MGE Energy director granted 1,039 RSUs

MGE Energy Inc. director Daniel James Kelly reported an award of 1,039 restricted stock units.

Rhea-AI Filing Summary

MGE Energy Inc. director Daniel James Kelly reported an award of 1,039 restricted stock units. These RSUs were granted at no cash cost and will convert into MGE Energy common stock on a one-to-one basis when they vest.

The RSUs vest on December 31, 2026. At settlement, Kelly can elect to receive shares or choose to have 25% of the value paid in cash, with the remainder in stock. After this award, his directly held RSU balance is 1,039 units.

Insider Trade Summary

Grant/Award: 1,039 shares

Grant/Award 1 txn

Insider Kelly Daniel James

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 MGE Energy (MGEE) director Daniel James Kelly report?

Daniel James Kelly reported receiving 1,039 restricted stock units as an equity award. These RSUs were granted at a price of $0.0000 per unit and represent a form of stock-based compensation linked directly to MGE Energy’s common stock.

What are the key terms of the 1,039 RSUs granted to MGEE director Kelly?

Kelly’s 1,039 restricted stock units convert into MGE Energy common stock on a one-to-one basis when vested. The units were granted at no cash cost and function as a deferred equity incentive tied to the company’s future share value performance.

When do Daniel James Kelly’s MGE Energy (MGEE) restricted stock units vest?

The restricted stock units granted to Kelly vest on December 31, 2026. Vesting means the award becomes earned and eligible for settlement into MGE Energy common stock or partial cash, aligning the director’s compensation with the company’s long-term performance.

How can the RSUs granted to MGEE director Kelly be settled at vesting?

Upon vesting, Kelly can elect to receive settlement primarily in MGE Energy common stock, with the option to take 25% of the value in cash. This flexibility allows a mix of equity ownership and limited cash liquidity from the same award.

How many restricted stock units does MGEE director Kelly hold after this award?

After the reported grant, Kelly directly holds 1,039 restricted stock units. This total reflects the newly awarded RSUs and represents his current balance of unvested equity units linked one-to-one to future MGE Energy common shares upon vesting and settlement.

Does the RSU grant to MGEE director Kelly involve any open-market stock purchase or sale?

No, the transaction reflects a grant or award acquisition of 1,039 restricted stock units, not an open-market trade. The units were issued at a stated price of $0.0000 per unit as part of stock-based compensation, rather than being bought or sold in the market.

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

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Accepted by SEC EDGAR 03/03/2026 - 12:24 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
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^*

Kelly Daniel James

(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/ Daniel J. Kelly	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.