Exhibit 10.1.6
Great
Plains Energy Incorporated (Great Plains Energy)
Long-Term Incentive Plan
Awards Standards and Performance Criteria
Effective as of January 1, 2009
Objective
The purpose of
the Great Plains Energy Long-Term Incentive Plan
(“Plan”) is to encourage executives and other key
employees to acquire a proprietary and vested interest in the
growth and performance of Great Plains Energy (GPE); to generate an
increased incentive to enhance the value of the Company for the
benefit of its customers and shareholders; and to aid in the
attraction and retention of the qualified individuals upon whom
Great Plains Energy’s success largely depends. The
Plan provides competitive incentives for the achievement of
increased shareholder value over a multi-year period.
Eligible
employees include executives and other key employees of Great
Plains Energy and Kansas City Power & Light (KCP&L)
(“participants”), as approved by the Compensation and
Development Committee (“Committee”) of the Board of
Directors.
Purpose
The Plan
provides for the Committee to make awards under the Plan, and to
administer the Plan for, and on behalf of, the Board of
Directors. This document sets out certain standards
adopted by the Committee in determining the forms of awards, the
terms (including performance criteria) of awards, and other
administrative matters within the Committee’s authority under
the Plan.
Target
Awards
Award levels
will be approved by the Committee and set forth as a percentage of
the participant’s base salary at
target. Percentages will vary based on level of
responsibility, market data, and internal
comparisons. Awards will generally, but not always, be
granted 50% in time-based restricted stock with the number of
shares determined at the date of grant based upon the GPE stock
price (Fair Market Value). The remaining 50% of the
target grant will be made in performance shares, with the number of
performance shares also determined by the Fair Market Value at the
date of grant.
Performance
Criteria
The performance
share criteria, weightings, and percentage payouts for the
performance share awards are listed in Appendix A.
Performance
criteria are fixed for the duration of the performance period and
will only be changed upon the approval of the Committee.
Payment and
Awards
Time-based
restricted stock
