Xcel Energy Non-Employee Director Compensation Practices Update (2005)
This document outlines the updated compensation practices for non-employee directors of Xcel Energy, as approved by the board of directors on August 24, 2005. Effective after September 1, 2005, non-employee directors will receive an increased award of stock equivalent units valued at $64,000, along with specified annual retainers and meeting attendance fees. The agreement details the compensation structure, including additional retainers for committee chairs, and applies to directors following the 2006 annual meeting of shareholders.
Exhibit 10.01
Compensation Practices for Xcel Energy Non-Employee Directors
On August 24, 2005, the Xcel Energy board of directors passed a resolution authorizing an increase in a component of the non-employee director compensation. On the first business day following the 2006 annual meeting of shareholders, each non-employee director will receive an award of stock equivalent units under the Stock Equivalent Plan for Non-Employee Directors of Xcel Energy (as approved by shareholders on May 20, 2004) representing $64,000 in cash value. Following the change, compensation practices for non-employee directors of Xcel Energy is outlined in the following table:
|
| Prior to |
| After |
| |||
Annual Director Retainer |
| $ | 35,000 |
| $ | 35,000 |
| |
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 |
| |
Stock Equivalent Units |
| $ | 52,800 |
| $ | 64,000 |
| |