XCEL ENERGY (NYSE: XEL) director gets 615 stock units in lieu of cash

Rhea-AI Filing Summary

XCEL ENERGY INC director Megan D. Burkhart received an equity-based compensation grant in the form of stock equivalent units tied to common stock. She acquired 614.675 stock equivalent units, bringing her direct holdings to 20,854.328 common shares-equivalent after the award.

According to the footnotes, the retainer was granted as stock equivalent units payable in whole shares of common stock after she leaves the board, with any fractional units paid in cash. Of the 614.675 units, 512.229 were granted at $78.09 per unit in lieu of her quarterly cash retainer, and 102.446 units were granted at no cost as a 20% premium on that retainer. Her total includes 150.836 units accumulated through the reinvestment of dividend equivalents.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Burkhart Megan D

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	614.675	$0.00	--

Holdings After Transaction: Common Stock — 20,854.328 shares (Direct)

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 614.675 stock equivalent units, 512.229 were granted at a price of $78.09 per unit in lieu of the reporting person's quarterly cash retainer, and 102.446 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer. Includes 150.836 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

Key Figures

Stock equivalent units granted: 614.675 units Units in lieu of cash retainer: 512.229 units Retainer unit price: $78.09 per unit +3 more

6 metrics

Stock equivalent units granted 614.675 units Director equity-based retainer grant

Units in lieu of cash retainer 512.229 units Granted at $78.09 per unit

Retainer unit price $78.09 per unit Price used for 512.229 units in lieu of cash

Premium units 102.446 units 20% premium on cash retainer, granted at no cost

Dividend equivalent units 150.836 units Accumulated via reinvested dividend equivalents

Total holdings after transaction 20,854.328 shares Direct common stock-equivalent holdings following grant

Key Terms

stock equivalent units, quarterly cash retainer, dividend equivalents, common stock

4 terms

stock equivalent units financial

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

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

"granted at a price of $78.09 per unit in lieu of the reporting person's quarterly cash retainer"

dividend equivalents financial

"Includes 150.836 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

"payable in whole shares of common stock following termination of the reporting person's service"

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.

Form 4 Insider Transactions: What Each Field Means →

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)
03/28/2026

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	03/28/2026		A		614.675(1)	A	$0(2)	20,854.328(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. 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 614.675 stock equivalent units, 512.229 were granted at a price of $78.09 per unit in lieu of the reporting person's quarterly cash retainer, and 102.446 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.

3. Includes 150.836 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

	Kristin L. Westlund, Attorney in Fact for Megan D. Burkhart	03/30/2026
	** 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 in this Form 4 filing?

Megan D. Burkhart reported receiving 614.675 stock equivalent units linked to XCEL ENERGY INC common stock as part of her director compensation. These units increase her total direct holdings to 20,854.328 common shares-equivalent after the transaction, reflecting routine equity-based board compensation.

How were the 614.675 stock equivalent units for XEL’s director structured?

The 614.675 stock equivalent units consist of a retainer grant payable in shares after service ends. They are stock-based units tied to XCEL ENERGY INC common stock, with fractional units paid in cash when settled, aligning director compensation with shareholder interests through equity exposure.

What portion of the XEL stock units replaced Megan Burkhart’s cash retainer?

Of the 614.675 stock equivalent units, 512.229 were granted at $78.09 per unit in lieu of Megan Burkhart’s quarterly cash retainer. This converts her normal cash board fee into equity-linked units, increasing her stake’s alignment with XCEL ENERGY INC’s stock performance over time.

What is the 20% premium component in the XEL director’s stock unit grant?

The grant includes 102.446 stock equivalent units given at no cost to Megan Burkhart as a 20% premium on her quarterly cash retainer amount. This premium enhances the value of taking compensation in stock units instead of cash, further linking reward to XCEL ENERGY INC’s share value.

How do dividend equivalents affect Megan Burkhart’s XEL stock unit holdings?

Her holdings include 150.836 stock equivalent units acquired through dividend equivalent reinvestment. Instead of receiving cash dividends, notional dividends on existing units are reinvested into additional units, gradually increasing her total stock-based position in XCEL ENERGY INC over time.

When will the XEL stock equivalent units be paid to the director?

The stock equivalent units are payable in whole shares of XCEL ENERGY INC common stock following Megan Burkhart’s termination of service as a director. Any fractional units at that time are settled in cash, turning today’s bookkeeping units into actual shares and limited cash proceeds later.