Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 43

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 43
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 OGE Energy Corporation; Pinnacle West Capital Corporation; The Southern Company; and Xcel Energy.

| Wisconsin Electric Power Company |     | 22 |     | 2025 Annual Meeting Information Statement |

The required percentile ranking for the three-year stockholder return and the applicable vesting percentage are set forth in the chart below.

| Performance Percentile Rank |     | Vesting Percent |
| < 25thPercentile            |     | 0%              |
| 25thPercentile              |     | 25%             |
| Target (50thPercentile)     |     | 100%            |
| 75thPercentile              |     | 125%            |
| 90thPercentile              |     | 175%            |

If WEC Energy Group’s rank is between the benchmarks identified above, the vesting percentage is determined by interpolating on a straight line basis the appropriate vesting percentage. In addition, similar to the 2024 performance unit awards, the 2022 performance unit awards accumulate short-term dividend equivalents. See "Long-Term Incentive Compensation - Short-Term Dividend Equivalents" above for additional information.

As previously described, the Compensation Committee amended and restated WEC Energy Group’s Performance Unit Plan, effective as of January 1, 2023, making several changes to the plan design. For purposes of calculating total shareholder return, the Prior PUP, under which the 2022 performance units were awarded, requires an initial investment of $100 and $100 investments each quarter thereafter for the duration of the three-year performance period. On the other hand, the plans of our peer companies, as well as the awards under the Amended PUP, require only the initial $100 investment. Investing $100 each quarter rewards those companies whose stock price drops significantly during the performance period compared to their peers, and then increases even if such increase is in line with the rest of their peers.

Management and the Compensation Committee reviewed the performance of companies in the peer group whose stock price significantly underperformed WEC’s stock price during portions of the three-year performance period as a result of strategic and/or operational reasons. Due to the Prior PUP plan design, this short-term underperformance would have resulted in these companies being ranked higher in the total stockholder return calculation. These companies were Duke Energy Corp. and Xcel Energy Inc. As a result, when calculating the total stockholder return for these companies, the Compensation Committee adjusted for their significant underperformance during the