Xcel Energy (XEL) SVP logs equity awards and tax share withholding

Rhea-AI Filing Summary

Xcel Energy senior vice president and controller Melissa Ostrom reported equity compensation activity involving performance and restricted stock units. On February 24, 2026, 1,104.14 restricted stock units were exercised and settled into common shares on a one-for-one basis, tied to 2023–2025 performance share awards.

She also acquired a grant or award of 3,775 common shares, bringing her directly held common stock to 10,880.138 shares after the transactions. In connection with these settlements, 1,546.14 shares of common stock were withheld at $83.35 per share to cover tax obligations, with fractional interests paid in cash.

Separately, she indirectly holds 403.959 shares of Xcel Energy common stock in the company’s 401(k) Savings Plan, based on a plan statement dated February 20, 2026. Some balances reflect additional units and shares accumulated through reinvested dividends and dividend equivalents since the original grants.

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

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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^*

Ostrom Melissa

(Last) (First) (Middle)

414 NICOLLET MALL

(Street)

MINNEAPOLIS MN 55401

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
XCEL ENERGY INC [ XEL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Controller

3. Date of Earliest Transaction (Month/Day/Year)
02/24/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	02/24/2026		A		3,775(1)	A	$0	11,322.138(2)	D
Common Stock	02/24/2026		M		1,104.14	A	(3)	12,426.278	D
Common Stock	02/24/2026		F		1,546.14(4)	D	$83.35	10,880.138	D
Common Stock								403.959(5)	I	401(k)

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
Restricted Stock Units	(3)	02/24/2026		M			1,104.14(6)	(7)	(7)	Common Stock	1,104.14	$0	0	D

Explanation of Responses:

1. Represents the settlement of performance share unit awards for the 2023-2025 performance period.

2. The amount includes 101.334 shares of stock acquired pursuant to the reinvestment of dividends since the reporting person's last report.

3. Restricted stock units are settled in common stock on a one-for-one basis.

4. Represents the withholding of shares to satisfy tax obligations upon the settlement of the 2023-2025 performance share unit awards and restricted stock unit awards. Fractional share interests were settled in cash.

5. Shares held in the Xcel Energy Stock Fund under the Xcel Energy 401(k) Savings Plan as of a plan statement dated February 20, 2026.

6. Number of units shown reflects 105.14 additional units as a result of the reinvestment of dividend equivalents since the original grant.

7. Award vested on December 31, 2025 but was settled in shares of common stock on February 24, 2026.

	Kristin L. Westlund, Attorney in Fact for Melissa Ostrom	02/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What equity awards did XEL executive Melissa Ostrom report on this Form 4?

Melissa Ostrom reported settlement of 1,104.14 restricted stock units and a separate grant of 3,775 shares of Xcel Energy common stock, reflecting performance share awards for the 2023–2025 period and additional restricted stock unit compensation.

How many Xcel Energy (XEL) shares does Melissa Ostrom own after these transactions?

After these transactions, Melissa Ostrom directly holds 10,880.138 Xcel Energy common shares. She also indirectly holds 403.959 shares through the Xcel Energy Stock Fund in the company’s 401(k) Savings Plan, based on a plan statement dated February 20, 2026.

Were any Xcel Energy shares sold on the open market in this Form 4 filing?

The filing shows 1,546.14 Xcel Energy shares were disposed of to cover tax obligations at $83.35 per share, not as an open market sale. These shares were withheld upon settlement of performance and restricted stock unit awards, with fractional shares settled in cash.

What period did the reported Xcel Energy performance share awards cover?

The performance share unit awards covered the 2023–2025 performance period. The award vested on December 31, 2025 and was later settled in Xcel Energy common shares on February 24, 2026, according to the footnotes in the Form 4 filing.

How were dividend equivalents and reinvested dividends reflected in XEL share counts?

The filing notes that certain share and unit amounts include additions from reinvested dividends and dividend equivalents. One footnote cites 101.334 shares acquired via dividend reinvestment, and another cites 105.14 additional units from reinvested dividend equivalents since the original grant.

What indirect Xcel Energy holdings were disclosed for Melissa Ostrom?

Melissa Ostrom disclosed indirect ownership of 403.959 Xcel Energy common shares through the Xcel Energy Stock Fund in the company’s 401(k) Savings Plan, as of a plan statement dated February 20, 2026, in addition to her directly held common shares.