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Exhibit 10.36
SUMMARY OF 2005 MANAGEMENT INCENTIVE COMPENSATION
PLAN
The Management Incentive Compensation Plan (MICP)
provides eligible employees with a cash bonus if corporate and
individual goals are met. This plan gives employees a personal
stake in the company and the opportunity to share in its
success.
The key principles of the 2005 MICP are:
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Corporate financial performance determines a total
finite pool of dollars available to spend on incentives
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o
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Leader judgment and discretion are a major aspect of
determining payout amounts
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o
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The company must more effectively differentiate pay
by performance
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o
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Individual performance will be evaluated both on
results and how those results are achieved, through a new
Performance Appraisal process
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o
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A bias toward individual rather than group
accountability must be created
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Alliant Energy Corporate
Performance: Corporate performance is
the foundation for incentive compensation. The table below outlines
the 2005 goals against which corporate performance will be measured
and the funding associated with each level of
achievement.
2005 CORPORATE PERFORMANCE
MEASURES
For purposes of Determining the Short-Term
Incentive Pool
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EPS
from Continuing Operations
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Cash Flow
from Continuing Operations
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(1)
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Level
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Funding
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Level
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Funding
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(2)
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Distinguished
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150%
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(2)
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Distinguished
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150%
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Target
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100%
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Target
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100%
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(3)
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Threshold
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50%
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Threshold
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50%
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Weighting of EPS in
final Corporate Performance
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Weighting of Cash Flow in
final Corporate Performance
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85%
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+
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15%
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Earnings from Continuing Operations measure will exclude costs
from any debt premiums that might be paid. |
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Will lower Distinguished EPS goal and Distinguished Cash Flow
goal if the company decides to purchase weather hedge. Decision not
made until April. |
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If Threshold EPS level is not met, there will be no payout for
the 2005 plan year = TRIGGER |
MICP Target Incentives : Incentive rewards are
considered "at risk" pay. The target
incentive percent assigned to participant
groups is based on competitive market research and internal equity.
Achievement of the target level goals and objectives may result in
a payout of 100 percent of the incentive opportunity. However, a
participant’s final award may range anywhere from 0 to 200%
of that target. Incentive opportunity is expressed as a percent of
eligible earnings for the plan year.
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Participant Group
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Target Incentive
Opportunity
(as % of eligible earnings)
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Chairman and CEO
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80%
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President and
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