XCEL ENERGY (XEL) director receives 615 stock units in equity retainer grant

Rhea-AI Filing Summary

KAMPLING PATRICIA L reported acquisition or exercise transactions in this Form 4 filing.

XCEL ENERGY INC director Patricia L. Kampling received an equity retainer of 614.675 stock equivalent units of common stock. These units are payable in whole shares of common stock after her board service ends, with any fractional units settled in cash.

Of the 614.675 units, 512.229 were granted at $78.09 per unit in lieu of her quarterly cash retainer, and 102.446 were granted at no cost as a 20% premium on that retainer. Following this award, she holds a total of 22,225.127 shares and stock equivalent units directly, including 72.949 units accumulated from reinvested dividend equivalents.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider KAMPLING PATRICIA L

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	614.675	$0.00	--

Holdings After Transaction: Common Stock — 22,225.127 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 614.675 stock equivalent units, 512.229 were granted at a price of $78.09 per unit in lieu of the reporting person's quarterly cash retainer, and 102.446 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer. Includes 72.949 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

Key Figures

Stock equivalent units granted: 614.675 units Units in lieu of cash retainer: 512.229 units at $78.09 Premium units at no cost: 102.446 units +3 more

6 metrics

Stock equivalent units granted 614.675 units Director equity retainer grant

Units in lieu of cash retainer 512.229 units at $78.09 Quarterly cash retainer converted to stock equivalent units

Premium units at no cost 102.446 units 20% premium on cash retainer amount

Units from dividend equivalents 72.949 units Accumulated via reinvested dividend equivalents

Total holdings after transaction 22,225.127 shares/units Direct holdings following grant

Grant price per unit $78.09 per unit Price used for 512.229 units in lieu of retainer

Key Terms

stock equivalent units, quarterly cash retainer, 20% premium, dividend equivalents

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

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

20% premium financial

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

dividend equivalents financial

"Includes 72.949 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^*

KAMPLING PATRICIA L

(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		614.675(1)	A	$0(2)	22,225.127(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 614.675 stock equivalent units, 512.229 were granted at a price of $78.09 per unit in lieu of the reporting person's quarterly cash retainer, and 102.446 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.

3. Includes 72.949 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

	Kristin L. Westlund, Attorney in Fact for Patricia Kampling	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 (XEL) director Patricia Kampling receive in this Form 4 filing?

Patricia Kampling received 614.675 stock equivalent units of XCEL ENERGY INC common stock as part of her director compensation. These units function like deferred stock, payable in whole shares after she leaves the board, with fractional units paid in cash at that time.

How was the 614.675-unit XEL stock award to Patricia Kampling structured?

The 614.675 units include 512.229 units granted at $78.09 per unit instead of her quarterly cash retainer. An additional 102.446 units were granted at no cost as a 20% premium, enhancing the equity portion of her director compensation for this period.

Are the XCEL ENERGY INC stock units in this Form 4 an open-market purchase?

No, the 614.675 stock equivalent units are a compensation grant, not an open-market purchase. They were issued in lieu of cash director fees and as a premium on that retainer, with no cash paid by Patricia Kampling for most of the award.

When will Patricia Kampling receive actual XEL shares from these stock equivalent units?

The stock equivalent units are payable in whole shares of XCEL ENERGY INC common stock after Patricia Kampling’s service as a director ends. Any fractional units remaining at that time will be settled in cash according to the terms described in the Form 4 footnotes.

How many XCEL ENERGY INC shares and units does Patricia Kampling hold after this transaction?

After this grant, Patricia Kampling directly holds a total of 22,225.127 shares and stock equivalent units of XCEL ENERGY INC. This total includes 72.949 stock equivalent units that were accumulated earlier through the reinvestment of dividend equivalents on prior awards.

What are dividend equivalents mentioned in Patricia Kampling’s XEL Form 4 filing?

Dividend equivalents are credits that mirror cash dividends on stock units, adding more units instead of cash. The filing notes that 72.949 stock equivalent units in Patricia Kampling’s holdings were acquired through reinvestment of these dividend equivalents over time.