Director at Xcel Energy (NASDAQ: XEL) granted 2,253.944 stock units

Rhea-AI Filing Summary

XCEL ENERGY INC director George J. Kehl received a grant of 2,253.944 stock equivalent units of common stock. These units are the economic equivalent of common shares and will be paid in stock after his service as a director ends, with fractional units settled in cash. Following this award, he holds a total of 19,424.647 shares and stock equivalent units directly. The filing notes that the grant includes 18.045 stock equivalent units and 486.952 shares acquired through the reinvestment of dividend equivalents.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Kehl George J

Role null

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

Holdings After Transaction: Common Stock — 19,424.647 shares (Direct, null)

Footnotes (1)

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. Includes 18.045 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents. Includes 486.952 shares of stock acquired pursuant to the reinvestment of dividend equivalents.

Key Figures

Stock equivalent units granted: 2,253.944 units Total holdings after grant: 19,424.647 shares/units Dividend reinvested units: 18.045 units +1 more

4 metrics

Stock equivalent units granted 2,253.944 units Grant/award acquisition on 2026-05-21

Total holdings after grant 19,424.647 shares/units Direct ownership following transaction

Dividend reinvested units 18.045 units Stock equivalent units from dividend equivalents

Dividend reinvested shares 486.952 shares Common shares from dividend equivalents

Key Terms

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

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 18.045 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.

grant, award, or other acquisition financial

"Transaction code A is described as Grant, award, or other acquisition."

Common Stock financial

"The reported security title for the transaction is 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.

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^*

Kehl George J

(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	19,424.647(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 18.045 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

3. Includes 486.952 shares of stock acquired pursuant to the reinvestment of dividend equivalents.

Remarks:

	Kristin L. Westlund, Attorney in Fact for George J. Kehl	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)

FAQ

What did XEL director George J. Kehl report in this Form 4?

George J. Kehl reported receiving 2,253.944 stock equivalent units of Xcel Energy common stock as a grant. These units represent director compensation, not an open-market share purchase, and increase his direct holdings to 19,424.647 shares and stock equivalent units combined.

Are the 2,253.944 units in XEL a stock purchase by the director?

No, the 2,253.944 units are a grant of stock equivalent units, not an open-market purchase. They are part of the director’s compensation, economically matching common stock, and will be settled in shares of Xcel Energy common stock after his board service ends.

When will George J. Kehl receive XEL shares for these stock equivalent units?

Whole stock equivalent units are payable in Xcel Energy common shares after George J. Kehl’s service as a director ends. Any fractional units at that time will be paid in cash, according to the terms described in the Form 4 footnotes.

How many XEL shares and units does the director hold after this transaction?

After this transaction, George J. Kehl holds 19,424.647 shares and stock equivalent units of Xcel Energy common stock directly. This total includes the newly granted 2,253.944 stock equivalent units reported in the Form 4 filing for the award transaction.

What role do dividend equivalents play in the XEL director’s holdings?

The filing states that 18.045 stock equivalent units and 486.952 shares were acquired through reinvestment of dividend equivalents. This means cash dividends generated additional stock equivalent units and common shares, slightly increasing the director’s overall Xcel Energy-related holdings over time.