Xcel Energy (XEL) EVP Lamb settles 2023–2025 awards and withholds shares for tax

Rhea-AI Filing Summary

XCEL ENERGY INC executive Michael G. Lamb reported equity award activity and related tax withholding. On February 24, 2026, 2,887.776 restricted stock units were exercised into common stock and 3,615 shares of common stock were granted at no cost, reflecting settlement of performance share unit and restricted stock unit awards for the 2023–2025 period.

To cover tax obligations on these settlements, 1,977.776 common shares were withheld at $83.35 per share. After these transactions, Lamb held 11,999.120 shares of common stock directly, plus indirect holdings of 2,023.683 shares in the Xcel Energy 401(k) Savings Plan and 23,808.444 shares through the Michael G. Lamb Family Trust, including units increased by dividend equivalent reinvestment. The awards vested on December 31, 2025 and were settled in stock on February 24, 2026.

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^*

Lamb Michael G.

(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)
	EVP, Chief Delivery Officer

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		3,615(1)	A	$0	11,089.12	D
Common Stock	02/24/2026		M		2,887.776	A	(2)	13,976.896	D
Common Stock	02/24/2026		F		1,977.776(3)	D	$83.35	11,999.12	D
Common Stock								2,023.683(4)	I	401(k)
Common Stock								23,808.444	I	By Michael G. Lamb Family Trust

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	(2)	02/24/2026		M			2,887.776(5)	(6)	(6)	Common Stock	2,887.776	$0	0	D

Explanation of Responses:

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

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

3. 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.

4. 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.

5. Number of units shown reflects 245.776 additional units as a result of the reinvestment of dividend equivalents since the original grant.

6. 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 Michael G. Lamb	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 insider transactions did XCEL ENERGY INC (XEL) report for Michael G. Lamb?

XCEL ENERGY INC reported that EVP Michael G. Lamb settled equity awards, exercising 2,887.776 restricted stock units and receiving a grant of 3,615 common shares. Related shares were withheld to cover taxes, and his direct and indirect share holdings were updated accordingly.

How many XCEL ENERGY INC (XEL) shares did Michael G. Lamb acquire in this Form 4?

Michael G. Lamb acquired 2,887.776 common shares via restricted stock unit settlement and an additional 3,615 common shares as a grant. These transactions reflect the settlement of performance share and restricted stock unit awards for the 2023–2025 performance period.

What tax-related share withholding occurred for Michael G. Lamb’s XCEL ENERGY INC awards?

To satisfy tax obligations from settling performance share unit and restricted stock unit awards, 1,977.776 XCEL ENERGY INC common shares were withheld at a price of $83.35 per share. Fractional share interests associated with these awards were settled in cash rather than stock.

What are Michael G. Lamb’s direct and indirect XCEL ENERGY INC share holdings after these transactions?

After the reported transactions, Michael G. Lamb directly held 11,999.120 XCEL ENERGY INC common shares. Indirectly, he held 2,023.683 shares in the Xcel Energy 401(k) Savings Plan and 23,808.444 shares through the Michael G. Lamb Family Trust, including units increased by dividend reinvestment.

What period did the XCEL ENERGY INC performance share unit awards cover for Michael G. Lamb?

The performance share unit awards covered the 2023–2025 performance period. These awards vested on December 31, 2025 and were settled in common stock on February 24, 2026, leading to the reported exercises, grants, and related tax withholding transactions.

How were Michael G. Lamb’s XCEL ENERGY INC restricted stock units settled?

Michael G. Lamb’s restricted stock units were settled in XCEL ENERGY INC common stock on a one-for-one basis. This settlement converted 2,887.776 units into common shares, consistent with the plan terms stating that each restricted stock unit is exchanged for one share of common stock.