Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 29

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 29
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 compared to WEC Energy Group’s peers. The Compensation Committee determined that achievement of earnings per share within WEC Energy Group's 2024 guidance range of $4.80 to $4.90 per share would continue to be in-line with meeting its 5-year CAGR growth plan. The Committee recognized that in order to achieve a 5-year CAGR of 6.5% to 7.0%, year-over-year growth does not also need to be at a rate of 6.5% to 7.0%. Therefore, based on WEC Energy Group's forecasted earnings for 2024, the Committee tied the target (100%) payout level to a 5.5% year-over-year earnings per share growth rate, which would equate to earnings per share at the mid-point of WEC Energy Group's 2024 guidance range. The 200% payout level was tied to achievement of a year-over-year

| Wisconsin Electric Power Company |     | 16 |     | 2025 Annual Meeting Information Statement |

growth rate of 6.1%, or earnings per share of $4.88, and the above-target payout level was tied to achievement of a year-over-year growth rate of 5.7%, or earnings per share of $4.86.

In January 2024, the Compensation Committee approved the performance goals under the STPP for WEC Energy Group’s cash flow as set forth in the chart below ($ in millions).

| Cash Flow |     | Payout Level |
| $2,325    |     | 25%          |
| $2,375    |     | 50%          |
| $2,425    |     | 100%         |
| $2,475    |     | 135%         |
| $2,550    |     | 200%         |

If WEC Energy Group’s performance falls between these levels, the payout level with respect to cash flow is determined by interpolating on a straight-line basis the appropriate payout level.

The Compensation Committee based the cash flow performance level goals on WEC Energy Group’s "net cash provided by operating activities” and adjusting for certain accruals and other items related to capital spending as well as proceeds from asset sales ("Adjusted Cash From Operations"). GAAP requires the accruals and other items to be recorded as part of cash from operations, but management views them as related to WEC Energy Group’s capital expenditure program. Therefore, the Compensation Committee excludes these items when