MGEE VP receives 1,716-share stock unit award

MGE Energy Inc vice president and general counsel Cari Anne Renlund reported an equity award of 1,716 shares of common stock in the form of restricted stock units at a stated price of $0 per share.

Rhea-AI Filing Summary

MGE Energy Inc vice president and general counsel Cari Anne Renlund reported an equity award of 1,716 shares of common stock in the form of restricted stock units at a stated price of $0 per share. These RSUs convert to common stock on a one-to-one basis when they vest on December 31, 2028, bringing her directly held total to 7,035.5459 shares, including adjustments for accrued dividends through dividend reinvestment.

Insider Trade Summary

Grant/Award: 1,716 shares

Grant/Award 1 txn

Insider Renlund Cari Anne

Role VP General Counsel & Sec.

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,716	$0.00	$0.00

Holdings After Transaction: Common Stock — 7,035.5459 shares (Direct)

Footnotes (2)

1. F1. Represents restricted stock units (RSUs) which are converted to common stock on a one-to-one basis when vested. The RSUs vest on December 31, 2028.
2. F2. Includes adjustments for accrued dividends pursuant to dividend reinvestment and exempt from Sec 16 under Rule 16a-11

FAQ

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What insider transaction did MGEE executive Cari Anne Renlund report on this Form 4?

Cari Anne Renlund reported an acquisition of 1,716 shares of MGE Energy common stock through a restricted stock unit award. The units were granted at a stated price of $0 per share as part of her equity compensation, rather than an open-market stock purchase.

How do the 1,716 MGEE restricted stock units reported by Cari Anne Renlund work?

The 1,716 units are restricted stock units that each convert into one share of MGE Energy common stock when they vest. According to the disclosure, these RSUs vest on December 31, 2028, at which point the underlying common shares are delivered to the reporting person.

What is Cari Anne Renlund’s total reported MGE Energy share ownership after this award?

After the restricted stock unit grant, Cari Anne Renlund is reported as directly owning 7,035.5459 shares of MGE Energy common stock. This figure includes adjustments for accrued dividends that were reinvested, which are described as exempt from Section 16 under Rule 16a-11.

Did Cari Anne Renlund buy MGEE shares on the open market in this filing?

No, the Form 4 shows a grant or award acquisition rather than an open-market purchase. The transaction code is “A,” indicating a grant, and the reported price per share is $0, consistent with equity compensation rather than a cash-funded stock purchase.

When will the reported MGEE restricted stock units for Cari Anne Renlund vest?

The restricted stock units granted to Cari Anne Renlund will vest on December 31, 2028. At that time, each RSU converts into one share of MGE Energy common stock, increasing her directly held share count, subject to any applicable company vesting and service conditions.

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Accepted by SEC EDGAR 03/03/2026 - 04:19 PM EST Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Renlund Cari Anne

(Last) (First) (Middle)

623 RAILROAD STREET

PO BOX 1231

(Street)

MADISON WI 53701-1231

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MGE ENERGY INC [ MGEE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP General Counsel & Sec.

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/02/2026		A		1,716(1)	A	$0	7,035.5459(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted stock units (RSUs) which are converted to common stock on a one-to-one basis when vested. The RSUs vest on December 31, 2028.

2. Includes adjustments for accrued dividends pursuant to dividend reinvestment and exempt from Sec 16 under Rule 16a-11

	/s/ Cari Anne Renlund	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.