James G. Berbee Increases Direct Stake in MGE Energy to 6,329.305 Shares

Rhea-AI Filing Summary

James G. Berbee, a director of MGE Energy Inc. (MGEE), reported a purchase of 506.6875 shares of the company's common stock on 08/15/2025 at a price of $83.83 per share. After the transaction, Mr. Berbee beneficially owns 6,329.305 shares, held directly. The filing notes that the reported amount includes adjustments for accrued dividends pursuant to dividend reinvestment and that those shares are exempt from Section 16 under Rule 16a-11. The form was signed by Mr. Berbee on 08/18/2025.

Positive

• Director purchase reported, showing insider acquisition rather than disposition
• Clear disclosure of dividend reinvestment adjustments and direct ownership

Negative

• None.

Insights

Securities Analyst

TL;DR: Director purchased a modest number of shares at $83.83, increasing direct stake to 6,329.305 shares.

The reported open-market purchase of 506.6875 shares at $83.83 is a routine Section 16 disclosure by a director. The size of the purchase is small relative to typical director holdings and the filing clarifies that dividend reinvestment adjustments are included, indicating part of the share count arises from the company's dividend reinvestment program. No derivative transactions or other material changes were reported.

Corporate Governance Expert

TL;DR: Transaction is a standard insider purchase disclosure with direct ownership; no governance red flags disclosed.

This Form 4 documents a direct acquisition by an insider who is a director. The filing follows reporting requirements and includes signature and explanatory note on dividend reinvestment. There are no indications of related-party arrangements, option exercises, dispositions, or other atypical governance events in this filing.

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^*

Berbee James G

(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)
08/15/2025

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	08/15/2025		P		506.6875	A	$83.83	6,329.305(1)	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. Includes adjustments for accrued dividends pursuant to dividend reinvestment and exempt from Sec 16 under Rule 16a-11

	/s/ James G. Berbee	08/18/2025
	** 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 transaction did James G. Berbee report for MGEE?

He reported purchasing 506.6875 shares of MGE Energy common stock on 08/15/2025 at $83.83 per share.

How many MGEE shares does James G. Berbee beneficially own after the Form 4 transaction?

He beneficially owns 6,329.305 shares following the reported transaction.

What is the reporting person's relationship to MGEE?

The reporting person, James G. Berbee, is listed as a Director of MGE Energy Inc.

Does the Form 4 mention dividend reinvestment for MGEE shares?

Yes. The filing states the total includes adjustments for accrued dividends pursuant to the dividend reinvestment program and those shares are exempt under Rule 16a-11.

When was the Form 4 signed?

The form was signed by James G. Berbee on 08/18/2025.