Xcel director granted 2,253.944 stock units

XCEL ENERGY INC director Lynn Casey reported a grant of 2,253.944 stock equivalent units of Common Stock.

Rhea-AI Filing Summary

XCEL ENERGY INC director Lynn Casey reported a grant of 2,253.944 stock equivalent units of Common Stock. The award was recorded at a price of $0.0000 per unit, reflecting a compensation-related grant rather than an open-market purchase or sale.

Each stock equivalent unit is the economic equivalent of one share of common stock and is payable in shares after the director’s service ends, with fractional units paid in cash. The reported amount includes 1.06 stock equivalent units and 292.329 shares acquired through reinvested dividend equivalents. Following this grant, Casey directly holds 43,123.290 shares or equivalent units.

Insider Trade Summary

Grant/Award: 2,253.944 shares

Grant/Award 1 txn

Insider Casey Lynn

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,253.944	$0.00	$0.00

Holdings After Transaction: Common Stock — 43,123.29 shares (Direct)

Footnotes (3)

1. F1. Represents stock equivalent units. Each stock equivalent unit is the economic equivalent of one share of common stock. Whole stock equivalent units are payable in shares of common stock following termination of the reporting person's service as a director, and fractional units are payable at such time in cash.
2. F2. Includes 1.06 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.
3. F3. Includes 292.329 shares of stock acquired pursuant to the reinvestment of dividend equivalents.

Key Figures

Stock equivalent units granted: 2,253.944 units Grant price per unit: $0.0000 per unit Holdings after transaction: 43,123.290 units +2 more

5 metrics

Stock equivalent units granted 2,253.944 units Grant to director Lynn Casey on 2026-05-21

Grant price per unit $0.0000 per unit Compensation-related award, not market purchase

Holdings after transaction 43,123.290 units Total direct holdings following the grant

Dividend equivalent units 1.06 units Stock equivalent units from dividend reinvestment

Dividend equivalent shares 292.329 shares Shares from reinvested dividend equivalents

Key Terms

stock equivalent units, dividend equivalents, Common Stock, grant, award, or other acquisition

4 terms

stock equivalent units financial

"Represents stock equivalent units. Each stock equivalent unit is the economic equivalent of one share 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.

dividend equivalents financial

"Includes 1.06 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents."

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

Common Stock financial

"security_title": "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did XCEL ENERGY INC (XEL) director Lynn Casey report?

Lynn Casey reported receiving 2,253.944 stock equivalent units of XCEL ENERGY INC Common Stock as a grant. The units were booked at $0.0000 per unit, indicating a compensation-related award rather than an open-market trade, and increased Casey’s direct holdings to 43,123.290 units.

What are stock equivalent units in the XCEL ENERGY INC (XEL) Form 4 filing?

Stock equivalent units are the economic equivalent of one XCEL ENERGY INC common share. Whole units are payable in common stock after the director’s service terminates, while fractional units are paid in cash at that time, aligning director compensation with shareholder value over the service period.

How many XCEL ENERGY INC (XEL) shares or units does Lynn Casey hold after this grant?

After the reported grant, Lynn Casey holds 43,123.290 shares or stock equivalent units in XCEL ENERGY INC directly. This total reflects the newly awarded 2,253.944 units as well as prior holdings, including amounts accumulated through dividend equivalent reinvestments.

Was the XCEL ENERGY INC (XEL) Lynn Casey transaction an open-market buy or sell?

No, the transaction was not an open-market buy or sell. It was coded as a grant or award (transaction code A) for 2,253.944 stock equivalent units at $0.0000 per unit, representing compensation rather than a discretionary market trade by the director.

How do dividend equivalents affect Lynn Casey’s XCEL ENERGY INC (XEL) holdings?

Dividend equivalents modestly increase Lynn Casey’s holdings over time. The filing notes 1.06 stock equivalent units and 292.329 shares were acquired through reinvestment of dividend equivalents, adding to the overall position alongside the main 2,253.944-unit grant reported.

What does transaction code A mean in the XCEL ENERGY INC (XEL) Form 4?

Transaction code A in this Form 4 indicates a grant, award, or other acquisition rather than a market purchase. For Lynn Casey, it reflects a compensation-related award of 2,253.944 stock equivalent units of XCEL ENERGY INC Common Stock at a recorded price of $0.0000 per unit.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/22/2026 - 04:05 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^*

Casey Lynn

(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)
05/21/2026

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	05/21/2026		A		2,253.944(1)	A	$0	43,123.29(2)(3)	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. Represents stock equivalent units. Each stock equivalent unit is the economic equivalent of one share of common stock. Whole stock equivalent units are payable in shares of common stock following termination of the reporting person's service as a director, and fractional units are payable at such time in cash.

2. Includes 1.06 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

3. Includes 292.329 shares of stock acquired pursuant to the reinvestment of dividend equivalents.

Remarks:

	Kristin L. Westlund, Attorney in Fact for Lynn Casey	05/22/2026
	** 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)