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                                                                   EXHIBIT 10(g)

                                  WD-40 COMPANY

                                      1999

                   NON-EMPLOYEE DIRECTOR RESTRICTED STOCK PLAN

                  This Non-Employee Director Restricted Stock Plan (the "Plan")
is adopted this 5th day of February, 1999 by the Board of Directors of WD-40
COMPANY, a California corporation, (the "Company").

                  1.       ESTABLISHMENT AND PURPOSE

                           The purpose of the Plan is to authorize the issuance
of shares of the Company's common stock to Directors who are not full time
employees of the Company. The Board of Directors has determined that it will be
in the best interest of the Company and its shareholders for all Directors to
maintain a minimum level of share ownership.

                  2.       AMOUNT OF STOCK

                           The total number of shares of the Company's common
stock that may be issued pursuant to the Plan shall not exceed 25,000 shares
during any one calendar year. In the event that there are not a sufficient
number of authorized but unissued shares available pursuant to the Company's
Articles of Incorporation to cover the number shares called for by this Plan for
any year as well as for any outstanding stock option plan or other plan
authorizing the future issuance of a specific number of shares, this Plan shall
be suspended until a sufficient number of shares are duly authorized.

                  3.       ADMINISTRATION

                           The Plan shall be administered by the Board of
Directors. Subject to the express terms and conditions of the Plan, the Board of
Directors shall have full power to construe and interpret the Plan, to
prescribe, amend and rescind rules and regulations relating to it, and to make
all other determinations necessary or advisable, in the sole discretion of the
Board of Directors, for its administration.

                                      -1-
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                  4.       ISSUANCE OF RESTRICTED SHARES

                           (a) ISSUANCE OF SHARES. On or about the 1st day of
March of each calendar year, the Company shall, in lieu of the payment of $5,000
of annual Director compensation, issue 250 restricted shares of the Company's
common stock to each non-employee director who does not then own shares having
an aggregate fair market value of at least $50,000. Any non-employee director
who owns shares having an aggregate fair market value of $50,000 or more may
elect, by written letter delivered to the President on or before December 31st
of the preceding year, to receive shares in lieu of $5,000 of annual
compensation as a Director. Share ownership for purposes of the Plan shall
include all shares in which the director has a direct or indirect pecuniary
interest as defined under regulations promulgated pursuant to Section 16 of the
Securities Exchange Act of 1934, but pecuniary interest shall not be established
by attribution to family member ownership interests.

                           (b) RESTRICTED SHARES. All shares issued pursuant to
the Plan shall be restricted for a period of five years or until such Director's
retirement from the Board of Directors following his or her 65th birthday, or
such Director's earlier death or disability. During such period of restriction
the shares may not be sold or disposed of and they shall be subject to
forfeiture and cancellation by the Company in the event such Director resigns or
otherwise fails to continue to serve on the Board of Directors for any reason
other than as a result of death or disability or following his or her 65th
birthday.

                           (c)  ADJUSTMENTS.

                                    (i) Provided that the total number of shares
to be issued each year does not exceed the limitation set forth in Paragraph 2
above, the number of shares to be issued pursuant to this Plan to each Director
may be adjusted by a resolution adopted by the Board of Directors prior to the
first day of the calendar year to account for an increase or decrease in the
trading range for the Company's common stock of twenty percent (20%) or more
over the prior year, or other factors deemed relevant.

                                    (ii) In the event of an increase or decrease
in the number of outstanding shares of common stock of the Company through stock
dividend or stock split, an appropriate adjustment shall be made in

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the number of shares to be issued to enable Directors to receive the same
proportionate stockholdings as would have been issued pursuant to the Plan prior
to such stock dividend or stock split.

                                    (iii) In the event the Company proposes to
merge or consolidate with another corporation or to sell or dispose of its
assets and business or to dissolve, the restrictions upon resale shall be
removed as of the closing or expiration of such transaction so that the shares
may be tendered for acceptance of any cash or exchange offer made in connection
with such transaction.

                  5.       SHARE CERTIFICATE ENDORSEMENTS

                           Each share certificate representing shares issued
pursuant to the Plan shall bear the following restrictive endorsements which may
be removed at such time as the restrictions provided by the Plan have expired
and provided that counsel for the Company has issued an opinion that the shares
may be transferred free of restrictions imposed by the Securities Act of 1933 or
the securities laws of any state or any other law regulating the issuance of
securities:

                  (i) "The shares represented by this certificate are subject to
                  transfer restrictions in accordance with the terms of a
                  Non-Employee Director Restricted Stock Plan dated 5th of
                  February, 1999, a copy of which may be obtained without charge
                  by written request delivered to the Corporation."

                  (ii) "The shares represented by this certificate have not
                  be registered under the Securities Act of 1933 or any
                  applicable state securities acts and cannot be transferred
                  without an opinion of counsel satisfactory to the
                  Corporation's legal counsel that such transfer will not
                  violate any such securities laws."

                  6.       TAX REPORTING AND WITHHOLDING

                           The Company shall comply with all reporting and
withholding requirements applicable to the compensatory issuance of shares to
non-employee Directors under the Internal Revenue Code and regulations
thereunder.

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                  7.       SUSPENSION, AMENDMENT OR TERMINATION OF THE PLAN

                           The Board of Directors may at any time amend, suspend
or terminate the Plan. Unless the Plan shall theretofore have been terminated by
the Board of Directors, the Plan shall terminate on December 31, 2009. No shares
may be issued during such suspension or after such termination. The termination
of the Plan shall not, without the consent of a Director holding restricted
shares issued pursuant to the Plan, alter or impair any rights or obligations
theretofore granted or imposed by the Plan.

                  8.       DELIVERY OF SHARES SUBJECT TO DELAYS

                           The issuance and delivery of shares under the Plan
shall be subject to and in compliance with the laws of any state or other
governmental authority applicable thereto, the Board of Directors being hereby
authorized to cause to be prepared, filed and presented on the Company's behalf
to any governmental official, agency or tribunal all such applications or other
instruments or papers and to maintain any and all proceedings as shall be
required to cause the issuance to the Company of a permit or other authorization
to issue or deliver any such shares. Neither the Company nor any officer,
director or employee shall be liable for any delay in issuance or delivery of
any shares pending the filing of any such application, instrument or papers or
the grant of a permit or other authorization to enable such issuance or delivery
to be made.

                  IN WITNESS WHEREOF, the Plan is adopted this 5th day of
February, 1999

                                                WD-40 COMPANY

                                                By
                                                  ------------------------------
                                                  Garry O. Ridge, President

Attest:

Harlan F. Harmsen, Secretary

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                                                                   EXHIBIT 10(g)

                           AMENDMENT TO WD-40 COMPANY
                1999 NON-EMPLOYEE DIRECTOR RESTRICTED STOCK PLAN

         This Amendment to WD-40 Company 1999 Non-Employee Director Restricted
Stock Plan (the "Plan") is made and executed effective June 27, 2000, by the
Board of Directors of WD-40 Company, a Delaware Corporation (the "Company").

                                 R E C I T A L S

         A.       On March 28, 2000, at its regular quarterly meeting of the
Board of Directors the Board unanimously authorized an increase in the number of
shares to be issued in lieu of $5,000 of annual director compensation from 250
shares to 350 shares.

         B.       At its regular quarterly meeting held on June 27, 2000, the
Board of Directors unanimously approved a further amendment to the Plan to
permit each Director to elect, at such Director's option, to receive 1,000
shares of the restricted Company stock in lieu of a full year's compensation.

         C.       In order to carry out the foregoing, the Plan is hereby
amended as follows:

                  1.       Paragraph 4(a) is hereby amended to read, in its
                           entirety, as follows:

                  "(a) ISSUANCE OF SHARES. On or about the first day of March of
                  each calendar year, the Company shall, in lieu of the payment
                  of $5,000 of annual Director compensation, issue 350
                  restricted shares of the Company's common stock to each
                  non-employee Director who does not then own shares having an
                  aggregate fair market value of at least $50,000.00. Any
                  non-employee Director who owns shares having an aggregate fair
                  market value of $50,000 or more, may elect, by written letter
                  delivered to the President on or before December 31 of the
                  preceding year, to receive shares in lieu of $5,000 of annual
                  compensation as a Director. In addition,

                                       1
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                  any such Director may elect, at such time, to accept 1,000
                  shares of the Company stock in lieu of such Director's entire
                  compensation, excluding only such compensation as may be
                  payable for attendance at or chairing of committee meetings.
                  Share ownership for purposes of the Plan shall include all
                  shares in which the Director has a direct or indirect
                  pecuniary interest as defined under regulations promulgated
                  pursuant to Section 16 of the Securities Exchange Act of 1934,
                  but pecuniary interest shall not be established by attribution
                  to family member ownership interest."

                  2.       In all other respects the Plan is hereby ratified and
                           confirmed.

         IN WITNESS WHEREOF, this Amendment to the Plan is adopted as of the
effective date first herein above set forth.

                                             WD-40 COMPANY

                                             By       /s/  Garry O. Ridge
                                                --------------------------------
                                                Garry O. Ridge, President

ATTEST:

       /s/ John B. Sidell
-----------------------------------
JOHN B. SIDELL, Assistant Secretary

                                       2Prepared by MERRILL CORPORATION www.edgaradvantage.com

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EXHIBIT
4.3 

  BYLAWS
  OF
  XCEL ENERGY INC.
  (a Minnesota corporation)
     (as amended October 25, 2000)         

   ARTICLE 1         NAME, REGISTERED OFFICE, AND CORPORATE SEAL        

    Section 1.
The name of the Company is XCEL ENERGY INC. 

    Section 2.
The location and post office address of its registered office and principal place of business is 800 Nicollet Mall, Minneapolis, Hennepin County, Minnesota 55402. 

    Section 3.
The Company may establish and maintain an office or offices at such other places within or without the State of Minnesota as the Board of Directors may from time to
time determine. 

    Section 4.
The corporate seal of the Company shall have inscribed thereon the name of the Company and the words "Corporate Seal, Minnesota". In lieu of causing the corporate
seal to be impressed upon any bond, debenture, note, contract, or other instrument required or authorized to bear the corporate seal of the Company, the Board of Directors may authorize a facsimile of
said seal to be engraved or printed thereon, and such facsimile, when so engraved or printed, shall be and constitute the corporate seal of the Company for such purpose. 

  ARTICLE 2
  BOARD OF DIRECTORS        

    Section 1.
The business and property of the Company shall be managed and controlled by a Board composed of seven (7) directors, which may be increased to such greater
number, not exceeding fifteen (15), as may be determined by the Board of Directors or by shareholders in accordance with the
provisions of this Article. The number of directors shall be determined by the Board of Directors, and if the Board fails to make such determination, then the number may be determined by the
shareholders at any annual or special meeting of shareholders. 

    Section 2.
A director shall hold office until the next annual meeting of the shareholders and until his successor is elected and qualifies. At the annual meeting of
shareholders in 1974, the Board of Directors of the Company shall be divided into three classes as nearly equal in number as possible, with the term of office of one class expiring each year.
Directors in Class I shall be elected to hold office until the next succeeding annual meeting; directors in Class II shall be elected to hold office until the second succeeding annual
meeting; and directors in Class III shall be elected to hold office until the third succeeding annual meeting, and, in each of the foregoing cases, until their respective successors are duly
elected and qualify. At each subsequent annual meeting of shareholders, the successors to the class of directors whose term shall then expire shall be elected by the shareholders to hold office until
the third succeeding annual meeting, and until their respective successors are duly elected and qualify. If, at any meeting of shareholders, commencing with the annual meeting of shareholders in 1974,
due to the initiation of the classified method of electing directors or due to a vacancy or vacancies on the Board of Directors, or otherwise, directors of more than one class are to be elected, each
class of directors to be elected at the meeting shall be nominated and voted for in a separate election. 

    Section 3.
During the intervals between annual meetings the number of directors may be increased, and may be decreased by the number of vacancies then existing, by the Board of
Directors, within the limitations of Section 1 of this Article, and in case of any such increase the Board may fill the 

vacancies so created but in such event there shall be no classification of the additional directors until the next annual meeting of the shareholders. No decrease in the Board shall shorten the term
of any incumbent director. 

    Section 4.
Vacancies in the Board of Directors may be filled by the remaining members of the Board though less than a quorum. Each person so elected to fill a vacancy shall
remain a director for the unexpired term in respect of which such vacancy occurred and until his successor is elected and qualifies. 

    Section 5.
In addition to the powers and authority expressly conferred upon them by these Bylaws, the Board of Directors may exercise all such powers and do all such lawful
acts and things as may be exercised or done by the Company that are not by the Articles of Incorporation, these Bylaws, or the laws of the State of Minnesota directed or required to be exercised or
done by the shareholders. 

    Section 6.
Without limiting the general powers conferred by Section 5 of this Article, and other powers conferred by statute, by the Articles of Incorporation, and by
these Bylaws, it is hereby expressly declared that the Board of Directors shall have the following powers, that is to say: 

	(a)
	To
purchase or otherwise acquire for the Company any property, rights, or privileges which the Company is authorized to acquire, for such consideration and on such terms and
conditions as it deems proper.

	(b)
	At
its discretion to pay for any property or rights acquired by the Company either wholly or partly in money or in stock, bonds, debentures, or other securities or property of the
Company.

	(c)
	To
appoint any person or persons to accept and hold in trust for the Company any property belonging to the Company, or in which it is interested, and to do and execute all such
things as may be requisite in relation to any such trust.

	(d)
	To
in any manner aid, facilitate, and assist, on behalf of the Company, in the construction, extension, improvement, equipment, maintenance, and operation of any electric light
plant or distribution system, electric transmission or distribution lines, steam plant for heating and power or distribution system, natural, manufactured, mixed, or liquid petroleum gas plant or
distribution system, gas or oil pipe lines, barge lines, coal mines, water power or water plants, or telephone systems, and all property and things appurtenant to or used in connection therewith, and
for that purpose to use the cash or capital stock or other securities or obligations of the Company to buy, refund, guarantee, or otherwise secure the indebtedness against any such properties and
guarantee the bonds, debentures, indebtedness, dividends, contracts, or other obligations of firms or other corporations.

	(e)
	To
authorize one or more officers, on behalf of the Company, to borrow money, make and issue notes, bonds, and other evidences or indebtedness, execute mortgages, deeds of trust,
trust agreements, and instruments of pledge or hypothecation, and do all other acts necessary to effectuate the same.

	(f)
	To
designate the persons authorized, on the Company's behalf, to make and sign notes, receipts, acceptances, endorsements, drafts, checks, or other orders for the payment of money,
releases, contracts, and other instruments, and, when appropriate, to make provision for the use of facsimile signatures thereon.

	(g)
	To
designate the persons authorized, on the Company's behalf, to vote upon or to assign and transfer any shares of stock, bonds, or other securities of other corporations held by
the Company. 

    Section 7.
Meetings of the Board of Directors shall be held at the registered office of the Company, but the Chairman of the Board, the Chief Executive Officer, or a majority
of the Board may from time to time designate some other place within or without the State of Minnesota for the holding of any such meeting or meetings. 

    Section 8. Regular meetings of the Board of Directors may be called by a director, by the Chairman or by the Chief Executive Officer of the Company, on five (5) days'
notice to all directors of the date, time and place of the meeting. The notice need not state the purpose of the meeting. If the date, time and place of a Board meeting have been announced at a
previous meeting of the Board, no notice is required. Notice of an adjourned meeting need not be given other than by announcement at the meeting at which the adjournment is taken. 

    Section 9.
Special meetings of the Board of Directors shall be held whenever called by the Chairman of the Board, by the Chief Executive Officer or by a majority of the Board. 

    Section 10.
The Secretary shall give notice of a special meeting of the Board of Directors to each director, either by mail, electronic mail or facsimile, at least two
(2) days before said meeting. 

    Section 11.
A director may waive notice of a meeting of the Board. A waiver of notice by a director entitled to notice is effective whether given before, at, or after the
meeting and whether given in writing, orally, or by attendance. Attendance by a director at a meeting is a waiver of notice of that meeting, except when the director objects at the beginning of the
meeting to the transaction of business because the meeting is not lawfully called or convened and does not participate thereafter in the meeting. 

    Section 12.
Unless otherwise indicated in the notice thereof, any and all business may be transacted at a special meeting. 

    Section 13.
The Board of Directors shall elect the Officers of the Company, who shall hold office until they are removed or their successors are elected and qualify. 

    Section 14.
A majority of the Board of Directors shall constitute a quorum for the transaction of business, and the acts of a majority of the directors present at a meeting at
which a quorum is present shall be the acts of the Board of Directors, except as may be otherwise specifically provided by statute, by the Articles of Incorporation, or by these Bylaws. At any meeting
at which there is less than a quorum present, the director or directors present shall have power by a majority vote to adjourn the meeting from time to time without notice other than announcement at
the meeting. If a quorum is
present when a duly called or held meeting is convened, the directors present may continue to transact business until adjournment, even though the withdrawal of a number of directors originally
present leaves less than the proportion or number otherwise required for a quorum. 

    Section 15.
The Board shall take action by the affirmative vote of a majority of directors present at a duly held meeting, except where the affirmative vote of a larger
proportion or number is required by the Articles of Incorporation, these Bylaws, or the laws of the State of Minnesota. If the Articles of Incorporation require a larger proportion or number than is
required by the laws of the State of Minnesota for a particular action, the Articles of Incorporation shall control. 

    Section 16.
A director may give advance written consent or opposition to a proposal to be acted on at a board meeting. If the director is not present at the meeting, consent or
opposition to a proposal does not constitute presence for purposes of determining the existence of a quorum, but consent or opposition shall be counted as a vote in favor of or against the proposal
and shall be entered in the minutes or other record of action at the meeting, if the proposal acted on at the meeting is substantially the same or has substantially the same effect as the proposal to
which the director has consented or objected. 

    Section 17.
Any action which might be taken at a meeting of the Board of Directors or a committee may be taken without a meeting if done in writing signed by all of the members
of the Board of Directors or the committee. 

    Section 18.
Inasmuch as the directors of the Company are persons of large and diversified business interests and are likely to be connected with other corporations with which
this Company may have business dealings from time to time, no contract or other transaction between this Company and any other corporation shall be affected by the fact that directors of this Company
are interested in, or are directors or officers of, such other corporation, and any director individually may be a party to or may 

be interested in any contract or transaction of this Company, provided that any such contract or transaction referred to in this section shall be approved or be ratified by the affirmative vote of a
majority of the members of the Board not so interested. 

    Section 19.
The Board of Directors, in its discretion, may provide for the payment of compensation to each director and the expenses of each director for attendance at each
meeting of the Board or of any committee thereof; provided, however, that no part of any such payment shall be paid to any director during any year when there is in effect a prior written request from
such director that all or a portion of said payments not be paid to him. Nothing herein shall be construed to preclude any director from serving the Company in any other capacity as an officer or
otherwise and receiving compensation therefor. 

    Section 20.
A resolution approved by the affirmative vote of a majority of the entire Board of Directors may establish committees having the authority of the Board in the
management of the business of the Company to the extent provided in the resolution. Committee members shall be natural persons. Unless the Articles of Incorporation provide for a different membership,
a committee shall consist of one or more persons, who need not be directors, appointed by affirmative vote of a majority of the directors present. A majority of the members of the committee present at
a meeting is a quorum for the transaction of business, unless a larger or smaller proportion or number is provided in the Articles of Incorporation, these Bylaws, or in a resolution approved by the
affirmative vote of a majority of the directors present. Minutes, if any, of committee meetings shall be made available upon request to members of the committee and to any director. 

  ARTICLE 3
  OFFICERS        

    Section 1.
(a) The officers of the Company shall be elected by the Board of Directors and shall consist of a Chairman of the Board, a Chief Executive Officer, a President, a
Chief Financial Officer, one or more Vice Presidents any of whom may have such additional designation as the Board of Directors may provide, a Secretary and one or more Assistant Secretaries, a
Treasurer and one or more Assistant Treasurers, and such other officers as may from time to time be elected or appointed by the Board of Directors. Except as otherwise provided below, an officer shall
perform those duties usually incident to the office or as otherwise required by the Board of Directors, the Chief Executive Officer or the officer to whom he reports. The filling of the office of
Chairman of the Board shall be discretionary with the Board of Directors. Any number of offices or functions of those offices may be held or exercised by the same person. If a document must be signed
by persons holding different offices or functions and a person holds or exercises more than one of those offices or functions, that person may sign the document in more than one capacity, but only if
the document indicates each capacity in which the person signs. 

    (b)
At its discretion, the Board of Directors at any time, by resolution, may recognize the outstanding services of an individual who has served as Chairman of the Board of the
Company by conferring upon him the honorary title of "Chairman Emeritus", such title to be held for such limited period of time, or for life, as may be determined by the Board. The action of the Board
of Directors in conferring the honorary title of "Chairman Emeritus" upon such individual shall not constitute such individual an officer of the Company and shall not otherwise affect the status of
such individual as a member of the Board. 

    Section 2.
The Chairman of the Board shall preside at all meetings of the shareholders and the Board of Directors, shall be a non-voting ex officio member of all
standing committees and shall have such other powers and perform such other duties as may be prescribed by the Board. 

    Section 3.
The Chief Executive Officer of the Company shall: have general active management of the business of the Company; in the absence of the Chairman of the Board, preside
at all meetings of the
shareholders and the Board of Directors; be a non-voting ex officio member of all standing committees; and perform such other duties as may be prescribed by the Board. 

    Section 4. The President, in the absence of the Chairman of the Board and the Chief Executive Officer, shall preside at all meetings of the shareholders and the Board of
Directors and shall be a non-voting ex officio member of all standing committees. The President shall report to the Chief Executive Officer and shall exercise the functions of the Chief
Executive Officer during the absence or disability of the Chief Executive Officer. 

    Section 5.
The Chief Financial Officer of the Company shall keep accurate financial records for the Company, deposit all money, drafts, and checks in the name of and to the
credit of the Company in the banks and depositories designated by the Board; endorse for deposit all notes, checks, and drafts received by the Company as ordered by the Board, making proper vouchers
therefor; disburse corporate funds and issue checks and drafts in the name of the Company, as ordered by the Board; render to the Chief Executive Officer and the Board, whenever requested, an account
of all transactions by the Chief Financial Officer and of the financial condition of the Company; and perform other duties prescribed by the Board or the Chief Executive Officer. 

    Section 6.
The Vice Presidents shall be vested with all the powers and shall perform all the duties of the President in the order designated by the Chief Executive Officer in
case of the President's absence and in the order designated by the Chief Executive Officer or by the Board of Directors in case of the President's disability, and shall have such other powers and
perform such other duties as may be prescribed by the Chief Executive Officer or by the Board. 

    Section 7.
The Secretary shall give, or cause to be given, all notices required by statute, by the Articles of Incorporation, or by these Bylaws. He shall act as secretary of
all the meetings of the shareholders and of the Board of Directors and shall record the proceedings of all such meetings in the book or books kept for that purpose. Unless otherwise prescribed by the
Chief Executive Officer of the Company, he shall keep, or cause to be kept, a record of all certificates of stock issued and all transfers thereof, which shall show the names and addresses of the
holders of such certificates and dates of issuance and transfer, and shall perform such other duties as may be prescribed by the Chief Executive Officer or by the Board. 

    Section 8.
The Assistant Secretaries shall be vested with all the powers and shall perform all the duties of the Secretary in the absence or disability of the latter, and shall
perform such other duties as may be prescribed by the Chief Executive Officer or by the Board of Directors. 

    Section 9.
(a) The Controller, unless otherwise provided by the Board of Directors, shall be the principal accounting officer of the Company. He shall have executive direction
of all accounting
functions, and shall keep, or cause to be kept, appropriate and complete books of account, and shall render to the Chief Executive Officer and to the Board of Directors such reports as may be required
from time to time. He shall have such other powers and duties as are commonly incidental to the office of controller and as may be prescribed for him by the Board of Directors or the Chief Executive
Officer. 

    (b)
The Treasurer shall perform duties delegated by the Chief Financial Officer of the Company or as may be prescribed for him by the Board of Directors. 

    Section 10.
The Assistant Treasurers shall be vested with all the powers and shall perform all the duties of the Treasurer in the absence or disability of the latter, and shall
perform such other duties as may be prescribed by the Chief Financial Officer or by the Board of Directors. 

    Section 11.
In case of the absence or disability of any officer of the Company, or for any other reason deemed sufficient by it, the Board of Directors may delegate the powers
and duties of such officer to any other officer or to any director for the time being. 

    Section 12.
A bond in such sum, in such form, and with such security, surety or sureties, as may be satisfactory to the Board of Directors, may be required by the Board from
the Treasurer, and such other officers, employees, and agents of the Company as the Board may specify, conditioned on the faithful performance of the duties of their office, and for the restoration to
the Company, when 

demanded, of all books, papers, vouchers, money, securities, and property of whatever kind in their possession belonging to the Company. All premiums on such bonds shall be paid by the Company. 

    Section 13.
The compensation of all officers shall be fixed by the Board of Directors. 

    Section 14.
An officer shall hold office from the date elected by the Board of Directors until the earlier of such officer's death, disqualification, resignation or removal or
until a successor is elected and qualifies. Any officer may be removed by the Board of Directors at any time with or without cause, subject to the provisions of a shareholder control agreement, by a
resolution approved by the affirmative vote of a majority of the directors present. Such removal shall be without prejudice to any contractual rights of the officer. Any officer may resign at any time
by giving written notice to the Company. 

    Section 15.
A vacancy in any office because of death, resignation, removal, disqualification or other cause may, or in the case of a vacancy in the office of Chief Executive
Officer or Chief Financial Officer shall, be filled by the Board of Directors at any time. 

  ARTICLE 4
  INDEMNIFICATION OF DIRECTORS,
  OFFICERS, EMPLOYEES, AND AGENTS        

    Section 1.
The Company shall indemnify any person made or threatened to be made a party to a proceeding by reason of the former or present official capacity of the person
acting for the Company or acting in an official capacity with another entity at the direction or request of the Company to the full extent permitted by the laws of the State of Minnesota. 

    Section 2.
The indemnification provided by this Article shall inure to the benefit of the heirs, executors, administrators, and personal representatives of any person acting in
an official capacity for the Company. 

    Section 3.
The Company may purchase and maintain insurance on behalf of a person in that person's official capacity against any liability asserted against and incurred by the
person in or arising from that capacity, whether or not the Company would be required by law to indemnify the person against the liability. 

  ARTICLE 5
  ISSUANCE AND TRANSFER
  OF CERTIFICATES OF SHARES        

    Section 1.
Every certificate of shares shall be numbered and shall be entered on the books of the Company as it is issued. It shall be signed by the Chairman of the Board, the
Chief Executive Officer, the President or a Vice President and by the Secretary or an Assistant Secretary and shall bear the corporate seal. The foregoing signatures and the corporate seal upon such
certificate may be facsimiles, engraved or printed on such certificate. 

    Section 2.
If a person signs or has a facsimile signature placed upon a certificate while an officer, transfer agent, or registrar of the Company, the certificate may be issued
by the Company, even if the person has ceased to have that capacity before the certificate is issued, with the same effect as if the person had that capacity at the date of its issue. 

    Section 3.
Transfers of shares shall be made on the books of the Company only upon surrender to the Company by the holder of record thereof or his legal representative of a
certificate (if any) for the shares duly endorsed and proper evidence of succession, assignment or authority to transfer, provided that such succession, assignment or transfer is not prohibited by the
Company's Articles of Incorporation, these Bylaws, applicable law or contract. Thereupon, the Company shall issue a new certificate (if requested) to the person entitled thereto, cancel the old
certificate (if any) and record the transaction upon its books. Transfers of fractional shares shall not be made nor shall certificates for fractional shares be issued. 

    Section 4. In case of the loss, destruction, or theft of a certificate of shares, a new certificate (if requested) may be issued in its place upon the submission of
satisfactory proof of such loss, destruction, or theft and a bond of indemnity satisfactory to the Treasurer. 

    Section 5.
The Company shall be entitled to treat the holder of record of any share or shares as the holder in fact thereof and shall not be bound to recognize any equitable or
other claim to or interest in such share on the part of any other person whether or not it shall have express or other notice thereof, save as expressly provided by statute. 

    Section 6.
The Board of Directors shall have authority to appoint one or more registrars or transfer agents for any or all classes of shares of the Company, to make such rules
and regulations as it may deem expedient concerning the issuance, registration, and transfer of such shares, and to remove such registrars or transfer agents, or any of them, and appoint another or
others in its or their stead. A certificate of shares of any class for which one or more registrars or transfer agents shall have been so appointed shall not be valid until countersigned by a
registrar or a transfer agent, or both, as the case may be, which countersignature may be in facsimile form. 

  ARTICLE 6
  SHAREHOLDERS        

    Section 1.
The annual and special meetings of shareholders shall be held at the registered office of the Company, but the Board of Directors may designate some other place
within or without the State of Minnesota for the holding of any such meeting or meetings. Written notice of each meeting of shareholders, stating the time, date and place, and, in case of a special
meeting, the purpose, shall be given by the Secretary to each shareholder entitled to vote at such meeting, not less than ten (10) nor more than sixty (60) days prior to the date of such
meeting. 

    Section 2.
The Chairman of the Board shall preside at all meetings of the shareholders, and in his absence or disability or at his request the Chief Executive Officer shall
preside, and in the absence or disability of both of said officers the President shall preside. 

    Section 3.
The Board of Directors may fix a record date not more than sixty (60) days before the date of a meeting of shareholders as the date for the determination of
shareholders entitled to receive notice of and to vote at any meeting of shareholders, and a record date for the determination of shareholders entitled to receive payments of any dividend or
distribution or allotment of rights or to exercise rights with respect to any change, conversion, or exchange of shares, and may close the books of the Company against the transfer of shares during
the whole or any part of the period so fixed. When a date is so fixed, only the shareholders on that date are entitled to notice and permitted to vote at that meeting of shareholders. 

    Section 4.
The annual meeting of shareholders shall be held on the date and time and at the location designated by the Board of Directors. 

    Section 5.
Special meetings of the shareholders may be called for any purpose or purposes at any time, by the Chairman, the Chief Executive Officer, the Chief Financial
Officer, two or more directors, or a person authorized by Minnesota law, the Articles of Incorporation or these Bylaws to call special meetings. 

    Section 6.
The holders of a majority of the voting power of the shares issued and outstanding and entitled to vote, present in person or by proxy, shall constitute a quorum at
all meetings of shareholders for the transaction of business, except as otherwise provided by statute, by the Articles of Incorporation, or by these Bylaws. In the absence of a quorum, any meeting may
be adjourned from time to time. The shareholders present at a duly called or held meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the
withdrawal of enough shareholders to leave less than a quorum. If any meeting of the shareholders is adjourned to another time or place, no notice of the date, time, and place of such adjourned
meeting need be given other than by announcement at the time of adjournment. 

    Section 7. At each meeting of shareholders every shareholder of record, or his legal representatives, at the date fixed by the Board of Directors for the determination of the
persons entitled to vote at a meeting of shareholders, or, if no date has been so fixed, then at the close of the thirtieth (30th) day preceding the date of the meeting, shall be entitled at such
meeting to one vote for each share standing in his name on the books of the Company and such additional votes for such share as may be provided for by the Articles of Incorporation or in the terms of
the shares. A shareholder may cast his vote in person or by proxy. The appointment of a proxy shall be in writing, by telegraph, cablegram, or any other form of electronic transmission, including
telephonic transmission, whether or not accompanied by written instructions of the shareholder. If it is determined that a telegram, cablegram, or other electronic transmission is valid, the
inspectors of election or, if there are no inspectors, the other persons making that determination, shall specify the information upon which they rely to make that determination. Such appointment
shall be filed with the Secretary or the Company's duly authorized agent at or before the meeting. An appointment of a proxy for shares held jointly by two or more shareholders is valid if signed by
any one of them, unless the Company receives from any one of those
shareholders written notice either denying the authority of that person to appoint a proxy or appointing a different proxy. The vote for directors, and, upon the demand of any shareholder, the vote
upon any question before the meeting, shall be by ballot. All elections shall be had and all questions decided by a plurality vote of the shares present, except where a larger proportion or number is
required by the Articles of Incorporation, these Bylaws, or the laws of the State of Minnesota. 

    Section 8.
In any case where a class or series of shares is entitled by the Articles of Incorporation, the laws of the State of Minnesota, or the terms of the shares to vote as
a class or series, the matter being voted upon must also receive the affirmative vote of the holders of the same proportion of the shares of that class or series as is required pursuant to
Section 7 of this Article. 

    Section 9.
Shares owned by two or more shareholders may be voted by any one of them unless the Company receives written notice from any one of them denying the authority of
that person to vote those shares. 

    Section 10.
Except as otherwise provided in Section 3 of this Article or the laws of the State of Minnesota, the Company shall be entitled to recognize the exclusive
right of a person registered on its books as the owner of shares to receive dividends and to vote as such owner and shall not be bound to recognize any equitable or other claim to or interest in such
share or shares on the part of any other person, whether or not it shall have express or other notice thereof. 

    Section 11.
In advance of any meeting of shareholders, the Chairman of the Board shall appoint one (1) or more inspectors of election, who need not be shareholders, as
to the matters to be submitted to a vote at any such meeting, or any adjournment thereof. The inspectors of election when so appointed shall take charge of all proxies and ballots and shall determine
the number of shares outstanding, the voting power of each, the shares represented at the meeting, and the existence of a quorum. They shall determine all questions relating to the qualifications of
voters, the authenticity, validity, and effect of proxies, and the acceptance or rejection of votes, challenges, and questions arising in any way in connection with the right to vote and the counting
and tabulation of such votes. They shall determine the number of votes cast for any office or for or against any proposal, and shall determine and report the results to the meeting. The inspectors
shall take an oath that they will perform their duties impartially, in good faith, and to the best of their ability and as expeditiously as is practical. If, for any reason, an inspector previously
appointed shall fail to attend or refuse or be unable to serve, the vacancy shall be filled by the Chairman of the Board in advance of convening the meeting, or at the meeting by the person acting as
Chairman. Each report of the inspectors shall be in writing and signed by the inspectors. The report of a majority shall be the report of the inspectors. 

    Section 12.
(a) At any annual meeting or any special meeting of shareholders, only such business shall be conducted, and only such proposals shall be acted upon as shall have
been brought before the meeting (i) by, or at the direction of, the Board of Directors, or (ii) by any shareholder of the Company who complies with the requirements of
Rule 14a-8 under the Securities Exchange Act of 

1934, as amended, or (iii) by any shareholder of the Company who complies with the notice procedures set forth in this Section 12. 

    (b)
For a proposal to be properly brought before an annual or special meeting by a shareholder, the shareholder must have given timely notice thereof in writing to the Secretary of
the Company. To be timely, a shareholder's notice must be delivered to, or mailed and received at, the principal executive offices of the Company not less than forty-five (45) days
or more than ninety (90) days prior to the date on which the company first mailed its proxy materials for the prior year's annual meeting, regardless of any postponements, deferrals or
adjournments of that meeting to a later date, provided that if during the prior year the Company did not hold an annual meting, or if the date of the meeting has changed more than 30 days from
the date of the prior year's meeting, the notice must be received within a reasonable time before the Company mails its proxy materials for the current year and; provided, however, that if less than
thirty (30) days' notice or prior public disclosure of the date by which such shareholder's notice is required is given or made, notice by the shareholder, to be timely, must be so delivered or
received not later than the close of business on the tenth (10th) day following the earlier of the day on which such notice of the date by which such shareholder's notice is required was mailed or the
day on which such public disclosure was made. 

    (c)
A shareholder's notice to the Secretary shall set forth as to each matter the shareholder proposes to bring before the meeting (i) a brief description of the proposal
desired to be brought before the meeting and the reasons for conducting such business at the meeting, (ii) the name and address, as they appear on the Company's books, of the shareholder
proposing such business and any other shareholder known by such shareholder to be supporting such proposal who is the record or beneficial owner (as such term is defined in
Rule 13d-3 or 13d-5 under the Securities Exchange Act of 1934, as amended) of any equity security of the Company, (iii) the class and number of shares of the
Company's equity securities which are beneficially owned (as defined above) and owned of record by the shareholder giving the notice on the date of such shareholder notice and by any other record or
beneficial owners of the Company's equity securities known by such shareholder to be supporting such proposal on the date of such shareholder notice, and (iv) any financial or other interest of
the shareholder in such proposal. 

    (d)
The Chairman of the Board may reject any shareholder proposal not timely made in accordance with the terms of this Section 12. If the Chairman of the Board determines that
the information provided in a shareholder's notice does not satisfy the informational requirements of this Section 12 in any material respect, the Secretary of the Company shall promptly notify
such shareholder of the deficiency in the notice. The shareholder shall have an opportunity to cure the deficiency by providing additional information to the Secretary within such period of time, not
to exceed five (5) days from the date such deficiency notice is given to the shareholder, as the Chairman of the Board shall reasonably determine. If the deficiency is not cured within such
period, or if the Chairman of the Board determines that the additional information provided by the shareholder, together with the information previously provided, does not satisfy the requirements of
this Section 12 in any material respect, then the Chairman of the Board may reject such shareholder's proposal. The Secretary of the Company shall notify a shareholder in writing whether such
person's proposal has been made in accordance with the time and information requirements of this Section 12. Notwithstanding the procedures set forth in this paragraph, if the Chairman of the
Board does not make a determination as to the validity of any shareholder proposal under Section 12(c), the chairman of the annual or special meeting of shareholders shall determine and declare
at the meeting whether the shareholder proposal was made in accordance with the terms of Section 12. If the chairman of such meeting determines that a shareholder
proposal was not made in accordance with the terms of this Section 12, he or she shall so declare at the meeting and any such proposal shall not be acted upon at the meeting. 

    (e)
This provision shall not prevent the consideration and approval or disapproval at any meeting of reports of officers, directors, and committees of the Board of Directors, but, in
connection with such reports, no new business shall be acted upon at such meeting unless stated, filed, and received as herein provided. 

  ARTICLE 7
  FISCAL YEAR        

    Section 1.
The fiscal year of the Company shall begin on the first day of January and terminate on the last day of December in each year. 

  ARTICLE 8
  INTERPRETATION        

    Section 1.
In these Bylaws, unless there shall be something in the subject or context inconsistent therewith: 

    (a)
"Notice" means a notice in writing given by mail to any director, officer, or shareholder by depositing the same in the United States mail, with postage prepaid, and addressed to
such director, officer, or shareholder at his address as the same appears on the books of the Company; and the time of mailing shall be deemed to be the time of the giving of the notice. 

    (b)
"Qualify" means filing with the Secretary a written acceptance, or entering upon the duties, of an office. 

    (c)
"Statute" means any applicable statute of the State of Minnesota. 

    (d)
The specification in these Bylaws of rights, powers, duties, and procedures shall not be deemed to exclude other applicable rights, powers, duties, and procedures provided for by
statute or by the
Articles of Incorporation which are not incorporated herein and which are not inconsistent with these Bylaws. 

    (e)
Words importing the singular number include the plural and vice versa. Words importing males include females, and words importing natural persons include corporations. 

  ARTICLE 9
  AMENDMENTS        

    Section 1.
These Bylaws may be amended by the shareholders or by the Board of Directors as provided by the Articles of Incorporation. 

*
* * * * * * * * * 

QuickLinks

BYLAWS OF XCEL ENERGY INC. (a Minnesota corporation) (as amended October 25, 2000)

ARTICLE 1 NAME, REGISTERED OFFICE, AND CORPORATE SEAL

ARTICLE 2 BOARD OF DIRECTORS

ARTICLE 3 OFFICERS

ARTICLE 4 INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES, AND AGENTS

ARTICLE 5 ISSUANCE AND TRANSFER OF CERTIFICATES OF SHARES

ARTICLE 6 SHAREHOLDERS

ARTICLE 7 FISCAL YEAR

ARTICLE 8 INTERPRETATION

ARTICLE 9 AMENDMENTS

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