This excerpt taken from the XEL DEF 14A filed Apr 18, 2007.
Stock Options. The Company has not granted stock options since December 2001. The CEO and other NEOs received stock option grants from the Company or its predecessors. The grant price for the majority of these stock options were above the market price of the Companys shares as of December 31, 2006.
This excerpt taken from the XEL DEF 14A filed Apr 11, 2005.
Stock Options. The Omnibus Plan provides that the Compensation Committee can determine the participants to whom options shall be granted, the number of shares to be covered by each option, the option price therefor and the conditions and limitations applicable to the exercise of each option. The Compensation Committee can grant incentive stock options, nonqualified stock options or both. The option exercise price set by the Compensation Committee must be at least 100% of the fair market value of the common stock on the date of the grant. The option exercise price may be paid in cash or, if permitted by the Compensation Committee, by the surrender or delivery of shares of common stock of the Company owned by the participant, or any combination of the foregoing. In addition, at the request of the participant, and subject to applicable laws and regulations, the Company may (but is not required to) cooperate in a broker-assisted cashless exercise of the option. Under no circumstance, however, may a participant be allowed to exercise his or her option by use of a cashless exercise method if the cashless exercise method would result in a violation of the securities laws. The Company may not, under any circumstances, lend money to any participant to obtain the cash necessary to exercise all or any portion of an option. No option granted under the Omnibus Plan may be exercisable after ten years from the date of grant.