Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 31

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 31
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 Energy Group, has since appealed this decision. The ICC’s disallowance of these expenditures is not indicative of WEC Energy Group’s operating performance during 2024. As a result, the Compensation Committee determined that WEC Energy Group’s performance against the earnings per share targets should be measured using adjusted earnings per share. With respect to the earnings per share calculation, note the WEC Energy Group's adjusted earnings per share does not add due to rounding.

WEC Energy Group’s cash flow, based on Adjusted Cash From Operations, was $3,228.0 million. In addition, WEC Energy Group’s cash flow result is not a measure of financial performance under GAAP. Impacted by unfavorable weather, the Wisconsin utilities' net income was $863.1 million for 2024, below the minimum threshold payout level.

By satisfying the maximum payout level with respect to the adjusted earnings per share and cash flow financial measures, the NEOs, other than Mr. Hooper, earned 200% of the target award from the financial goal component of the STPP.

2024 WEC Energy Group Operational and Social Goals and Performance under the STPP. In December 2023 and January 2024, the Compensation Committee also approved operational and social performance measures and targets under the STPP that promote certain of WEC Energy Group's and the Company's priorities. The Compensation Committee identified commitment to customer satisfaction, safety, and supplier and workforce diversity as critical to the success of WEC Energy Group and the Company. For that reason, annual incentive awards could be increased or decreased by up to 10% based upon WEC Energy Group’s performance in the areas of customer satisfaction (5% weight), safety (2.5% weight), and supplier and workforce diversity (2.5% weight).

| Wisconsin Electric Power Company |     | 17 |     | 2025 Annual Meeting Information Statement |

The Compensation Committee measures customer satisfaction levels for WEC Energy Group based upon the results of surveys that an independent third party conducts of customers who had direct contact with WEC Energy Group’s utilities, including us, during the year, which measure (i) customers’ satisfaction with the respective utility overall, and (ii) customers’ satisfaction with respect to the particular transactions with the applicable utility.

Safety is measured based upon WEC Energy Group’s performance against the number of lost-time injuries and Days Away, Restricted or Transferred ("DART") recordable incidents. DART is a metric that focuses on the more significant injuries and measures how many workplace