
part from
time to time by written or electronic notice of exercise delivered
to
Computershare, such notice to be received and effective not later
than the
Expiration Date, specifying the number of Shares to be purchased.
In the event
that the Expiration Date shall fall on a day that is not a regular
business day
at ALLETE's executive offices in Duluth, Minnesota, such notice
must be
delivered to Computershare no later than the last regular business
day prior to
