Document:

Exhibit 10.38

Compensation
Practices for Xcel Energy Non-Employee Directors

The following table provides information on
our compensation and reimbursement practices for non-employee directors. Mr. Kelly,
who is employed by us, does not receive any compensation for his Board
activities.

	
   

  	
   

  	
  Prior to

  Aug. 31, 2006

  	
   

  	
  After

  Sept. 1, 2006

  	
   

  
	
  Annual
  Director Retainer

  	
   

  	
   

  	
  $

  	
  35,000

  	
   

  	
   

  	
  $

  	
  40,000

  	
   

  
	
  Board Meeting
  Attendance Fees (per meeting)

  	
   

  	
   

  	
  $

  	
  1,500

  	
   

  	
   

  	
  $

  	
  1,500

  	
   

  
	
  Telephonic
  Meeting Attendance Fees (per meeting)

  	
   

  	
   

  	
  $

  	
  650

  	
   

  	
   

  	
  $

  	
  650

  	
   

  
	
  Committee
  Meeting Attendance Fees (per meeting)

  	
   

  	
   

  	
  $

  	
  1,500

  	
   

  	
   

  	
  $

  	
  1,500

  	
   

  
	
  Additional
  Retainer for Committee Chair:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Governance,
  Compensation & Nominating Committee

  	
   

  	
   

  	
  $

  	
  5,000

  	
   

  	
   

  	
  $

  	
  5,000

  	
   

  
	
  Operations,
  Nuclear & Environmental Committee

  	
   

  	
   

  	
  $

  	
  5,000

  	
   

  	
   

  	
  $

  	
  5,000

  	
   

  
	
  Audit
  Committee

  	
   

  	
   

  	
  $

  	
  10,000

  	
   

  	
   

  	
  $

  	
  10,000

  	
   

  
	
  Finance
  Committee

  	
   

  	
   

  	
  $

  	
  5,000

  	
   

  	
   

  	
  $

  	
  5,000

  	
   

  
	
  Audit
  Committee Member Retainer

  	
   

  	
   

  	
  —

  	
   

  	
   

  	
  $

  	
  5,000

  	
   

  
	
  Stock Equivalent Units

  	
   

  	
   

  	
  $

  	
  64,000

  	
   

  	
   

  	
  $

  	
  75,000

  	
   

  

 

We have a
Stock Equivalent Plan for Non-Employee Directors to more closely align
directors’ interests with those of our shareholders. Under this Stock
Equivalent Plan, which is filed as Exhibit 10.16 to this Form 10-K,
directors may receive an annual award of stock equivalent units with each unit
having a value equal to one share of our common stock. Stock equivalent units
do not entitle a director to vote and are only payable as a distribution of
whole shares of the Company’s common stock upon a director’s disability or
termination of service. The stock equivalent units fluctuate in value as the
value of our common stock fluctuates. Additional stock equivalent units are
accumulated upon the payment of, and at the same value as, dividends declared
on our common stock.

On May 18,
2006, each non-employee director of the Company received an award of 3,509.73
stock equivalent units representing $64,000 in cash value.Exhibit 10.39

First
Amendment

to the Xcel Energy Senior Executive Severance and Change-In-Control Policy

THIS FIRST AMENDMENT is made this 25th day of October 2006, by Xcel Energy Inc.
(the “Principal Sponsor”).

WITNESSETH:

WHEREAS, the
Principal Sponsor maintains the Xcel Energy Senior Executive Severance and
Change-In-Control Policy (the “Policy”), and

WHEREAS,
the Board of Directors of the Principal Sponsor has reserved the right to make
amendments to the Policy, and

WHEREAS,
the Board of Directors of the Principal Sponsor (the “Board”)  wishes to amend the Policy in certain
respects effective October 22, 2009, and, in accordance with the
requirements under Section 7.1(b) of the Policy, the Principal
Sponsor has provided notice that it does not wish to extend the “Term” as
defined in said Section 7.1(b) beyond October 21, 2009.

NOW, THEREFORE, the
Board hereby amends the Policy effective October 22, 2009, as follows:

1.               SCHEDULE I, Participants,  as
attached hereto and made a part of this Policy is hereby amended, effective October 22,
2009, by deleting the Severance Multiple of “2” provided therein for all
Participants who are not entitled to receive Separation Benefits under Section 4.2(a) of
the Policy on account of a termination of employment occurring prior to October 22,
2009, and inserting in lieu thereof the Severance Multiple “1” for such
Participants.

2.               Article VIII
MISCELLANEOUS  is
amended by the addition of new Section 8.6, to read as follows:

Sec. 8.6    Tax Penalty Avoidance.   The provisions of this Policy
are not intended, and should not be construed to be legal, business or tax
advice. The Company, Participants and any other party having any interest
herein are hereby informed that the U.S. federal tax advice contained in this
document (if any) is not intended or written to be used, and cannot be used,
for the purpose of (i) avoiding penalties under the Code or (ii) promoting,
marketing or recommending to any party any transaction or matter addressed herein.

3.               Savings
Clause.   Except as hereinabove set forth, the Xcel Energy Senior
Executive Severance and Change-In-Control Policy shall continue in full force
and effect.

IN WITNESS WHEREOF, Xcel Energy Inc. has
caused this instrument to be enacted by its duly authorized officer as of the
date set forth to be effective October 22, 2009.

	
   

  	
  Xcel Energy Inc.

  
	
   

  	
  /s/ Richard C. Kelly

  
	
   

  	
  By: Richard C. Kelly

  
	
   

  	
  Its Chairman, President
  and Chief Executive OfficerExhibit 10.01(b)

 

	
  

  	
   

  	
  PARTICIPANT
  AWARD AGREEMENT

  

 

[Date]

[Name]

[Address]

[City, State and Zip Code]

Dear [Name] :

Pursuant to the
terms and conditions of the Company’s 1999 Long-Term Incentive Plan (the “Plan”),
the Compensation Committee of the Board of Directors of Equitable Resources,
Inc. granted you a Restricted Stock Award (the “Award”) for shares of the
Company’s common stock as outlined below.

Shares Granted:

Grant Date:

Vesting Schedule:

The employee shall be entitled to vote the restricted shares, and
dividends issued with respect to such shares shall be invested in additional
shares of common stock and added to the original shares, subject to the same
restrictions as the shares originally awarded.

In the event of a change of control as defined in the Plan, all shares,
including reinvested dividend shares, will immediately vest without
restriction.  In the event of termination
of employment for any reason prior to [day prior to 100% vesting], including
retirement, all unvested restricted shares, including reinvested dividend
shares, shall be forfeited, except that, if termination is involuntary and
without fault on the part of the employee (including termination resulting from
death or disability as defined in Sec. 409A(a)(2)(C) of the Internal Revenue
Code), the shares will vest as follows (including a proportional amount of
reinvested dividend shares):

	
  Termination Date

  	
   

  	
  Percent Vested

  
	
  [prior to first anniversary of grant]

  	
   

  	
   

  
	
  [prior to second anniversary of grant]

  	
   

  	
   

  
	
  [prior to third anniversary of grant]

  	
   

  	
   

  

The employee may satisfy tax withholding obligations with respect to
his award by directing the company to (i) withhold that number of shares that
would otherwise be issued upon vesting to satisfy the minimum required
statutory tax withholding obligations, and (ii) accept delivery of previously
owned shares to satisfy such tax withholding obligations; provided, that if
such withholding is in excess of the minimum statutory rate, such shares must have
been held by the employee for at least six months.

	
  

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Johanna G.
  O’Loughlin

  
	
   

  	
   

  	
  For the Compensation Committee

  

 

By my signature below, I hereby acknowledge receipt of this Award
granted on the date shown above, which has been issued to me under the terms
and conditions of the Plan.  I further
acknowledge receipt of the copy of the Plan and agree to conform to all of the
terms and conditions of the Award and the Plan.

	
  Signature: 

  	
   

  	
   

  	
  Date:Exhibit 10.04(b)

	
  

  	
   

  	
   

  	
   

  
	
   

  

PARTICIPANT
AWARD AGREEMENT

[                        ]:

[Insert Recipient Name]

Dear [                      ]:

Pursuant to the terms and
conditions of the Company’s 1999 Non-Employee Directors Stock Incentive Plan
(the “Plan”), the Compensation Committee of the Board of Directors of Equitable
Resources, Inc. granted you a Non-Qualified Stock Option (the “Option”) to
purchase shares of the Company’s common stock as outlined below.

Option Granted:

Grant Date:

Option Price per Share:

Expiration Date:

Vesting Schedule:

Upon termination of service
as a Director of Equitable Resources, Inc. for any reason, including death, all
unvested options shall immediately vest; all vested options shall be
exercisable for a period of 90 days following such termination, except that in
the event of death of a Director, his or her estate shall have one year to
exercise any vested options.

One Reload Right as
described in the plan has been awarded for each option awarded under the 1999
Plan.

	
  

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
  For the Compensation Committee

  

 

By my signature below, I
hereby acknowledge receipt of this Option granted on the date shown above,
which has been issued to me under the terms and conditions of the Plan.  I further acknowledge receipt of the copy of
the Plan and agree to conform to all of the terms and conditions of the Option
and the Plan.

	
  Signature:

  	
   

  	
   

  	
  Date:Exhibit 10.04(c)

	
  

  	
   

  	
  225 North
  Shore Drive, 6th Floor

  Pittsburgh, PA 
  15212-5861

   

  

 

[                            ]

«Title» «FirstName» «LastName»

«Company»

«Address1»

«Address2»

«address3»

«City», «State   »  «PostalCode»

Re:  2005 Directors’ Deferred Compensation Plan
– 2006 Phantom Units Award

Dear «title 2»:

As
you are aware, on [           ]
you were awarded [             ]
phantom units of Equitable Resources, Inc.’s common stock, the value of which
is determined by reference to the Company’s common stock, and has been credited
to your account under the 2005 Directors’ Deferred Compensation Plan (the “Deferred
Compensation Plan”).  Each stock unit
will be credited quarterly with dividends in the form of additional stock
units, such additional stock units to be payable on the same terms as the
original award.  The deferred stock units
are awarded in substitution for the 500-share automatic stock option grant
provided for under §6.02 of the 1999 Non-Employee Directors’ Stock Incentive
Plan.

The stock units
will be paid out in cash in accordance with the 2005 Directors’ Deferred
Compensation Plan on the earlier of the Director’s death or retirement from the
Board.  A copy of the Plan is enclosed
for your reference.

If you have any questions, please call me
at [                     ].

Very truly yours,

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