Xcel Energy (XEL) director receives 492 stock units in lieu of cash retainer

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

XCEL ENERGY INC director Lynn Casey reported an acquisition of 492.521 stock equivalent units of common stock on June 28, 2026. This was a compensation-related grant, not an open‑market purchase.

According to the filing, 410.434 units were granted at $83.23 per unit in lieu of the quarterly cash retainer, and 82.087 additional units were granted at no cost as a 20% premium on that retainer. Following this award, Casey directly holds 43,615.811 shares and units in total.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Casey Lynn

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	492.521	$0.00	--

Holdings After Transaction: Common Stock — 43,615.811 shares (Direct, null)

Footnotes (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 492.521 stock equivalent units, 410.434 were granted at a price of $83.23 per unit in lieu of the reporting person's quarterly cash retainer, and 82.087 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.

Key Figures

Stock units granted: 492.521 stock equivalent units Units in lieu of cash retainer: 410.434 units at $83.23 per unit Premium units: 82.087 units at no cost +2 more

5 metrics

Stock units granted 492.521 stock equivalent units Director compensation award on June 28, 2026

Units in lieu of cash retainer 410.434 units at $83.23 per unit Quarterly cash retainer converted to equity

Premium units 82.087 units at no cost 20% premium on quarterly retainer

Price per unit $83.23 per unit Conversion rate for cash retainer portion

Holdings after grant 43,615.811 shares and units Total direct holdings following transaction

Key Terms

stock equivalent units, quarterly cash retainer, 20% premium, 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.

quarterly cash retainer financial

"410.434 were granted at a price of $83.23 per unit in lieu of the reporting person's quarterly cash retainer"

20% premium financial

"82.087 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer"

fractional units financial

"fractional units are payable at such time in cash"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/30/2026 - 04:13 PM Accepted by SEC EDGAR 06/30/2026 - 04:13 PM

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)
06/28/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/28/2026		A		492.521⁽¹⁾	A	$0⁽²⁾	43,615.811	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 492.521 stock equivalent units, 410.434 were granted at a price of $83.23 per unit in lieu of the reporting person's quarterly cash retainer, and 82.087 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.

Remarks:

	Kristin L. Westlund, Attorney in Fact for Lynn Casey	06/30/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did XEL director Lynn Casey report in this Form 4?

Lynn Casey reported receiving 492.521 stock equivalent units of XCEL ENERGY INC common stock as director compensation. The award replaces cash retainer payments and adds a 20% premium portion, making it a routine, non‑market compensation grant rather than an open‑market share purchase.

How were the 492.521 XEL stock equivalent units for Lynn Casey structured?

Of the 492.521 units, 410.434 were granted at $83.23 per unit instead of a quarterly cash retainer. The remaining 82.087 units were granted at no cost as a 20% premium on that retainer amount, enhancing equity-based director compensation.

Does Lynn Casey’s Form 4 for XEL reflect a stock purchase or a grant?

The Form 4 reflects a grant, not a market purchase. The 492.521 stock equivalent units were awarded as part of director compensation, with no cash paid by Casey, and are payable in Xcel common shares after board service ends, with fractional units settled in cash.

What are stock equivalent units in XCEL ENERGY INC’s director compensation?

Stock equivalent units track the value of common shares but are paid later. For Xcel directors, these units convert into whole shares of common stock after service ends, while any fractional units are settled in cash, aligning director compensation with long‑term shareholder value.

How many XEL shares and units does Lynn Casey hold after this grant?

After the reported grant, Lynn Casey directly holds a total of 43,615.811 shares and stock equivalent units of XCEL ENERGY INC common stock. This figure includes the 492.521 units granted as part of the quarterly director retainer and related 20% premium award.