Xcel Energy (XEL) director receives 583.728 stock units as retainer

Rhea-AI Filing Summary

XCEL ENERGY INC director Megan D. Burkhart reported a non-cash equity grant tied to her board service. She acquired 583.728 stock equivalent units of common stock as part of her director retainer. These units will be paid in whole shares, with any fractional units settled in cash after her board service ends.

According to the footnotes, 486.44 units were granted at $82.23 per unit in lieu of her quarterly cash retainer, and 97.288 units were granted at no cost as a 20% premium on that retainer amount. Following this grant, Burkhart holds 23,840.616 common shares or equivalents directly, indicating a routine compensation-related award rather than an open-market purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Burkhart Megan D

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	583.728	$0.00	--

Holdings After Transaction: Common Stock — 23,840.616 shares (Direct, null)

Footnotes (1)

1. Retainer granted in the form of stock equivalent units payable in whole shares of common stock following termination of the reporting person's service as director and fractional units are payable at such time in cash. Of the 583.728 stock equivalent units, 486.44 were granted at a price of $82.23 per unit in lieu of the reporting person's quarterly cash retainer, and 97.288 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.

Key Figures

Stock equivalent units granted: 583.728 units Units in lieu of cash retainer: 486.44 units Premium units granted: 97.288 units +3 more

6 metrics

Stock equivalent units granted 583.728 units Director equity retainer grant

Units in lieu of cash retainer 486.44 units Granted at $82.23 per unit

Premium units granted 97.288 units 20% premium on quarterly cash retainer

Grant price per unit $82.23 per unit Applied to 486.44 units in lieu of cash

Total holdings after transaction 23,840.616 shares Common stock/stock equivalents held directly

Transaction date 2026-06-28 Grant/award acquisition date

Key Terms

stock equivalent units, quarterly cash retainer, 20% premium, Grant, award, or other acquisition

4 terms

stock equivalent units financial

"Retainer granted in the form of stock equivalent units payable in whole shares of common stock"

Stock equivalent units are financial claims or instruments that are treated as if they were actual shares for purposes like calculating ownership, dilution, and earnings per share. Think of them as promises or placeholders for future slices of company pie—options, restricted units, or convertible securities—that don’t yet sit on the table but will reduce each existing slice when converted. Investors track them because they change how much of a company each share really represents and can affect valuation and voting power.

quarterly cash retainer financial

"486.44 were granted at a price of $82.23 per unit in lieu of the reporting person's quarterly cash retainer"

20% premium financial

"97.288 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer"

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/30/2026 - 04:13 PM Accepted by SEC EDGAR 06/30/2026 - 04:12 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Burkhart Megan D

(Last) (First) (Middle)

414 NICOLLET MALL

(Street)

MINNEAPOLIS MINNESOTA 55401

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
XCEL ENERGY INC [ XEL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/28/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/28/2026		A		583.728(1)	A	$0(2)	23,840.616	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Retainer granted in the form of stock equivalent units payable in whole shares of common stock following termination of the reporting person's service as director and fractional units are payable at such time in cash.

2. Of the 583.728 stock equivalent units, 486.44 were granted at a price of $82.23 per unit in lieu of the reporting person's quarterly cash retainer, and 97.288 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.

Remarks:

	Kristin L. Westlund, Attorney in Fact for Megan D. Burkhart	06/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did XEL director Megan D. Burkhart report on this Form 4?

Megan D. Burkhart reported receiving 583.728 stock equivalent units of Xcel Energy common stock as director compensation. These units represent a non-cash equity retainer that will be settled in whole shares after her service as director ends, with fractional units paid in cash.

How was Megan Burkhart’s XEL board retainer structured in this filing?

Her retainer was granted in stock equivalent units instead of cash. 486.44 units were issued at $82.23 per unit in lieu of her quarterly cash retainer, and an additional 97.288 units were granted at no cost as a 20% premium on that retainer amount.

Is the Form 4 transaction for XEL an open-market buy or sell?

No, the Form 4 reports a grant/award acquisition, not an open-market trade. The 583.728 stock equivalent units reflect non-cash director compensation awarded by Xcel Energy, rather than shares bought or sold on the market by Megan D. Burkhart.

What are Megan Burkhart’s total XEL holdings after this grant?

After the grant, Megan D. Burkhart directly holds 23,840.616 shares or share-equivalents of Xcel Energy common stock. This total includes the newly awarded 583.728 stock equivalent units and illustrates her ongoing equity stake as a member of the company’s board.

When will the XEL stock equivalent units reported be paid out?

The stock equivalent units are payable in whole shares of Xcel Energy common stock following the termination of Burkhart’s service as director. Any remaining fractional units at that time will be settled in cash, according to the terms described in the Form 4 footnotes.