Document:

Unassociated Document

Exhibit 10.23

 

XCEL ENERGY INC.

 

AMENDED AND RESTATED

EXECUTIVE ANNUAL DISCRETIONARY AWARD PLAN

 

This Xcel Energy Inc. (the “Company”) Amended and Restated Executive Annual Discretionary Award Plan (the “Plan”) is designed to recognize exceptional individual contributions on the part of selected officers and employees of the Company and its Affiliates to the success of the Company and its Affiliates.  Payments pursuant to the Plan are intended to supplement, to the degree deemed appropriate by the Governance, Compensation and Nominating Committee of the Company’s Board (the “Committee”), payments made under the Company’s Executive Annual Incentive Award Plan (the “EAIAP”) to such officers and employees based on the achievement during any Incentive Period under the EAIAP of performance goals that relate to the business or financial goals of the Company, an Affiliate or a business or functional unit thereof.  Capitalized terms used in this Plan that are not defined in this Plan shall have the same meaning given to them in the EAIAP.

 

Except as provided below, any Participant in the EAIAP for an Incentive Period, including any Covered Employee, shall be eligible for a discretionary bonus payment under this Plan based on a Committee-approved assessment of the Participant’s individual performance during the applicable Incentive Period with respect to factors deemed relevant by the Committee.  The assessment of any Participant’s individual performance during any such Incentive Period shall be expressed in terms of a leadership score between 1.0 and 2.0, approved by the Committee.  The amount of any discretionary bonus payment to a Participant under the Plan shall be determined by multiplying the cash amount determined by the Committee to be payable to the Participant under the EAIAP for the applicable Incentive Period (after application of the Committee’s discretion to decrease the amount so payable under Articles VI and XI of the EAIAP) by the corresponding bonus percentage associated with the Participant’s leadership score, subject to the following requirements:

 

	
  

	
●

	
If, for any reason, the amount of any Participant’s payout under the EAIAP for the applicable Incentive Period is zero, no bonus payment may be made to that Participant for that Incentive Period under this Plan.

 

	
  

	
●

	
For purposes of this Plan, the amount payable to any Participant under the EAIAP for any Incentive Period shall be the amount so payable in cash under the terms of the EAIAP, and shall not include any additional amount payable under the EAIAP by reason of a Participant’s election to receive some or all of the amount payable in the form of Shares or restricted Shares.

 

	
  

	
●

	
If the amount payable to any Participant under the EAIAP for the applicable Incentive Period is determined in whole or in part upon the achievement of any individual performance objectives, or has been the subject of a discretionary increase by the Committee as provided in Article VI of the EAIAP, such Participant shall not be entitled to a discretionary bonus payment for such Incentive Period under the Plan.

 

For purposes of determining the amount of any payment to be made pursuant to this Plan, a leadership score of 1.0 correlates with a bonus percentage of 0%, a leadership score of 2.0 correlates with a bonus percentage of 100%, and leadership scores between 1.0 and 2.0 will correlate on a straight line basis with the applicable bonus percentages.  By way of example, if a Participant receives a leadership score of 1.2, that Participant’s bonus percentage would equal 20%.

 

Payment of any discretionary bonus amount under the Plan shall be made in cash to the applicable Participant no later than the 15th day of the third calendar month following the end of the applicable Incentive Period.  The Company and its Affiliates shall have the right to deduct from all amounts paid to a Participant in cash (whether under this Plan or otherwise) any taxes required by law to be withheld in respect of discretionary bonus payments under this Plan.  Subject to all the terms and conditions of the Company’s Deferred Compensation Plan, a Participant may elect under such Deferred Compensation Plan to defer the receipt of discretionary bonus payments payable hereunder.

 

  

  

  

 

The Plan shall be administered by the Committee, which shall have the sole authority and complete discretion to make rules and regulations relating to the administration of the Plan and to construe and interpret the Plan.  Any interpretations and decisions of the Committee with respect to the Plan shall be final and binding.  The Board shall have the right to amend, alter, discontinue or otherwise modify the Plan from time to time.  Nothing contained in the Plan shall be construed as or be evidence of any contract of employment with any Participant for a term of any length nor shall participation in the Plan in any way be deemed to create any right or entitlement on the part of any Participant to any bonus payment under the Plan, any such payment being at all times subject to the sole and absolute discretion of the Committee.

 

The 2010 Executive Annual Discretionary Award Plan (the “2010 Plan”) became effective on December 16, 2009.  This Amended and Restated Executive Annual Discretionary Award Plan, which amends and restates the 2010 Plan in its entirety, shall be effective December 15, 2010.  The Plan will terminate March 31, 2016.Unassociated Document

Exhibit 10.24

 

XCEL ENERGY INC.

2005 LONG-TERM INCENTIVE PLAN

BONUS STOCK AGREEMENT – 2011 Grant

 

This Agreement, dated and effective _____________, 2011, by and between Xcel Energy Inc., a Minnesota corporation (together with its affiliates and subsidiaries, referred to as “Xcel Energy”) and [participant] (the “Participant”) evidences an award of bonus stock and the applicable terms and conditions of the award.

 

1.             Bonus Stock Awarded. Xcel Energy awards you as a Participant [#] shares of Common Stock of Xcel Energy (the “Bonus Stock”) pursuant to the Xcel Energy Inc. 2005 Long-Term Incentive Plan as amended and restated effective February 17, 2010 (the “Plan”), subject to the terms and conditions of the Plan and this Agreement.

 

2.             Vesting and Issuance of Bonus Stock.

 

	
  

	
(a)

	
The Bonus Stock shall be vested immediately upon the date of grant set forth above.

 

	
  

	
(b)

	
As soon as administratively feasible following the execution of this Agreement, Xcel Energy shall issue, or cause to be issued, the Bonus Stock.  The Participant agrees to execute such further instruments and to take such further actions as the Committee may deem necessary or advisable for purposes of facilitating the enforcement of this Bonus Stock Agreement.

 

	
  

	
(c)

	
Shares of Bonus Stock are to be valued using the Fair Market Value of a share as defined in the Plan.

 

3.             Recoupment.  Xcel Energy may recover any cash or shares of Bonus Stock awarded under this Agreement, or proceeds from the sale of such shares of Bonus Stock, to the extent required by any rule of the SEC or any listing standard of the New York Stock Exchange, including any rule or listing standard requiring recovery of incentive compensation in connection with an accounting restatement due to material noncompliance of Xcel Energy with any financial reporting requirement under the securities laws, which recovery shall be subject to the terms of any policy of Xcel Energy implementing such rule or listing standard; provided that, in any event, Xcel Energy may recover cash or shares of Bonus Stock awarded under this Agreement, or proceeds from the sale of such shares of Bonus Stock, from a Participant who is terminated from Xcel Energy for fraud or misconduct.

 

4.             Withholding. Xcel Energy may require the Participant to remit to it, or may withhold from the award of Bonus Stock 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 shares of Bonus Stock from the award at the rate the Committee determines satisfies applicable withholding requirements of the Code. For this purpose, shares of Bonus Stock are to be valued using the Fair Market Value of a share as defined in the Plan.  If no election is made, the Participant will be deemed to have elected shares of Bonus Stock to be withheld.

 

5.             Plan and Plan Interpretations as Controlling. The Bonus Stock 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 or its designee shall be binding and conclusive upon the Participant or his legal representatives with regard to any question arising hereunder or under the Plan.

 

6.             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.

 

7.             Participant Acceptance. The Participant must accept the terms and conditions of this Agreement by signing in the space provided below and returning a signed copy to Xcel Energy within the time frames specified by the Executive Compensation department.

 

  

  

  

 

8.             Mandatory Binding Arbitration. The Participant agrees that any and all disputes related to an award of Bonus Stock including but not limited to, eligibility, vesting, distribution and payment, withholding, targets, effect of termination of employment or rights related to an amendment or termination of the Plan, will be subject to mandatory binding arbitration in Minneapolis, Minnesota before the American Arbitration Association. Participant agrees that the Participant will be responsible for bearing his or her share of the costs to arbitrate.

 

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

	 	 	 
	 	XCEL ENERGY INC.	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	
Marvin E. McDaniel, Jr. - Vice President of Xcel Energy Services Inc.

	 	 	 	 
	 	 	ACCEPTED:	 

	 	 	 	 
	 	 	Participant Signature and Date

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