Xcel Energy director granted stock units

Casey Lynn reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Casey Lynn reported acquisition or exercise transactions in this Form 4 filing.

XCEL ENERGY INC director Lynn Casey received an equity-based compensation award. On this Form 4, Casey was granted 518.632 stock equivalent units tied to common stock, bringing direct holdings to 40,575.957 shares and units.

The award is a retainer granted in stock equivalent units that will be paid in whole shares of common stock after Casey’s board service ends, with any fractional units paid in cash. Of the 518.632 units, 432.193 were granted at $78.09 per unit in place of a quarterly cash retainer, and 86.439 were granted at no cost as a 20% premium on that retainer amount.

Insider Trade Summary

Grant/Award: 518.632 shares

Grant/Award 1 txn

Insider Casey Lynn

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	518.632	$0.00	$0.00

Holdings After Transaction: Common Stock — 40,575.957 shares (Direct)

Footnotes (4)

1. F1. 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. F2. Of the 518.632 stock equivalent units, 432.193 were granted at a price of $78.09 per unit in lieu of the reporting person's quarterly cash retainer, and 86.439 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.
3. F3. Includes 298.045 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.
4. F4. Includes 1.08 shares of stock acquired since the person's last report pursuant to the reinvestment of dividend equivalents.

Key Figures

Stock equivalent units granted: 518.632 units Units in lieu of cash retainer: 432.193 units Premium units: 86.439 units +4 more

7 metrics

Stock equivalent units granted 518.632 units Director retainer grant tied to common stock

Units in lieu of cash retainer 432.193 units Granted at $78.09 per unit

Premium units 86.439 units 20% premium on quarterly cash retainer

Holdings after transaction 40,575.957 shares/units Direct ownership following grant

Units from dividend equivalents 298.045 units Accumulated via dividend reinvestment

Shares from dividend equivalents 1.08 shares Common stock acquired via dividend reinvestment

Grant price per unit $78.09 per unit Price for 432.193 units in lieu of cash retainer

Key Terms

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

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.

dividend equivalents financial

"Includes 298.045 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.

quarterly cash retainer financial

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

fractional units financial

"fractional units are payable at such time in cash"

FAQ

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

What did XCEL ENERGY INC (XEL) director Lynn Casey report on this Form 4?

Lynn Casey reported receiving 518.632 stock equivalent units as equity-based compensation. These units are linked to XCEL ENERGY INC common stock and increase Casey’s direct holdings to 40,575.957 shares and units, reflecting routine director compensation rather than an open-market stock purchase or sale.

How is Lynn Casey’s director retainer paid according to the XEL Form 4 filing?

The director retainer is granted in stock equivalent units instead of cash. These units convert into whole shares of XCEL ENERGY INC common stock when Casey’s board service ends, while any fractional units are settled in cash, aligning compensation with long-term shareholder value.

What portion of the 518.632 units for XCEL ENERGY INC (XEL) replaced cash compensation?

Out of the 518.632 stock equivalent units, 432.193 units were granted at $78.09 per unit in lieu of Lynn Casey’s quarterly cash retainer. This structure turns regular cash fees into equity-linked compensation based on the value of XCEL ENERGY INC common stock.

What is the 20% premium mentioned in the XCEL ENERGY INC (XEL) Form 4 footnotes?

The filing states that 86.439 of the 518.632 stock equivalent units were granted at no cost to Lynn Casey as a 20% premium on the quarterly cash retainer. This premium enhances the equity component of director compensation relative to a pure cash payment.

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

The filing notes that 298.045 stock equivalent units and 1.08 shares were acquired through reinvestment of dividend equivalents. This means dividends that would be paid in cash are instead automatically reinvested into additional units and shares, gradually increasing Casey’s ownership stake over time.

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

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Accepted by SEC EDGAR 03/30/2026 - 05:57 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)
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		518.632(1)	A	$0(2)	40,575.957(3)(4)	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 518.632 stock equivalent units, 432.193 were granted at a price of $78.09 per unit in lieu of the reporting person's quarterly cash retainer, and 86.439 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.

3. Includes 298.045 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

4. Includes 1.08 shares of stock acquired since the person's last report pursuant to the reinvestment of dividend equivalents.

	Kristin L. Westlund, Attorney in Fact for Lynn Casey	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)