XCEL ENERGY INC
EX-10.01 STOCK EQUIVALENT PLAN
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<TYPE>EX-10.01
<SEQUENCE>4
<FILENAME>c78734exv10w01.htm
<DESCRIPTION>EX-10.01 STOCK EQUIVALENT PLAN
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<P align="right"><FONT size="2"><B>Exhibit&nbsp;10.01</B>
</FONT>

<P align="center"><FONT size="2"><B>STOCK EQUIVALENT PLAN<BR>
FOR NON-EMPLOYEE DIRECTORS OF<BR>
XCEL ENERGY INC.</B>
</FONT>

<P align="center"><FONT size="2">(As Amended and Restated Effective January&nbsp;1, 2001)
</FONT>
<P align="center"><FONT size="2"><B>ARTICLE I</B>
</FONT>

<P align="center"><FONT size="2"><B>PURPOSE, DEFINITIONS AND GENERAL PROVISIONS</B>
</FONT>

<P align="left"><FONT size="2">1.1. <B>Purpose</B>. The purposes of this Plan are: (a)&nbsp;to cause a portion of the
compensation of each non-employee director of Xcel Energy Inc. (&#147;Xcel&#148;) to be
paid in equivalents of common stock of the Company; and (b)&nbsp;to permit each
director to defer receipt of all or a portion of his/her retainer, board or
committee meeting fees.
</FONT>
<P align="left"><FONT size="2">1.2. <B>Definitions</B>.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Award</B>&#148; shall mean the amount, expressed either in dollars of
Compensation or in Stock Equivalents, that will be credited to a
Participant on an Award Date. The term &#147;Award&#148; includes Conversion
Awards, Deferral Awards and Discretionary Awards.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Award Date</B>&#148; shall mean the date an Award is to be credited
to a Participant.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Board</B>&#148; shall mean the Board of Directors of the Company.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Beneficiary</B>&#148; shall mean the person or persons (including,
without limitation, the trustees of any testamentary or inter vivos
trust,) designated from time to time in writing by a Participant to
receive payments under the Plan after the death of such Participant,
or, in the absence of any such designation or in the event that such
designated persons or person shall predecease such Participant, or
shall not be in existence or shall otherwise be unable to receive
such payments, the person or persons designated under such
Director&#146;s last will and testament or, in the absence of such
designation, to the Participant&#146;s estate.</FONT></TD>
</TR>
</TABLE>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Committee</B>&#148; shall mean those management members of the
Company, namely the Chairman of the Board, President, Chief
Financial Officer and Corporate Secretary, who administer the Plan,
provided all such persons are not eligible to participate in the
Plan. All decisions by the Committee shall be by simple majority
and the decisions will be final.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Company</B>&#148; shall mean Xcel Energy Inc., a Minnesota
corporation, and any successor thereof.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Compensation</B>&#148; shall mean payments which the Director
receives from the Company for services as a member of its Board of
Directors. Such payments may include directors&#146; retainers, board
meeting fees and committee meeting fees, but shall exclude direct
reimbursement of expenses.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Conversion Award</B>&#148; shall mean a one-time Award made to a
Director in lieu of benefits earned by that Director under the Xcel
Energy Inc. Retirement Plan for Non-Employee Directors, pursuant to
an election described in Section&nbsp;1.5 hereof.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Deferral Award</B>&#148; shall mean an Award made pursuant to a
deferral election described in Section&nbsp;1.4 hereof.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Director</B>&#148; shall mean any member of the Board of Directors of
the Company who is not an employee of the Company.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(k)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Discretionary Award</B>&#148; shall mean an Award made at the sole
discretion of the Board pursuant to Section&nbsp;1.3 of this Plan.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(l)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Xcel Stock</B>&#148; shall mean the common stock of the Company, par
value $2.50 per share.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(m)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Participant</B>&#148; shall mean any Director who receives an Award.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(n)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Plan</B>&#148; shall mean the Stock Equivalent Plan for Non-Employee
Directors of the Company, as from time to time amended and in
effect.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(o)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Stock Account</B>&#148; shall mean the account to which Awards are
credited in the name of a Participant as described in Section&nbsp;2.2 of
this Plan.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(p)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Stock Equivalents</B>&#148; shall mean the units, representing a like
number of shares of Xcel Stock, that are credited to a Director&#146;s
Stock Account under Sections&nbsp;2.1 and 2.2 of this Plan.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">2</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(q)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">"<B>Termination of Service</B>&#148; shall mean the termination (by
death, retirement or otherwise) of a Participant&#146;s service as a
Director of the Company.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">1.3. <B>Discretionary Awards</B>. The amount and number of Discretionary Awards that
may be granted under this Plan is subject to the sole discretion of the Board
and shall be determined in the sole discretion of the Board. Each Award shall
contain such terms, restrictions and conditions as the Board may determine that
are not inconsistent with this Plan. Discretionary Awards shall be made in
Stock Equivalents or as a dollar amount, as determined in the sole discretion
of the Board.
</FONT>
<P align="left"><FONT size="2">1.4. <B>Deferral Awards</B>. In accordance with this Section, a Director may elect to
receive Deferral Awards in lieu of all or a portion of his/her Compensation by
filing with the Secretary of the Company an election in writing on a form
approved by the Committee. Deferral Awards shall be made as of the date such
Compensation would have been paid, in a dollar amount equal to the amount of
Compensation the Director has elected to defer. A deferral election with
respect to Compensation for a calendar year must be made prior to the beginning
of that calendar year. In the case of an individual who becomes a Director
after the first day of the calendar year, a deferral election must be made
within 30&nbsp;days of the date such individual becomes a director. A deferral
election shall continue in effect until the Director&#146;s Termination of Service
or, if the Director provides the Secretary of the Company with earlier written
notice to discontinue the deferral election, at the end of the calendar year in
which such written notice is received by the Secretary.
</FONT>
<P align="left"><FONT size="2">1.5. <B>Conversion Awards</B>. In lieu of all benefits otherwise payable under the
Xcel Energy Inc. Retirement Plan for Non-Employee Directors (&#147;Retirement
Plan&#148;), any Director elected to the Board prior to October&nbsp;1, 1997 and serving
on the Board during the last quarter of 1997 may make a one-time election to
receive a Conversion Award under this Plan in a dollar amount equal to the sum
of the quarterly retainer payments the Director would have been entitled to
receive under the Retirement Plan if the Director&#146;s service on the Board ended
December&nbsp;31, 1997. Any such election must be made in writing on a form
approved by the Committee for that purpose, and shall be irrevocable. Any such
election will not be effective unless it is received by the Corporate Secretary
on or before December&nbsp;31, 1997, and prior to termination of
the Director&#146;s service on the Board. The Award Date for a Conversion Award
under this Plan in satisfaction of a Director&#146;s conversion election shall be
January&nbsp;1, 1998.
</FONT>
<P align="center"><FONT size="2">3</FONT>
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<P align="center"><FONT size="2"><B>ARTICLE II</B>
</FONT>

<P align="center"><FONT size="2"><B>TREATMENT OF AWARDS</B>
</FONT>

<P align="left"><FONT size="2">2.1. <B>Stock Accounts</B>. The Company shall establish on its books a Stock Account
in the name of each Participant accurately to reflect the Company&#146;s liability
to each Participant who has received an Award. To this Stock Account shall be
credited Awards plus other items as described hereafter. Payments to a
Participant or Beneficiary following Termination of Service shall be debited to
the Stock Account. In addition, debits and credits to the Stock Account shall
be made in the manner provided hereafter. Despite the maintenance of such
Stock Account for each Participant, the Company&#146;s obligation to make
distributions under the Plan shall be made from the Company&#146;s general assets
and property. The Company may, in its sole discretion, establish a separate
fund or account to make payment to a Participant or Beneficiary hereunder.
Whether the Company, in its sole discretion, does establish such a fund or
account, no Participant or Beneficiary or any person shall have, under any
circumstances, any interest whatever in any particular property or assets of
the Company by virtue of this Plan.
</FONT>
<P align="left"><FONT size="2">2.2. <B>Crediting of Awards</B>. Awards in the form of Stock Equivalents shall be
credited to a Participant&#146;s Stock Account. Awards in dollars shall also be
credited to a Participant&#146;s Stock Account by converting the dollar amount of
the Award into Stock Equivalents equal to the number of shares of Xcel Stock,
to three decimal places, that could be purchased on the Award Date with the
dollar amount of such Award, at a price per share equal to the arithmetical
mean of the highest and lowest quoted selling prices on the New York Stock
Exchange Composite Tape for such day. If there are no sales on that day, such
mean on the next preceding day on which there are such sales shall be used.
</FONT>
<P align="left"><FONT size="2">2.3 <B>Crediting of Dividends/Stock Splits</B>.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;On each date on which a dividend in cash or property is distributed by
the Company on shares of issued and outstanding Xcel Stock, the Stock Account
of a Participant shall be credited with Stock Equivalents as follows: (i)&nbsp;the
dollar amount of the fair market value of the cash or property so distributed
per share of issued and outstanding Xcel Stock shall be multiplied by the
number of Stock Equivalents (including fractions) in the Participant&#146;s Stock
Account on the record date for such
distribution; (ii)&nbsp;this dollar amount shall then be converted into Stock
Equivalents equal to the number of shares of Xcel Stock, to three decimal
places, that could be purchased on the payment date for such distribution by
dividing such dollar amount by a price per share equal to the arithmetical mean
of the highest and lowest quoted selling prices on the New York Stock Exchange
Composite Tape for such date, or, if there are no sales on that date, such mean
on the next preceding day on which there are such sales shall be used.

</FONT>

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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;On each date on which a stock dividend or stock split is distributed
with respect to shares of Xcel Stock, a Participant&#146;s Stock Account shall be
credited with the number of Stock Equivalents equal to the product of (x)&nbsp;the
number of shares which would have been distributed per share of issued and
outstanding Xcel Stock and (y)&nbsp;the number of Stock Equivalents (including
fractions) in the Participant&#146;s Stock Account on the record date for such
distribution.

</FONT>

<P align="left"><FONT size="2">2.4 <B>Conversion of Stock Equivalents</B>. If the Company shall be a party to any
consolidation or merger or share exchange and, in connection with such
transaction, all or part of the outstanding shares of Xcel Stock shall be
changed into or exchanged for stock or other securities of any other entity or
the Company or cash or any other property, on the day immediately preceding the
effective date of such transaction, the Stock Equivalents in a Participant&#146;s
Stock Account shall be converted into the appropriate number of stock
equivalents of such other entity.
</FONT>
<P align="left"><FONT size="2">2.5. <B>Time of Payment of Awards</B>.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as provided in Section&nbsp;2.7, Awards shall not be payable to a
Participant prior to the Participant&#146;s Termination of Service.

</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon Termination of Service, the portion of a Participant&#146;s aggregate
account balance in his/her Stock Account that is attributable to any Conversion
Award and to any other Award credited to the Stock Account prior to December
31, 1997 shall be paid in a single distribution of Xcel Stock to the
Participant (or, in the event of the Participant&#146;s death, his/her beneficiary)
within 90&nbsp;days after the date of Termination of Service.

</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Except as provided in subsections (d)&nbsp;and (e)&nbsp;below, the remainder of
a Participant&#146;s Stock Account shall be paid in the manner selected by the
Participant from the distribution alternatives established by the Committee. A
Participant may only make one distribution election. For a Participant elected
to the Board prior to October&nbsp;1, 1997, the distribution election shall be made
prior to January&nbsp;1, 1998. For
a Participant elected to the Board after October&nbsp;1, 1997, the distribution
election shall be made within 60&nbsp;days of his/her election to the Board. The
distribution election must be made in writing on a form approved by the
Committee. Once made, the distribution election shall be irrevocable. A
Participant&#146;s distribution election shall apply only to the portion of the
Participant&#146;s Stock Account that is attributable to Discretionary Awards
credited to the Participant&#146;s Stock Account after the date on which the
distribution election is made and to Deferral Awards attributable entirely to
Compensation earned after the date of the election.

</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any portion of a Participant&#146;s Stock Account for which no distribution
election has been made shall be paid in a single distribution of Xcel Stock to
the Participant (or, in the event of the Participant&#146;s death, his/her
beneficiary) within 90&nbsp;days after the date of Termination of Service.

</FONT>

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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Notwithstanding any of the preceding provisions of this Section&nbsp;2.5,
any Participant whose Stock Account includes a portion that is attributable to
a Conversion Award may make a one-time irrevocable election no later than March
31, 2001, to have such portion paid in the manner elected by the Participant
from among the available optional forms approved by the Committee, provided
such election is made in writing on a form approved by the Committee that is
received by the Corporate Secretary no later than March&nbsp;31, 2001, and provided
further, that such election shall be void and have no effect if the
Participant&#146;s Termination of Service occurs prior to April&nbsp;1, 2002.
Notwithstanding any election made by a Participant, in the event of a
Participant&#146;s death prior to payment in full of a Participant&#146;s Stock Account,
the entire remaining balance in the Participant&#146;s Account shall be paid in a
single distribution to the Participant&#146;s Beneficiary.

</FONT>

<P align="left"><FONT size="2">2.6. <B>Form of Payment</B>. Awards shall be payable to a Participant only as a
distribution of whole shares of Xcel Stock equal to the number of whole Stock
Equivalents credited to the Participant&#146;s Stock Account, and cash for any
partial Stock Equivalents. The shares of Xcel Stock to be used for
distribution under this plan shall be shares purchased on the open market. In
converting a Participant&#146;s partial Stock Equivalents in his/her Stock Account
into cash for payment purposes, such conversion shall be based on the then
current market value of the partial shares of Xcel Stock reflected in his/her
Stock Account. For purposes of the preceding sentence, market value shall be
the arithmetical mean between the highest and lowest quoted selling prices for
Xcel Stock on the New York Stock Exchange Composite Tape on the date
immediately preceding the payment date. If there are no sales on that day,
then such mean on the next preceding day on which there are such sales shall be
used. Upon request, the Company will reimburse a Participant for any
expenses actually incurred by the Participant for the sale of shares
distributed to the Participant under this Plan, provided such request and sale
occur within one year after the Participant receives the distribution.
</FONT>
<P align="left"><FONT size="2">2.7. <B>Acceleration of Payments</B>. In the event of a Participant&#146;s disability, the
Committee, within its sole discretion, is empowered to accelerate the payment
of such Participant&#146;s Stock Account balance to such Participant prior to
Termination of Service.
</FONT>
<P align="center"><FONT size="2">6</FONT>
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<P align="center"><FONT size="2"><B>ARTICLE III</B>
</FONT>

<P align="center"><FONT size="2"><B>OTHER PROVISIONS</B>
</FONT>

<P align="left"><FONT size="2">3.1. <B>Amendment or Termination</B>. The Board of Directors may amend or terminate
this Plan at any time; provided, however, that no amendment or termination
shall adversely affect any prior Awards or rights under this Plan, and provided
further that no amendment may be made to the last sentence of Section&nbsp;3.5
hereof.
</FONT>
<P align="left"><FONT size="2">3.2. <B>Expenses</B>. The expenses of administering the Plan shall be borne by the
Company, and shall not be charged against any Participant&#146;s Awards.
</FONT>
<P align="left"><FONT size="2">3.3. <B>Applicable Law</B>. The provisions of the Plan shall be construed,
administered and enforced according to the laws of the State of Minnesota.
</FONT>
<P align="left"><FONT size="2">3.4. <B>No Trust</B>. No action by the Company, the Board or the Committee under this
Plan shall be construed as creating a trust, escrow or other secured or
segregated fund or other fiduciary relationship of any kind in favor of any
Participant, Beneficiary, or any other persons otherwise entitled to Awards.
The status of the Participant and Beneficiary with respect to any liabilities
assumed by the Company hereunder shall be solely those of unsecured creditors
of the Company. Any asset acquired or held by the Company in connection with
liabilities assumed by it hereunder, shall not be deemed to be held under any
trust, escrow or other secured or segregated fund or other fiduciary
relationship of any kind for the benefit of the Participant or Beneficiary or
to be security for the performance of the obligations of the Company, but shall
be, and remain, a general, unpledged, unrestricted asset of the Company at all
times subject to the claims of general creditors of the Company.
</FONT>
<P align="left"><FONT size="2">3.5. <B>No Assignability and Successors</B>. Neither the Participant nor any other
person shall acquire any right to or interest in any amount awarded to the
Participant,
otherwise than by actual payment in accordance with the provisions of this
Plan, or have any power, voluntarily or involuntarily, to transfer, assign,
anticipate, pledge, mortgage or otherwise encumber, alienate or transfer any
rights hereunder in advance of any of the payments to be made pursuant to this
Plan or any portion thereof. The obligations of the Company hereunder shall be
binding upon any and all successors and assigns of the Company.
</FONT>
<P align="left"><FONT size="2">3.6. <B>Withholding</B>. The Company shall comply with all federal and state laws and
regulations with respect to the withholding, deposit and payment of any income
taxes relating to the payment of Awards under this Plan.
</FONT>
<P align="left"><FONT size="2">3.7. <B>No Impact on Directorship</B>. This Plan shall not be construed to confer any
right on the part of a Participant to be or remain a Director or to receive
any, or any particular rate of, Compensation.
</FONT>
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<P align="left"><FONT size="2">3.8. <B>Interpretations</B>. The Committee shall administer this Plan and shall have
discretionary authority to construe and interpret the terms of this Plan, and
to establish such rules and procedures for implementing the Plan as it deems
necessary or advisable. Interpretations of, and determinations related to,
this Plan made by the Committee in good faith, including any determinations or
calculations of Awards or Stock Account balances, shall be conclusive and
binding upon all parties; and the Company and the members of the Committee
shall not incur any liability to a Participant for any such interpretation or
determination so made or for any other action taken by it in connection with
this Plan.
</FONT>
<P align="left"><FONT size="2">3.9. <B>Shareholder Rights</B>. Directors shall not be deemed for any purpose to be
or have rights as shareholders of the Company with respect to any Stock
Equivalents credited to a Stock Account, until and unless a certificate for
Xcel Stock is issued upon distribution hereunder.
</FONT>
<P align="left"><FONT size="2">3.10. <B>Securities Laws</B>. Xcel Stock shall not be distributed to a Participant
upon distribution of his/her Stock Account unless the issuance complies with
all relevant provisions of law, including without limitation, (i)&nbsp;securities
laws of Minnesota or any other appropriate state, (ii)&nbsp;restrictions, if any,
imposed by the Securities Act of 1933 and the Securities Exchange Act of 1934
and rules and regulations promulgated thereunder by the Securities &#038; Exchange
Commission (&#147;SEC&#148;), (iii)&nbsp;rules of any stock exchange on which shares of Xcel
Stock are listed, and (iv)&nbsp;until the sale of such Xcel Stock has been
registered with the SEC.
</FONT>
<P align="center"><FONT size="2">8</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">3.11. <B>Effective Date</B>. This Plan was first established and effective on April
23, 1996. This amended and restated Plan is effective as of January&nbsp;1, 2001.
Except as otherwise specifically provided, payments to a Director whose service
as a Director ends prior to January&nbsp;1, 2001, shall be determined under the
terms of the Plan as in effect when his/her service as a Director terminated
(and not under the terms of this amended and restated Plan).
</FONT>
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<TD>&nbsp;</TD>
    <TD valign="top"><FONT size="2">XCEL ENERGY INC</FONT></TD>
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<TD>&nbsp;</TD>
    <TD valign="top"><FONT size="2">/s/ James J. Howard<BR>
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James J. Howard<BR>
Chairman of the Board</FONT></TD>
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<P align="center"><FONT size="2">9</FONT>




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