MGE Energy (MGEE) director Angela Rieger awarded 1,039 restricted stock units

Rhea-AI Filing Summary

MGE Energy Inc. director Angela S. Rieger received a grant of 1,039 restricted stock units. These RSUs were awarded at a price of $0.00 per unit and convert into common stock on a one-to-one basis when they vest. The RSUs vest on December 31, 2026, and the reporting person can elect to receive the award in stock or choose to be paid out 25% in cash. Following this grant, her reported direct holdings in these RSUs total 1,039 units.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Rieger Angela S.

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^*

Rieger Angela S.

(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/ Angela S. Rieger	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) report for Angela S. Rieger?

MGE Energy reported that director Angela S. Rieger received a grant of 1,039 restricted stock units. These RSUs were awarded at no cost and represent a form of equity-based compensation tied to the company’s common stock, subject to future vesting conditions.

How many restricted stock units did Angela S. Rieger acquire in the latest MGEE Form 4?

Angela S. Rieger acquired 1,039 restricted stock units in this transaction. After this grant, her reported direct holdings of these RSUs total 1,039 units, reflecting a new equity award rather than an open-market purchase or sale of MGE Energy common shares.

When do Angela S. Rieger’s MGE Energy restricted stock units vest?

The restricted stock units granted to Angela S. Rieger vest on December 31, 2026. At vesting, each unit converts into one share of MGE Energy common stock, subject to her election on settlement terms, including a partial cash payout option specified in the award.

What is the conversion rate of Angela S. Rieger’s MGEE restricted stock units?

Each of Angela S. Rieger’s restricted stock units converts into one share of MGE Energy common stock when vested. This one-to-one conversion rate directly links the value of the RSUs to the underlying common shares as of the vesting and settlement date.

Does Angela S. Rieger have a cash payout option for her MGEE restricted stock units?

Yes. For this award, Angela S. Rieger can elect to receive the vested value primarily in stock, with the option to be paid out 25% in cash. This structure provides a mix of equity compensation and limited cash flexibility at settlement.

Did Angela S. Rieger buy or sell MGEE common stock in this Form 4 filing?

No open-market buy or sell occurred; this Form 4 reports an acquisition of restricted stock units as a grant or award. The transaction code “A” denotes a grant, meaning she received equity-based compensation rather than trading existing MGE Energy shares.