Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 37

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 37
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     | 250%                                            |
| Ms. Kelsey        |     | 170%                                            |
| Mr. Hooper        |     | 170%                                            |
| Mr. Garvin        |     | 170%                                            |

2024 Stock Option Grants. In December 2023, the Compensation Committee approved the grant of WEC Energy Group stock options to each of our NEOs (other than Mr. Hooper) and established an overall pool of options that were granted to approximately 155 other employees. The annual option grants to the NEOs were made effective January 2, 2024, the first trading day of 2024. The Compensation Committee subsequently approved a grant of stock options to Mr. Hooper, effective April 1, 2024.

All such options were granted with an exercise price equal to the average of the high and low prices reported on the NYSE for shares of WEC Energy Group common stock on the grant date.

All 2024 stock options have a term of 10 years and vest 100% on the third anniversary of the date of grant. The vesting of the stock options may be accelerated in connection with a termination of employment due to a change in control of WEC Energy Group or an executive officer’s termination of employment under certain circumstances. See “Potential Payments upon Termination or Change in Control” beginning on page 35 for additional information. Subject to the limitations of the OSIP, the Compensation Committee has the power to amend the terms of any option (with the participant’s consent). However, without WEC Energy Group stockholder approval, the Committee may not reduce the exercise price of existing options or cancel outstanding options in exchange for cash, other awards or options or stock appreciation rights with an exercise price that is less than the exercise price of the original options.

For purposes of determining the appropriate number of options to grant to a particular NEO, the value of an option was determined based upon the Black-Scholes option pricing model. The following table provides the number of options granted to each NEO in 2024:

| Executive Officer |     | Options Granted |
| Mr. Lauber        |     |          54,598 |
| Ms. Liu           |     |          20,847 |
| Ms. Kelsey        |     |          10,788 |
| Mr. Hooper        |     |          11,121 |
| Mr. Garvin        |     |           9,694 |

See "Executive Compensation - Policy on Timing of