CFO at MGE Energy (NASDAQ: MGEE) gains EVP role and 25k RSUs

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

MGE Energy, Inc. and Madison Gas and Electric Company reported a leadership and compensation change. On April 17, 2026, their boards promoted Jared Bushek from Vice President – Chief Financial Officer and Treasurer to Executive Vice President – Chief Financial Officer and Treasurer, effective May 1, 2026.

In connection with this promotion, Bushek received a one-time retention grant of 25,000 restricted stock units of MGE Energy common stock under the 2021 Long-Term Incentive Plan. The award cliff vests on the fifth anniversary of the grant date, with certain accelerated vesting protections on death, disability, or qualifying termination after a change in control.

8-K Event Classification

2 items: 5.02, 9.01

2 items

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Board decision date: April 17, 2026 Promotion effective date: May 1, 2026 Retention RSUs granted: 25,000 RSUs +3 more

6 metrics

Board decision date April 17, 2026 Date boards approved Jared Bushek’s promotion

Promotion effective date May 1, 2026 When Bushek becomes Executive Vice President – CFO and Treasurer

Retention RSUs granted 25,000 RSUs One-time restricted stock unit award tied to promotion

Vesting schedule 5 years Cliff vesting on fifth anniversary of grant date

Change-in-control protection window 24 months Period after change in control during which certain terminations accelerate vesting

Report signature date April 21, 2026 Date the 8-K was signed by the Chief Accounting Officer

Key Terms

restricted stock units, cliff vest, change in control, Long-Term Incentive Plan, +1 more

5 terms

restricted stock units financial

"a one-time retention award in the form of restricted stock units under MGE Energy’s 2021 Long-Term Incentive Plan"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

cliff vest financial

"the retention award is scheduled to cliff vest on the fifth anniversary of the grant date"

A cliff vest is a schedule for stock options or restricted shares where no ownership rights are earned until a fixed date, after which a set portion becomes fully owned all at once — like a probation period that suddenly unlocks pay. Investors watch cliff vests because they influence when insiders can sell shares, affect staff retention and dilution timing, and help predict short-term changes in a company’s shareholder makeup.

change in control financial

"resignation for good reason within 24 months following a change in control of MGE Energy"

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

Long-Term Incentive Plan financial

"restricted stock units under MGE Energy’s 2021 Long-Term Incentive Plan with respect to 25,000 shares"

A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.

Executive Vice President – Chief Financial Officer and Treasurer financial

"to the position of Executive Vice President – Chief Financial Officer and Treasurer of both MGE Energy and MGE"

Understanding 8-K Material Events →

04/21/2026 - 04:45 PM


		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
	FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
		April 17, 2026 Date of report (date of earliest event reported)
Commission File No.		Name of Registrant, State of Incorporation, Address of Principal Executive Offices, and Telephone No.	IRS Employer Identification No.
000-49965		MGE Energy, Inc. (a Wisconsin Corporation) 133 South Blair Street Madison, Wisconsin 53788 (608) 252-7000 \| mgeenergy.com	39-2040501
000-1125		Madison Gas and Electric Company (a Wisconsin Corporation) 133 South Blair Street Madison, Wisconsin 53788 (608) 252-7000 \| mge.com	39-0444025

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $1 Par Value Per Share	MGEE	The NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

MGE Energy, Inc. ☐ Madison Gas and Electric Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

MGE Energy, Inc. ☐ Madison Gas and Electric Company ☐

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 17, 2026, the Boards of Directors of MGE Energy, Inc. (“MGE Energy”) and Madison Gas and Electric Company (“MGE”) promoted Jared Bushek, the Vice President – Chief Financial Officer and Treasurer of both MGE Energy and MGE, to the position of Executive Vice President – Chief Financial Officer and Treasurer of both MGE Energy and MGE, effective as of May 1, 2026. In connection with his promotion, Mr. Bushek was granted a one-time retention award in the form of restricted stock units under MGE Energy’s 2021 Long-Term Incentive Plan with respect to 25,000 shares of MGE Energy’s common stock. To support retention of Mr. Bushek, the retention award is scheduled to cliff vest on the fifth anniversary of the grant date, subject to Mr. Bushek’s continued employment through such date, subject to earlier vesting in the event of Mr. Bushek’s death, disability or termination without cause or resignation for good reason within 24 months following a change in control of MGE Energy.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.		Description
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.


	MGE Energy, Inc. Madison Gas and Electric Company
	(Registrants)



Date: April 21, 2026	/s/ Jenny L. Lagerwall
	Jenny L. Lagerwall Assistant Vice President - Accounting and Controller (Chief Accounting Officer)

Source: View Original Filing on SEC EDGAR

FAQ

What leadership change did MGE Energy (MGEE) announce in this 8-K?

MGE Energy and Madison Gas and Electric promoted Jared Bushek to Executive Vice President – Chief Financial Officer and Treasurer, effective May 1, 2026. He previously served as Vice President – Chief Financial Officer and Treasurer for both companies, so this reflects an expanded executive role and title.

What retention award did MGE Energy (MGEE) grant to Jared Bushek?

In connection with his promotion, Jared Bushek received a one-time retention award of 25,000 restricted stock units of MGE Energy common stock. The grant was made under MGE Energy’s 2021 Long-Term Incentive Plan, linking his compensation more closely to long-term shareholder value.

How do the 25,000 RSUs for the MGEE executive vest?

The 25,000 restricted stock units are scheduled to cliff vest on the fifth anniversary of the grant date, assuming Jared Bushek remains employed through that date. Cliff vesting means none of the units vest gradually; they vest all at once at the end of the period.

Under what circumstances can the MGEE CFO’s RSUs vest early?

The RSUs may vest earlier if Jared Bushek dies, becomes disabled, or is terminated without cause, or resigns for good reason within 24 months following a change in control of MGE Energy. These provisions are designed to protect the executive in certain adverse events.

Which incentive plan governs the MGEE executive’s retention stock award?

The retention award for Jared Bushek was granted under MGE Energy’s 2021 Long-Term Incentive Plan. This plan authorizes equity-based compensation such as restricted stock units, aligning executives’ interests with shareholders through long-term stock-based incentives and performance-linked retention structures.

Filing Exhibits & Attachments

1 document