MGE Energy (MGEE) director receives 1,039 restricted stock units in equity grant

Rhea-AI Filing Summary

MGE Energy Inc. director Gary J. Wolter reported an equity award of 1,039 restricted stock units (RSUs). These RSUs were granted on March 2, 2026 at no stated purchase price and increase his directly held RSU balance to 1,039 units.

The footnotes explain that each RSU converts into one share of MGE Energy common stock when it vests. The RSUs are scheduled to vest on December 31, 2026, at which time Wolter can elect to receive the award in stock or choose to be paid 25% of the value in cash.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider WOLTER GARY J

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	1,039	$0.00	--

Holdings After Transaction: Restricted Stock Units — 1,039 shares (Direct)

Footnotes (1)

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, 2026. The reporting person can elect stock or has the option to be paid out 25% in cash.

Form 4 Insider Transactions: What Each Field Means →

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^*

WOLTER GARY J

(Last) (First) (Middle)

133 S BLAIR 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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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

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
Restricted Stock Units	(1)	03/02/2026		A		1,039(1)		(2)	(2)	common stock	1,039	$0	1,039	D

Explanation of Responses:

1. Represents restricted stock units (RSUs) which are converted to common stock on a one-to-one basis when vested.

2. The RSUs vest on December 31, 2026. The reporting person can elect stock or has the option to be paid out 25% in cash.

	/s/ Gary J. Wolter	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.

FAQ

What insider transaction did MGE Energy (MGEE) director Gary J. Wolter report?

Gary J. Wolter reported receiving 1,039 restricted stock units as an equity award. These RSUs were granted at no stated purchase price and represent additional compensation linked to MGE Energy’s common stock, rather than an open-market stock purchase or sale.

What are the terms of the 1,039 restricted stock units granted at MGE Energy (MGEE)?

The 1,039 restricted stock units convert into MGE Energy common stock on a one-to-one basis upon vesting. The units represent a stock-based compensation award rather than a cash bonus, aligning the director’s interests with long-term shareholder value.

When do Gary J. Wolter’s MGE Energy (MGEE) restricted stock units vest?

The restricted stock units granted to Gary J. Wolter vest on December 31, 2026. Vesting is the date when the units convert into a right to receive common shares or, in part, cash, subject to the award’s payout election terms.

Can the MGE Energy (MGEE) director receive cash instead of all stock for these RSUs?

Yes, the director can elect payout terms at vesting. According to the disclosure, he may receive the award in stock or choose an option to be paid out 25% of the value in cash, with the remainder delivered in shares.

How many MGE Energy (MGEE) restricted stock units does Gary J. Wolter own after this grant?

After the March 2, 2026 award, Gary J. Wolter holds 1,039 restricted stock units directly. This total reflects the newly granted RSUs and represents his current outstanding balance of this derivative equity-based compensation.