Frenzel Robert 4

What Happened

• Robert Frenzel, Chairman, President & CEO of Xcel Energy (XEL), had equity awards and derivative units settled into common stock on Feb 24, 2026. The filing shows 97,065 shares were granted/issued and 28,392.65 shares were acquired via conversion of derivative units. To satisfy tax withholding on the settlements, 57,195.65 shares were withheld/disposed at $83.35 each for a reported withholding value of $4,767,257. The activity reflects award settlement and related tax withholding rather than an open-market sale or a purchase.

Key Details

• Transaction date(s): February 24, 2026 (Form 4 filed Feb 26, 2026 — timely)
• Awards/conversions: 97,065 shares (award/grant) + 28,392.65 shares (conversion of derivative units)
• Withholding/tax sale: 57,195.65 shares disposed at $83.35 = $4,767,257 (to satisfy tax obligations)
• Filing codes: A = Award/Grant; M = Exercise/conversion of derivative; F = Tax withholding/share surrender
• Footnotes: settlement of 2023–2025 performance share units (PSUs) and restricted stock units (RSUs); RSUs settle one-for-one; dividend equivalents (2,703.65 shares) reinvested; award vested 12/31/2025 but settled 2/24/2026; fractional shares settled in cash.
• Shares owned after transaction: Not specified in the provided filing details.

Context

• This was not an open-market sale by the insider for investment reasons but a routine settlement of PSUs/RSUs with a portion of shares withheld to cover taxes (a common, administrative action). The conversion/exercise entries reflect settlement of derivative awards (performance units) into common stock; the withholding/disposition is the cashless component to meet tax obligations.