SEC Contract Filing

Filing Date: 2024-02-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.18
<SEQUENCE>3
<FILENAME>xcelex1018q42023-annualinc.htm
<DESCRIPTION>EX-10.18
<TEXT>
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<title>Document</title></head><body><div id="id4fb23d7708b426a8ce1404f6947daf2_35"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Exhibit 10.18</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:112%">XCEL ENERGY INC. </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:112%">ANNUAL INCENTIVE PLAN</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Purpose</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The purpose of the Xcel Energy Inc. Annual Incentive Plan (the &#8220;Plan&#8221;) is to advance the interests of Xcel Energy Inc. and its shareholders by promoting the Company&#8217;s pay for performance philosophy, attracting and retaining key employees of the Company and its subsidiaries, and stimulating the efforts of such employees toward the continued success and growth of the Company&#8217;s business.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Definitions</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> When the following terms are used with capital letters in this Plan, they will have the meanings indicated below. Any other capitalized terms used herein but not defined below shall have the same meaning as given to the term in the Xcel Energy Inc. 2024 Equity Incentive Plan (the &#8220;Equity Plan&#8221;) or any successor plan. </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)&#160;&#160;&#160;&#160;&#8220;Award&#8221; means an incentive award, denominated in cash, granted under Section 4 of the Plan that is payable to a Participant pursuant to the terms of the Plan. </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;&#8220;Board&#8221; means the Board of Directors of the Company. </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(c)&#160;&#160;&#160;&#160;&#8220;Change in Control&#8221; means a Change in Control as defined in the Equity Plan, except that for purposes of Section 7 of this Plan, no Change in Control will be deemed to occur unless the event would also constitute a change in ownership or effective control of, or a change in the ownership of a substantial portion of the assets of, the Company under Code Section 409A.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(d)&#160;&#160;&#160;&#160;&#8220;Code&#8221; means the Internal Revenue Code of 1986, as amended.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(e)&#160;&#160;&#160;&#160;&#8220;Committee&#8221; means the Governance, Compensation and Nominating Committee of the Board or such other committee as may be designated by the Board to administer the Plan. </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(f)&#160;&#160;&#160;&#160;&#8220;Company&#8221; means Xcel Energy Inc., a Minnesota corporation, or any successor thereto. </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(g)&#160;&#160;&#160;&#160;&#8220;Employee&#8221; means any employee of the Company or any of its subsidiaries. </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(h)&#160;&#160;&#160;&#160;&#8220;Participant&#8221; means an Employee designated by the Committee to participate in the Plan as provided in Section 4.1. Designation by the Committee as a Participant for a specific Performance Period or series of Performance Periods does not confer on the Participant the right to participate in the Plan for any other Performance Periods. </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(i)&#160;&#160;&#160;&#160;&#8220;Payment Date&#8221; means the date following the conclusion of a particular Perfo