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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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o
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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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(1)
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Earnings from
Continuing Operations measure will exclude costs from any debt
premiums that might be paid.
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(2)
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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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(3)
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If Threshold
EPS level is not met, there will be no payout for the 2005 plan
year = TRIGGER
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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 an
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