Exhibit
10.1.7
Great
Plains Energy Incorporated
Kansas City Power & Light Company
Annual Incentive Plan
Amended effective as of January 1, 2009
Objective
The Great
Plains Energy and Kansas City Power & Light Company (KCP&L)
Annual Incentive Plan (“Plan”) is designed to motivate
and reward senior management to achieve specific key financial and
business goals and to also reward individual
performance. By providing market-competitive target
awards, the Plan supports the attraction and retention of senior
executive talent critical to achieving Great Plains Energy’s
strategic business objectives.
Eligible
participants include executives and other key employees of Great
Plains Energy and KCP&L (“participants”), as
approved by the Compensation and Development Committee
(“Committee”) of the Board of Directors.
Target
Awards
Target award
levels are approved by the Committee and set as a percentage of the
participant’s base salary. Percentages will vary
based on level of responsibility, market data and internal
comparisons.
Plan Year
and Incentive Objectives
The fiscal year
(“Plan Year”) of the Plan will be the fiscal year
beginning on January 1 and ending on December 31. Within
the first 90 days of the Plan Year, the Committee will approve
specific annual objectives and performance targets that are
applicable to each participant. Annual objectives will
include an earnings measure weighted at 40%; key Great Plains
Energy or KCP&L business objectives weighted at 40%; and a
discretionary individual component weighted at 20%. Each
objective is subject to an established threshold, target, and
maximum level. Each participant will be provided a copy
of the applicable objectives and targets within the first 90 days
of the year. Objectives, thresholds, targets and
maximums for each Plan Year will be fixed for the Plan Year and
will be changed only upon the approval of the Committee.
Payment of
Awards
Approved awards
will be payable to each participant as soon as practicable after
the end of the Plan Year and after the Committee has determined the
extent to which the relevant objectives were
achieved. The awards will be paid in a lump
