Xcel Energy grants Megan D. Burkhart stock-based pay

The retainer units are payable in whole common shares after her director service ends, with fractional units payable in cash.

Rhea-AI Filing Summary

Xcel Energy Inc. director Megan D. Burkhart acquired 687.679 stock equivalent units on September 28, 2026. Of these, 573.066 were granted at $69.80 per unit in lieu of her quarterly cash retainer, while 114.613 were granted at no cost as a 20% premium. The units are payable in whole common shares after her director service ends, with fractional units payable in cash. Her reported post-transaction amount was 24,703.358 shares, including 175.063 stock equivalent units from dividend-equivalent reinvestment.

Insider Trade Summary

Grant/Award: 687.679 shares

Grant/Award 1 txn

Insider Burkhart Megan D

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1, F2, F3	687.679	$0.00	$0.00

Holdings After Transaction: Common Stock — 24,703.358 shares (Direct)

Footnotes (3)

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 687.679 stock equivalent units, 573.066 were granted at a price of $69.80 per unit in lieu of the reporting person's quarterly cash retainer, and 114.613 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.
3. F3. Includes 175.063 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

Key Figures

Stock equivalent units acquired: 687.679 units Price for retainer units: $69.80 per unit Units granted in lieu of retainer: 573.066 stock equivalent units +4 more

7 metrics

Stock equivalent units acquired 687.679 units September 28, 2026

Price for retainer units $69.80 per unit 573.066 units granted in lieu of the quarterly cash retainer

Units granted in lieu of retainer 573.066 stock equivalent units Quarterly cash retainer

Premium units 114.613 stock equivalent units Granted at no cost as a premium on the retainer

Retainer premium 20% Premium on the amount of the quarterly cash retainer

Reported post-transaction amount 24,703.358 shares After the September 28, 2026 transaction

Dividend-equivalent reinvestment units included 175.063 stock equivalent units Included in the reported post-transaction amount

Key Terms

stock equivalent units, quarterly cash retainer, dividend equivalents

3 terms

stock equivalent units financial

"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

"in lieu of the reporting person's quarterly cash retainer"

dividend equivalents financial

"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.

FAQ

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

How many XEL stock equivalent units did Megan D. Burkhart acquire?

Megan D. Burkhart acquired 687.679 stock equivalent units on September 28, 2026. Of these, 573.066 were granted at $69.80 per unit in lieu of her quarterly cash retainer, and 114.613 were granted at no cost as a 20% premium. The units are payable in whole shares after her director service ends; fractional units are payable in cash.

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

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Available on EDGAR 09/30/2026 - 04:03 PM Accepted by SEC EDGAR 09/30/2026 - 04:02 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)
09/28/2026

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	09/28/2026		A		687.679(1)	A	$0(2)	24,703.358(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 687.679 stock equivalent units, 573.066 were granted at a price of $69.80 per unit in lieu of the reporting person's quarterly cash retainer, and 114.613 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.

3. Includes 175.063 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

Remarks:

	Kristin L. Westlund, Attorney in Fact for Megan D. Burkhart	09/30/2026
	** 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)