Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 41

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 41
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 on a straight line basis the appropriate vesting percentage.

| Wisconsin Electric Power Company |     | 21 |     | 2025 Annual Meeting Information Statement |

In determining the total payout, achievement of this performance metric will receive 55% weight.

The ROE target is based upon a formulaic calculation that varies each year based on WEC Energy Group's past and planned investments among its utilities, as well as each utility's authorized ROE. For 2024 the target ROE and corresponding payout levels for the 2023 and 2024 performance unit awards were set as follows:

| If Actual Earned ROE is |     | Payout Percentage |
| ≥ 9.57%                 |     | 200%              |
| 9.42%                   |     | 100%              |
| 9.27%                   |     | 25%               |
| < 9.27%                 |     | 0%                |

If WEC Energy Group’s performance falls between these levels, the payout percentage is determined by interpolating on a straight line basis the appropriate vesting percentage. In determining the total payout, the final award will be based on the average of the payout percentage achieved in each year of the three-year performance period and will receive 45% weight.

WEC Energy Group's utility subsidiaries achieved a weighted-average ROE of 9.72% for 2024. The actual ROE for PGL was adjusted to include the impact of the ICC disallowance of certain capital expenditures under PGL's 2016 QIP rider in 2024. This adjustment is reflected in the weighted-average ROE.

At the end of the three-year performance cycle, the Compensation Committee may increase the total vesting percentage of performance units by up to 25% based upon WEC Energy Group's P/E ratio, as compared to the peer group described above. In no event will the vesting percentage over the three-year performance period be more than 200%. For the 2024 performance unit awards, the target P/E ratio and potential adjustments are as follows:

| Quartile Rank     |     | Additional Percentage |
| 1stQuartile       |     | 25%                   |
| 2ndQuartile       |     | 15%                   |
| Below 2ndQuartile |     | 0%                    |

A P/E ratio below the 2nd quartile would likely indicate a significant drop in WEC Energy Group's stock price,