XCEL ENERGY (NYSE: XEL) director granted 580 stock units as board retainer

Rhea-AI Filing Summary

XCEL ENERGY INC director Charles G. Pardee received an equity-based grant tied to board compensation. He acquired 580.527 stock equivalent units of common stock as part of his director retainer, bringing his directly owned common stock and units to 30,940.792 shares-equivalent.

According to the disclosure, 483.772 of these stock equivalent units were granted at a price of $78.09 per unit in lieu of his quarterly cash retainer, while 96.775 units were granted at no cost as a 20% premium on that retainer amount. The units are payable in whole shares of common stock after he leaves the board, and any fractional units will be settled in cash. The position also includes 118.552 stock equivalent units previously acquired through the reinvestment of dividend equivalents, showing that a portion of his stake grows automatically as dividends are paid.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Pardee Charles G

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	580.527	$0.00	--

Holdings After Transaction: Common Stock — 30,940.792 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 580.527 stock equivalent units, 483.772 were granted at a price of $78.09 per unit in lieu of the reporting person's quarterly cash retainer, and 96.775 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer. Includes 118.552 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

Key Figures

Stock equivalent units granted: 580.527 units Units in lieu of cash retainer: 483.772 units at $78.09 Premium units granted: 96.775 units +2 more

5 metrics

Stock equivalent units granted 580.527 units Director retainer grant on 2026-03-28

Units in lieu of cash retainer 483.772 units at $78.09 Quarterly cash retainer converted to equity

Premium units granted 96.775 units 20% premium on retainer amount, no cost to director

Dividend reinvestment units 118.552 units Acquired via reinvested dividend equivalents

Holdings after transaction 30,940.792 shares-equivalent Total direct common stock and units after award

Key Terms

stock equivalent units, quarterly cash retainer, dividend equivalents

3 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.

quarterly cash retainer financial

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

dividend equivalents financial

"Includes 118.552 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.

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^*

Pardee Charles G

(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		580.527(1)	A	$0(2)	30,940.792(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 580.527 stock equivalent units, 483.772 were granted at a price of $78.09 per unit in lieu of the reporting person's quarterly cash retainer, and 96.775 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.

3. Includes 118.552 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

	Kristin L. Westlund, Attorney in Fact for Charles G. Pardee	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 XCEL ENERGY INC director Charles G. Pardee report in this Form 4 for XEL?

Director Charles G. Pardee reported receiving 580.527 stock equivalent units of XCEL ENERGY INC common stock as part of his board compensation. These units are tied to his quarterly cash retainer and increase his total directly held common stock and unit-equivalents to 30,940.792 shares.

How were the 580.527 stock equivalent units for XEL director compensation structured?

Of the 580.527 stock equivalent units, 483.772 were issued at $78.09 per unit instead of a cash retainer. The remaining 96.775 units were granted at no cost as a 20% premium, enhancing the equity portion of the director’s overall compensation package.

When will Charles G. Pardee receive actual XCEL ENERGY INC shares for these units?

The stock equivalent units are payable in whole shares of XCEL ENERGY INC common stock after Charles G. Pardee’s service as a director ends. At that time, any fractional units associated with the award will be settled in cash rather than partial shares.

How many XEL shares or equivalents does Charles G. Pardee hold after this Form 4 transaction?

Following this equity award, Charles G. Pardee’s direct holdings total 30,940.792 shares-equivalent of XCEL ENERGY INC common stock. This figure reflects his cumulative position, including the newly granted stock equivalent units reported in the Form 4 filing.

What portion of the XCEL ENERGY INC award came from dividend reinvestment for Charles G. Pardee?

The holdings include 118.552 stock equivalent units acquired through dividend equivalent reinvestment. These units accumulate automatically as dividends are credited, gradually increasing his equity exposure without additional cash investment from the director himself.