Lamb Michael G. 4

What Happened

• Michael G. Lamb, EVP and Chief Delivery Officer at Xcel Energy (XEL), had performance share units (PSUs) and restricted stock units (RSUs) settled into common stock on Feb 24, 2026. The filing shows an award/acquisition of 3,615 shares and the conversion/exercise of 2,887.776 units into shares.
• To satisfy tax withholding on the awards, 1,977.776 shares were withheld/disposed at an effective price of $83.35, resulting in approximately $164,848 withheld for taxes. Fractional share interests were settled in cash. This was a settlement of compensation awards (not an open-market sale).

Key Details

• Transaction date: February 24, 2026; Form 4 filed Feb 26, 2026 (filed within the normal reporting window).
• Items reported:
  • A (award/acquisition): 3,615 shares granted/issued at $0.00.
  • M (exercise/conversion): 2,887.776 units converted to shares (no cash paid for exercise shown).
  • F (tax withholding/payment): 1,977.776 shares withheld at $83.35 → $164,848 withheld to cover tax obligations.
• Shares owned after the transaction: not specified in the Form 4 filing.
• Notable footnotes:
  • F1: Settlement represents PSU awards for the 2023–2025 performance period.
  • F2: RSUs settle one-for-one in common stock; F5 notes 245.776 additional units from reinvested dividend equivalents.
  • F3: Withholding satisfied tax obligations; fractional shares settled in cash.
  • F6: Award vested 12/31/2025 but was settled in shares on 2/24/2026.

Context

• This filing documents compensation-related share settlements and tax-withholding, a routine executive compensation event. The withheld shares were used to cover tax liabilities rather than being sold in an open-market transaction, so this is not a signal of a discretionary cash sale by the insider.
• Transaction codes: A = award/grant, M = exercise/conversion of derivative (PSU/RSU conversion), F = shares withheld to satisfy tax liabilities.