Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 78

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 78
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 provided a payout slightly above target. See the Five-Year Cumulative Return and Total Stockholder Returns graphs in “Compensation Discussion and Analysis – Executive Summary” for information on WEC Energy Group's performance over the 5-year period ended December 31, 2024, which was in line with the performance of its peer group and 10-year period ended December 31, 2024, which exceeded the performance of its peer group, respectively.

CAP v. WEC Net Income and Adjusted Earnings Per Share (Company-Selected Measure)

As demonstrated by the following graphs, during the cumulative five-year period ended December 31, 2024, the compensation paid to the PEOs and the average compensation paid to the other NEOs was aligned with WEC Energy Group’s net income and EPS performance. In 2024 and 2023, WEC Energy Group's EPS performance is shown on an adjusted (non-GAAP) basis. Pursuant to the terms of WEC Energy Group’s short-term performance plan, in 2024 almost 75% of the payout was based upon WEC Energy Group’s adjusted EPS performance, and almost 25% was based upon WEC Energy Group’s performance against cash flow goals. See "Compensation Discussion and Analysis" for information on how the EPS and cash flow targets were established for 2024, as well as the performance metrics applicable to Mr. Hooper's 2024 annual cash incentive award. WEC Energy Group’s strong performance against the EPS and cash flow goals in 2024 resulted in maximum level payouts for each measure.

WEC Energy Group’s earnings per share on a GAAP basis were $4.83 for 2024, which includes a $0.06 per share charge to earnings related to certain capital expenditures under the Qualifying Infrastructure Plant (“QIP”) rider that were disallowed by the Illinois

| Wisconsin Electric Power Company |     | 40 |     | 2025 Annual Meeting Information Statement |

Commerce Commission (the “ICC”) as part of PGL's 2016 QIP reconciliation proceeding. Excluding this charge, WEC Energy Group’s adjusted earnings per share were $4.88. PGL has since appealed this decision. The ICC’s disallowance of these expenditures is not indicative of WEC Energy Group’s operating performance in 2024. As a result, the Compensation Committee determined that the Company’s performance against the earnings per share targets should be measured using adjusted earnings per share. With respect to the earnings per