MGE Energy director granted 1,039 RSUs

Ackerman Patricia K reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Ackerman Patricia K reported acquisition or exercise transactions in this Form 4 filing.

MGE Energy director Patricia K. Ackerman received an equity grant in the form of restricted stock units. She was awarded 1,039 RSUs on this Form 4 date at no purchase price. Each unit is convertible into one share of MGE Energy common stock when it vests.

The RSUs are scheduled to vest on December 31, 2026. At vesting, Ackerman can elect to receive settlement in stock, with the option to take up to 25% of the award in cash instead.

Insider Trade Summary

Grant/Award: 1,039 shares

Grant/Award 1 txn

Insider Ackerman Patricia K

Role Director

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

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

Footnotes (2)

1. F1. Represents restricted stock units (RSUs) which are converted to common stock on a one-to-one basis when vested.
2. F2. The RSUs vest on December 31, 2026. The reporting person can elect stock or has the option to be paid out 25% in cash.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did MGEE director Patricia Ackerman report on this Form 4?

Patricia K. Ackerman reported receiving a grant of 1,039 restricted stock units. These RSUs are a form of equity compensation that convert into MGE Energy common shares when vested, aligning her interests more closely with long-term shareholder value.

How many restricted stock units did Patricia Ackerman acquire in the latest MGEE filing?

She acquired 1,039 restricted stock units as reported in the Form 4. Each RSU represents a contingent right to receive one share of MGE Energy common stock, subject to vesting conditions and her settlement elections at the vesting date.

When do Patricia Ackerman’s MGEE restricted stock units vest?

The restricted stock units vest on December 31, 2026. Vesting means the units become payable in stock or partly in cash, giving the director actual value and ownership exposure tied to MGE Energy’s share price at that time.

What can Patricia Ackerman elect to receive when her MGEE RSUs vest?

Upon vesting, she can elect to receive the award in MGE Energy stock, with the option to be paid out 25% in cash. This flexibility lets her partially monetize the grant while still receiving most of the value in shares.

How are the MGEE restricted stock units reported by Patricia Ackerman settled?

Each RSU converts into one share of MGE Energy common stock upon vesting. The filing notes she may choose stock settlement and has the option to take up to 25% of the value in cash instead of stock at vesting.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/03/2026 - 12:12 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
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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^*

Ackerman Patricia K

(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/ Patricia K. Ackerman	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.