Xcel Energy grants director Casey 580.229 stock units

The award includes units granted instead of the quarterly cash retainer and a separate no-cost premium component.

Rhea-AI Filing Summary

Xcel Energy Inc. (XEL) director Lynn Casey acquired 580.229 stock equivalent units on September 28, 2026, as a retainer award. The units are payable in whole common shares following termination of Casey’s service as a director; fractional units are payable in cash at that time. Of the award, 483.524 units were granted at $69.80 per unit in place of the quarterly cash retainer, and 96.705 were granted at no cost as a 20% premium. Casey’s reported direct post-transaction total was 44,520.490 shares and stock equivalent units.

Insider Trade Summary

Grant/Award: 580.229 shares

Grant/Award 1 txn

Insider Casey Lynn

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1, F2, F3, F4	580.229	$0.00	$0.00

Holdings After Transaction: Common Stock — 44,520.49 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 580.229 stock equivalent units, 483.524 were granted at a price of $69.80 per unit in lieu of the reporting person's quarterly cash retainer, and 96.705 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.
3. F3. Includes 1.073 shares of stock acquired since the person's last report pursuant to the reinvestment of dividend equivalents.
4. F4. Includes 323.377 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

Key Figures

Stock equivalent units granted: 580.229 units Grant value per unit: $69.80 per unit No-cost premium units: 96.705 units +2 more

5 metrics

Stock equivalent units granted 580.229 units Retainer award on September 28, 2026

Grant value per unit $69.80 per unit 483.524 units granted in place of the quarterly cash retainer

No-cost premium units 96.705 units Granted as a 20% premium on the retainer amount

Post-transaction direct total 44,520.490 shares and stock equivalent units Reported following the transaction

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

Key Terms

stock equivalent units, quarterly cash retainer, dividend equivalents

3 terms

stock equivalent units financial

"580.229 stock equivalent units"

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 stock equivalent units did XEL director Lynn Casey receive?

Lynn Casey was granted 580.229 stock equivalent units on September 28, 2026. The award included 483.524 units at $69.80 per unit in place of the quarterly cash retainer and 96.705 units granted at no cost as a 20% premium on the retainer amount.

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

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Available on EDGAR 09/30/2026 - 04:02 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^*

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)
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		580.229(1)	A	$0(2)	44,520.49(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 580.229 stock equivalent units, 483.524 were granted at a price of $69.80 per unit in lieu of the reporting person's quarterly cash retainer, and 96.705 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.

3. Includes 1.073 shares of stock acquired since the person's last report pursuant to the reinvestment of dividend equivalents.

4. Includes 323.377 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

Remarks:

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