This excerpt taken from the XEL 10-K filed Feb 27, 2009.



8.1                                 Employment Status.  This Policy does not constitute a contract of employment or impose on the Participant or the Participant’s Employer any obligation to retain the Participant as an Employee, to change the status of the Participant’s employment, or to change the Corporation’s policies or those of its Subsidiaries regarding termination of employment.


8.2                                 Claim Procedure.  If an Employee or former Employee makes a written request alleging a right to receive benefits under this Policy or alleging a right to receive an adjustment in benefits being paid under the Policy, the Corporation shall treat it as a claim for benefit.  All claims for benefit under the Policy shall be sent to the Human Resources Department of the Corporation and must be received within 30 days after termination of employment or, if earlier, within 30 days after the date as of which the alleged right to receive benefits arises.  If the Corporation determines that any individual who has claimed a right to receive benefits, or different benefits, under the Policy is not entitled to receive all or any part of the benefits claimed, it will inform the claimant in writing of its determination and the reasons therefor in terms calculated to be understood by the claimant.  The notice will be sent within 90 days of the claim unless the Corporation determines additional time, not exceeding 90 days, is needed.  The notice shall make specific reference to the pertinent Policy provisions on which the denial is based, and describe any additional material or information is necessary.  Such notice shall, in addition, inform the claimant what procedure the claimant should follow to take advantage of the review procedures set forth below in the event the claimant desires to contest the denial of the claim, including a statement of the right to bring a civil suit under Section 502(a) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  The claimant may within 60 days thereafter submit in writing to the Corporation a notice that the claimant contests the denial of his or her claim by the Corporation and desires a further review.  The notice may include comments,




documents, records and other information relating to the claim.  The claimant shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim for benefits.  The review will take into account all comments, documents, records and other information submitted relating to the claim, without regard to whether such information was submitted or considered in the initial determination.  The Corporation will render its final decision with specific reasons therefor in writing and will transmit it to the claimant within 60 days of the written request for review, unless the Corporation determines additional time, not exceeding 60 days, is needed, and so notifies the Participant.  In the case of an adverse benefit determination, the decision shall set forth, in a manner calculated to be understood by the claimant, the specific reasons for the adverse determination, reference to the specific Policy provisions on which the determination is based, a statement that the claimant is entitled to receive upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits, and a statement of the claimant’s right to bring an action under Section 502(a) of ERISA.


8.3                                 Validity and Severability.  The invalidity or unenforceability of any provision of the Policy shall not affect the validity or enforceability of any other provision of the Policy, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.


8.4                                 Governing Law.  The validity, interpretation, construction and performance of the Policy shall in all respects be governed by the laws of Minnesota, without reference to principles of conflict of law, except to the extent pre-empted by federal law. To the extent applicable, the Plan sponsor intends the Policy to comply with Section 409A of the Code.


8.5                                 Withholding.  The Corporation or other applicable Employer may withhold from any and all amounts payable under this Policy all federal, state, local and foreign taxes that may be required to be withheld by applicable laws or regulations.





Xcel Energy Inc.









Richard C. Kelly



Chairman and CEO




This excerpt taken from the XEL DEF 14A filed Apr 11, 2005.

The Committee may authorize the creation of trusts or other arrangements to meet the payment obligations created under the Plan; provided, however, that, unless the Committee otherwise determines, the existence of such trusts or other arrangements is consistent with the “unfunded” status of the Plan. The Plan shall be governed by and construed in accordance with the laws of the State of Minnesota.

The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business and/or assets of the Company expressly to assume and agree to perform this Plan in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This Plan shall be binding upon and inure to the benefit of the Company and any successor to the Company, including without limitation any persons acquiring directly or indirectly all or substantially all of the business and/or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor shall thereafter be deemed to “Company” for the purposes of this Plan), and the heirs, executors and administrators of each Participant.

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