Document:

EXHIBIT 10.29

 

XCEL ENERGY INC.

EXECUTIVE ANNUAL INCENTIVE AWARD PLAN

FORM OF RESTRICTED STOCK AGREEMENT

 

This Agreement, dated and
effective <<date>>, by and between Xcel Energy Inc., a Minnesota
corporation (“Xcel Energy”) and <<Name>> (the “Participant”)
evidences an award of restricted stock and the applicable terms and conditions
of the award.

 

1.                                       Shares Awarded.  Xcel Energy awards the Participant
<<share number>> shares of Common Stock of Xcel Energy (the “Shares”)
pursuant to the Xcel Energy Inc. Executive Annual Incentive Award Plan (the “Plan”),
upon the terms and conditions of the Plan and this Agreement.  The Plan as currently in effect is
incorporated by reference and the Participant acknowledges the receipt of a
copy thereof.

 

2.                                       Restrictions
on Transfer and Restricted Periods.

 

(a)                                  During
the respective periods hereinafter described (the “Restricted Periods”), the
Shares may not be sold, assigned, transferred, pledged, or otherwise encumbered
by the Participant, except as hereinafter provided.

 

(b)                                 The
restrictions described above shall commence on the date of this Agreement (the “Commencement
Date”) and, except as provided in paragraph 2(c) or paragraph 3, shall
terminate with respect to one-third of the Shares on <<date>>;
one-third of the Shares on <<date>> and with respect to the
remaining Shares on <<date>> or the next available trading date, if
the designated date is not a trading date.

 

(c)                                  Shares
will vest and be available upon the expiration of the applicable Restricted
Period or, if earlier, upon a Change in Control as defined in the Plan.  The Committee of the Board of Directors
designated as the Plan administrator (the “Committee”) shall have the
authority, in its discretion, to accelerate the lapse of restrictions whenever
the Committee determines that such action is appropriate by reason of changes
in applicable tax or other laws, or other changes in circumstances occurring
after the commencement of the Restricted Periods.

 

3.                                       Termination
of Service.  If the Participant
ceases to maintain an active employment relationship with Xcel Energy and its
affiliates as defined in the Plan for any reason other than permanent and total
disability (for purposes of this Plan disability is defined as qualification
for long term disability benefits under a company sponsored plan), death or
retirement (for purposes of this Plan retirement is defined as voluntary
termination on or after the attainment of age 55), all shares which are subject
to the restrictions imposed by paragraph 2 shall be forfeited and returned to
Xcel Energy; provided, however, that if the Participant ceases employment by
reason of permanent and total disability, death or retirement, the restrictions
shall lapse.

 

 

4.                                       Certificates
for Shares.  If no election is
filed under Section 83(b) of the Internal Revenue Code of 1986, or any
amendment or substitute therefor (“Code”) for immediate taxation, Xcel Energy
shall hold the Shares in its custody on behalf of the Participant in a
segregated account with a nominee name. 
As restrictions are released, the Shares will be automatically
transferred to the account of the Participant in Xcel Energy’s Dividend
Reinvestment and Stock Purchase Plan.

 

If the
Participant makes an election under Code Section 83(b) on or before
<<date>>, to accept immediate taxation of the Shares, which
election form shall be delivered to Xcel Energy in care of the Director, Total
Compensation, Xcel Energy shall cause certificates to be issued from the
nominee account in the name of the Participant for the number of whole shares
in the Participant’s account and shall hold such certificates for the
Participant until expiration of the Restricted Period.  Any fractional share shall be retained in the
Participant’s account.  Such certificates
shall bear the following legend prior to the expiration of the Restricted
Period applicable thereto:

 

“The transferability of this certificate and the
shares of stock represented hereby are subject to the terms and conditions
(including forfeiture) contained in the Xcel Energy Inc. Executive Annual
Incentive Award Plan and an Agreement entered into between the registered owner
and Xcel Energy Inc., a Minnesota corporation. 
Copies of such Plan and Agreement are on file in the Human Resources
Department, Xcel Energy Inc., 414 Nicollet Mall, Minneapolis, Minnesota.”

 

Simultaneously
with the execution of this Agreement or at any time requested by Xcel Energy,
the Participant will execute a stock power endorsed in blank and promptly
deliver such stock power to Xcel Energy with respect to restricted Shares and
Shares purchased with dividends thereon. 
Xcel Energy may condition the issuance or delivery of restricted Shares
upon receipt of such stock power.

 

5.                                       Participant’s
Rights.  Except as otherwise
provided herein, Participant shall have all the rights of a stockholder,
including, but not limited to, the right to vote all of the Shares.  Dividends payable on Shares shall be
reinvested in additional shares of Common Stock which Xcel Energy at its discretion
may purchase through Xcel Energy’s Dividend Reinvestment and Stock Purchase
Plan for the account of the Participant at the same time as dividends are
reinvested under said Dividend Reinvestment Plan for the participants in that
Plan. Any additional shares of Common Stock purchased by reinvested dividends
shall be subject to the same Restricted Periods as the original Shares awarded
and deemed to be Shares for purpose of this Agreement

 

2

 

6.                                       Expiration
of Restricted Period.  Upon the
expiration of the Restricted Period with respect to any Shares or lapse of
restrictions for any other reason as provided in this Agreement, Xcel Energy
shall cause the Shares released from restriction to be transferred to the
account of the Participant in Xcel Energy’s Dividend Reinvestment and Stock
Purchase Plan.  If the Participant dies
before the restrictions lapse, and unless the Participant has directed
otherwise in writing delivered to the Xcel Energy Compensation Department, the
certificates in respect of such restricted Shares shall be reissued and
delivered to the Participant’s legal spouse, otherwise to the estate free of
the restrictions referred to in paragraph 2 above and without the legend
provided for in paragraph 4 above.

 

7.                                       Changes
in Capitalization of Xcel Energy. 
If there is any change in the outstanding shares of Common Stock by
reason of a stock dividend or distribution, stock split-up, recapitalization,
combination or exchange of shares, or by reason of merger, consolidation, or
other corporate reorganization, any additional shares of Common Stock or other
securities received, with respect to Shares subject to the restrictions
contained in paragraph 2 above, shall be subject to such restrictions and the
certificate or other instruments representing or evidencing such shares or
securities shall be legended and deposited with Xcel Energy in the manner
provided in paragraph 4 above.

 

8.                                       General
Restrictions.  Each Award granted
pursuant to the Plan shall be subject to the requirement that if, in the
opinion of the Committee:

 

(a)                                  the
listing, registration, or qualification of any shares of Common Stock related
thereto upon any securities exchange or pursuant to any state or federal law;

 

(b)                                 the
consent or approval of any regulatory body; or

 

(c)                                  an
agreement by the recipient with respect to the disposition of any such shares
of Common Stock;

 

is necessary or desirable
as a condition of the issuance or sale of such shares of Common Stock, such
Award shall not be consummated unless and until such listing, registration,
qualification, consent, approval, or agreement is affected or obtained in form
satisfactory to the Committee.

 

9.                                       Withholding.  Xcel Energy may require the Participant to
remit to it, or may withhold from the Award or from the Participant’s other
compensation, an amount sufficient to satisfy any applicable federal, state,
local tax, employment, FICA or other mandated withholding requirements in
regard to the Award in the year or years the Award becomes taxable to the
Participant.  Participant may elect to
satisfy the withholding requirement, in whole or in part, by tendering shares
of previously acquired Common Stock (either by the delivery of share
certificates or by attestations) or by having Xcel Energy withhold Shares from
the Award at the rate the Committee determines satisfies the applicable
withholding requirements of the Code.  If
no election is made, Shares will be withheld.

 

3

 

10.                                 Plan
and Plan Interpretations as Controlling.  The Shares hereby awarded and the terms and
conditions herein set forth are subject in all respects to the terms and
conditions of the Plan, which are controlling. 
All determinations and interpretations of the Committee shall be binding
and conclusive upon the Participant or his legal representatives with regard to
any question arising hereunder or under the Plan.

 

11.                                 Participant
Service.  Nothing in this
Agreement shall limit the right of Xcel Energy or any of its subsidiaries to
terminate the Participant’s service as an officer or employee, or otherwise
impose upon Xcel Energy or any of its subsidiaries any obligation to employ or
accept the services of the Participant.

 

12.                                 Participant
Acceptance.  The Participant
shall signify acceptance of the terms and conditions of this Agreement by
signing in the space provided below and returning a signed copy to Xcel Energy.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Restricted Stock Agreement
to be executed as of the date first above written.

 

 

	
   

  	
  XCEL ENERGY INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Cynthia L.
  Lesher

  
	
   

  	
   

  	
  Chief
  Administrative and Chief HR Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ACCEPTED:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  <<Name>>

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date

  
					

 

4EXHIBIT
10.30

 

XCEL ENERGY INC.

OMNIBUS INCENTIVE PLAN

 FORM OF RESTRICTED STOCK UNIT AGREEMENT

 

This Agreement, dated and effective <<date>>, by and
between Xcel Energy Inc., a Minnesota corporation (“Xcel Energy”) and «First» «MI»«Last» (the “Participant”) evidences an
award of restricted stock units and the applicable terms and conditions of the
award.

 

1.                                       Units Awarded. Xcel Energy awards
the Participant «GRANTED» restricted
units of Common Stock of Xcel Energy (the “Units”) pursuant to the Xcel Energy
Inc. Omnibus Incentive Plan (the “Plan”), upon the terms and conditions of the
Plan and this Agreement.  The Plan as
currently in effect is incorporated by reference and the Participant
acknowledges the receipt of a copy thereof.

 

2.                                       Restrictions
on Transfer; Restricted Periods.

 

(a)                                  During the
restricted period hereinafter described (unless designated otherwise, referred
to collectively as the “Restricted Period” for both Earnings and
Environmental), the Units may not be sold, assigned, transferred, pledged, or
otherwise encumbered by the Participant, except as hereinafter provided.

 

(b)                                 The Restricted Period shall commence on
the date of this Agreement (the “Commencement Date”) and, except as otherwise
provided in this Agreement, will expire in full on the Earnings Settlement Date
and/or Environmental Settlement Date (as defined in Section 6).

 

(c)                                  The
Governance, Compensation and Nominating Committee of the Board of Directors are
designated as the Plan administrator (the “Committee”).  The Committee, however, has delegated certain
administrative duties to the Compensation department of Xcel Energy.

 

(d)                                 The
Committee shall have the authority to determine, at any time during the
Restricted Period, due to capitalization requirements of Xcel Energy or other factors,
that the Units be converted to equivalent shares of Restricted Stock containing
similar restrictions on transfer.

 

3.                                       Termination of Service. If your
employment with Xcel Energy and its subsidiaries terminates for any reason,
other than as provided below in this Section 3, prior to the Settlement
Date, all Units shall be forfeited on the date of your termination.  If , however, The Committee determines in its
sole discretion that your employment with Xcel Energy and its subsidiaries
terminates for the following reasons:

 

(i)                                     at
a time when you are eligible for retirement under any defined benefit pension
plan of Xcel Energy and its subsidiaries in which you participate at the time
of your termination;

(ii)           due
to death or permanent and total disability; or

(iii)          involuntarily
other than for cause;

 

you will continue to participate in the Plan per the terms and
conditions set forth in this Agreement.

 

 

4.                                       Accounting
for Units. Each Unit, representing a hypothetical share of Common
Stock, is designed to approximate and track the fair market value price of one
share of Xcel Energy Common Stock.  Each
Unit is intended to represent an unfunded, unsecured promise to pay, and is
designed to remain among Xcel Energy’s general assets.

 

5.                                       Participant’s
Rights. Except as otherwise provided herein, Participant shall have
none of the rights of a stockholder, including the right to vote any or all of
the Units.  An amount representing
dividends payable on shares of Common Stock equal in number to the Units held
by the Participant on a dividend record date shall be deemed reinvested in
Common Stock and credited as additional Units as of dividend payment date. Any
additional Units will be subject to the terms and restrictions defined in this
Agreement.

 

6.                                       Settlement of Units.

 

(a)                                  Awarded
Units plus Units attributed to earned dividend equivalents shall be settled,
and the Restricted Period shall lapse (the “Settlement Date”) immediately after
the average of actual performance results (adjusted for actual megawatt hours)
for the three components of the Environmental Index measured as a percent of
target performance meets or exceeds 100%. 
The Environmental Index will be measured annually at the end of each
fiscal year.  However, in no event will
the performance goal be measured or the Settlement Date occur earlier than December 31,
2006.  Notwithstanding the above, if the
Settlement Date has not occurred within four years of the date of this
Agreement, the Settlement Date will not occur and all Units shall be forfeited.

 

(b)                                 As soon as
administratively feasible following the Settlement Date and certification in
writing by the Committee as to the number of Units to which the Participant is
entitled and that the performance goal has been satisfied, but in not event
later than two and a half months after the end of the calendar year in which
the Settlement Date occurs, Xcel Energy shall cause to be paid to the
Participant an equivalent number of shares of Common Stock with a cash
component representing fractional shares. Alternatively, at the discretion of
the Committee, Units may be paid to Participants in cash. If the Participant
dies prior to the payment, and under Section 6(a) above or Section d
below would otherwise be entitled to receive payment of an award, the Units shall
be paid in cash to the Participant’s designated beneficiary (if under the Plan
the Participant has designated a beneficiary in writing delivered to the Xcel
Energy Compensation department) or if no beneficiary is designated, to the
Participant’s estate.

 

(d)                                 For purposes of this Agreement, the
Environmental Index is based on megawatt hours of xx,xxx,xxx and the following
targets:

 

	
   

  	
   

  	
  NOx (lbs/MWh)

  	
   

  	
  SO2 (lbs/MWh)

  	
   

  	
  CO2 (lbs/MWh)

  	
   

  
	
  Target

  	
   

  	
  x.x

  	
   

  	
  x.x

  	
   

  	
  x,xxx

  	
   

  

 

7.                                       Changes
in Capitalization of Xcel Energy. 
If there is any change in the outstanding Common Stock by reason of a
stock dividend or distribution, stock split, capital reorganization,
reclassification, combination or exchange of shares, or by reason of merger,
consolidation, or other corporate reorganization, the Committee shall determine
the appropriate adjustment to Participant’s Units, if any, needed to reflect
such change.

 

8.                                       General
Restrictions.  In the event a
Change in Control occurs, as defined in the Plan, the Restricted Period shall
lapse and all outstanding Units shall be paid to Participants as soon 

 

2

 

as administratively feasible following determination of the Change in
Control, but in no event later than two and a half months after the end of the
calendar year in which the Change in Control occurs, according to the terms of
the Plan.

 

9.                                       Withholding.
Xcel Energy may require the Participant to remit to it, or may withhold from
the award or from the Participant’s other compensation, an amount sufficient to
satisfy any applicable federal, state, local tax, employment, FICA or other
mandated withholding requirements in regard to the award in the year or years
the award becomes taxable to the Participant. Participant may elect in
accordance with the Plan to satisfy the withholding requirement, in whole or in
part, by having Xcel Energy withhold Units from the award at the rate the
Committee determines satisfies applicable withholding requirements.  If no election is made, Units will be withheld.

 

10.                                 Plan
and Plan Interpretations as Controlling. The Units hereby awarded and
the terms and conditions herein set forth are subject in all respects to the
terms and conditions of the Plan, which are controlling. All determinations and
interpretations of the Committee shall be binding and conclusive upon the
Participant or his legal representatives with regard to any question arising
hereunder or under the Plan.

 

11.                                 Participant
Service. Nothing in this Agreement shall limit the right of Xcel Energy
or any of its subsidiaries to terminate the Participant’s service as an officer
or employee, or otherwise impose upon Xcel Energy or any of its subsidiaries
any obligation to employ or accept the services of the Participant.

 

12.                                 Participant
Acceptance. The Participant shall signify acceptance of the terms and
conditions of this Agreement by signing in the space provided below and
returning a signed copy to Xcel Energy.

 

IN WITNESS WHEREOF, the parties hereto have
caused this Restricted Stock Unit Agreement to be executed as of the date first
above written.

 

	
   

  	
  XCEL ENERGY INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Cynthia L. Lesher

  
	
   

  	
   

  	
  Chief Administrative Officer and Chief HR
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ACCEPTED:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  «First» «MI» «Last»

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
   

  
					

 

3

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