Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 44

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 44
---
 performance period. Accounting for these adjustments resulted in a total stockholder return for WEC Energy Group at the 52.9 th percentile of the peer group for the three-year performance period ended December 31, 2024, resulting in the performance units vesting at a level of 102.9%.

Pursuant to the terms of the Prior PUP, the vesting percentage of the performance units may be adjusted downwards or upwards based upon WEC Energy Group's performance against an Additional Performance Measure, if any, selected by the Compensation Committee. The Additional Performance Measure for the 2022 performance unit awards was the weighted average authorized ROE of all WEC Energy Group's utility subsidiaries, including the Company. WEC Energy Group’s performance against this measure may decrease or increase the vesting percentage of the performance units up to 10% over the three-year performance period. Similar to the 2024 performance unit awards, the ROE target is based upon a formulaic calculation that varies each year based on the past and planned investments among WEC Energy Group's utilities, as well as each utility's authorized ROE. For the 2022 performance unit awards, the ROE targets and potential adjustments for 2024 were set as follows:

| If Actual Annual ROE is             |     | The Annual Adjustment is |     | ROE Ranges    |
| <20 bp below the Authorized ROE     |     | + 3.33%                  |     | ≥ 9.52%       |
| 21 - 30 bp below the Authorized ROE |     | 0%                       |     | 9.51% - 9.42% |
| > 30 bp below the Authorized ROE    |     | (3.33)%                  |     | < 9.42%       |

As discussed above, WEC Energy Group’s utility subsidiaries achieved a weighted average authorized ROE of 9.72% for 2024, which resulted in a 3.33% increase in the vesting percentage of the 2022 performance unit awards. The cumulative three-year impact of WEC Energy Group's performance against the Additional Performance Measure was a 10% increase in the vesting percentage of the performance units for a total vesting level of 112.9%. The actual payouts were determined by multiplying the number of vested performance units by the closing price of WEC Energy Group common stock ($94.04) on December 31, 2024, the last trading day of