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

Rhea-AI Filing Summary

MGE Energy Inc. director Lynnwood Wray reported receiving a grant of 1,039 restricted stock units. These RSUs were awarded at no cash cost to the director.

The RSUs convert into an equal number of MGE Energy common shares when they vest on December 31, 2026. At vesting, the director may choose to receive the award in stock or elect to take up to 25% of the value in cash, with the remainder in shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Wray Noble Lynnwood

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^*

Wray Noble Lynnwood

(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/ Noble L. Wray	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 Lynnwood Wray?

MGE Energy reported that director Lynnwood Wray received 1,039 restricted stock units as a grant. These RSUs were awarded at no cash cost and will convert into common shares when they vest, providing equity-based compensation tied to future company performance.

How many restricted stock units did Lynnwood Wray receive from MGE Energy (MGEE)?

Director Lynnwood Wray received 1,039 restricted stock units from MGE Energy. Each RSU represents the right to receive one share of common stock upon vesting, creating a direct alignment between the director’s compensation and the company’s future share value.

When do Lynnwood Wray’s MGE Energy (MGEE) RSUs vest?

Lynnwood Wray’s restricted stock units vest on December 31, 2026. On that date, the RSUs convert to common stock on a one-to-one basis, turning the deferred equity award into actual share ownership subject to the director’s payout election choices.

What payout options does Lynnwood Wray have for the MGE Energy (MGEE) RSUs?

Upon vesting, Lynnwood Wray can elect to receive the RSUs entirely in stock or take up to 25% of the value in cash. The remainder would be settled in MGE Energy common shares, giving flexibility in how the compensation is realized.

Do the MGE Energy (MGEE) RSUs convert to common stock on a one-to-one basis?

Yes, each restricted stock unit converts into one share of MGE Energy common stock at vesting. This one-to-one conversion directly links the director’s award value to the company’s share price when the RSUs vest on December 31, 2026.

Is Lynnwood Wray’s MGE Energy (MGEE) RSU grant a purchase or a grant award?

The transaction is a grant or award acquisition, not an open-market purchase. The Form 4 classifies it under transaction code “A,” meaning the director received the 1,039 restricted stock units as part of compensation rather than buying them for cash.