XCEL ENERGY INC (XEL) director granted 480.215 stock-equivalent units

Rhea-AI Filing Summary

XCEL ENERGY INC director Timothy A. Welsh received a compensation-related stock award. He acquired 480.215 stock equivalent units tied to common stock as part of his director retainer. Of these, 400.179 units were granted at a price of $78.09 per unit instead of his quarterly cash retainer, and 80.036 units were granted at no cost as a 20% premium on that retainer amount.

The stock equivalent units will be paid in whole shares of common stock, with any fractional units settled in cash, after Welsh’s service as a director ends. Following this award, his directly held common stock and stock equivalent units total 14,660.215 shares and units, indicating this is a routine compensation grant rather than an open-market purchase.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Welsh Timothy A

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	480.215	$0.00	--

Holdings After Transaction: Common Stock — 14,660.215 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 480.215 stock equivalent units, 400.179 were granted at a price of $78.09 per unit in lieu of the reporting person's quarterly cash retainer, and 80.036 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer. Includes 105.516 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

Key Figures

Stock equivalent units granted: 480.215 units Units in lieu of cash retainer: 400.179 units Premium units: 80.036 units +3 more

6 metrics

Stock equivalent units granted 480.215 units Director compensation award on 2026-03-28

Units in lieu of cash retainer 400.179 units Granted at $78.09 per unit instead of quarterly cash retainer

Premium units 80.036 units 20% premium portion granted at no cost to the director

Grant price per unit $78.09 per unit Applied to 400.179 units granted in lieu of cash retainer

Total holdings after transaction 14,660.215 shares/units Direct holdings of common stock and stock equivalent units following award

Dividend reinvestment units 105.516 units Stock equivalent units acquired via reinvested dividend equivalents included in total

Key Terms

stock equivalent units, quarterly cash retainer, dividend equivalents

3 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

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

dividend equivalents financial

"Includes 105.516 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^*

Welsh Timothy A

(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		480.215(1)	A	$0(2)	14,660.215(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 480.215 stock equivalent units, 400.179 were granted at a price of $78.09 per unit in lieu of the reporting person's quarterly cash retainer, and 80.036 were granted at no cost to the reporting person as a 20% premium on the amount of such retainer.

3. Includes 105.516 stock equivalent units acquired pursuant to the reinvestment of dividend equivalents.

	Kristin L. Westlund, Attorney in Fact for Timothy A. Welsh	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 XEL director Timothy A. Welsh do in this Form 4 filing?

Timothy A. Welsh received 480.215 stock equivalent units as part of his director compensation. These units are linked to XCEL ENERGY INC common stock and will be paid in whole shares, with fractional units in cash, after his board service ends.

How large is Timothy Welsh’s latest stock award at XCEL ENERGY INC (XEL)?

The award totals 480.215 stock equivalent units tied to common stock. Of this, 400.179 units were granted at $78.09 per unit in lieu of his quarterly cash retainer, and 80.036 units were granted as a 20% premium at no cost.

Was Timothy Welsh’s XCEL ENERGY INC transaction an open-market stock purchase?

No, the transaction is a grant of stock equivalent units as director compensation, not an open-market purchase. Units were issued in place of his quarterly cash retainer, plus a 20% premium portion, and will be settled in shares after his board service ends.

What is Timothy Welsh’s total XCEL ENERGY INC holding after this grant?

After the grant, Timothy Welsh holds 14,660.215 common shares and stock equivalent units directly. This total includes the new 480.215 units and 105.516 units previously acquired through reinvestment of dividend equivalents, according to the disclosed footnotes.

How were the 480.215 XCEL ENERGY INC stock equivalent units for Timothy Welsh structured?

The award combines 400.179 units granted at $78.09 per unit in place of cash retainer and 80.036 additional units granted at no cost as a 20% premium. The units will convert into whole common shares, with fractional amounts settled in cash, after board service.