EX-10.D 5 exhibit10d.txt AUGUST 2006 AMENDMENT TO THE DIRECTOR COMPENSATION DEFERRAL PLAN EXHIBIT 10(d) AMENDMENT TO THE AMENDED AND RESTATED ALLETE DIRECTOR COMPENSATION DEFERRAL PLAN The Amended and Restated ALLETE Director Compensation Deferral Plan, dated effective January 1, 1990, is amended as follows: 1. Effective October 1, 2006, Section 5.1 is amended to ADD the following: Any annuity provided under this section shall be calculated using a 7.5% interest rate, or such other rate as approved by the Board. Notwithstanding the foregoing, annuities under this section shall be calculated using an 8% interest rate in any circumstance in which one of the following conditions applies: (i) the Director left service prior to January 1, 2007; or (ii) the Director provided official notice of retirement to the Company prior to January 1, 2007 with an effective retirement date on or before April 1, 2007. ALLETE, INC. By: /s/ Donald J. Shippar --------------------------------------------- Donald J. Shippar Chairman, President & Chief Executive Officer ATTEST: By: /s/ Deborah A. Amberg --------------------------- Deborah A. Amberg Senior Vice President, General Counsel & Secretary