MGE Energy (MGEE) VP granted 1,116 restricted stock units in Form 4

Rhea-AI Filing Summary

MGE Energy vice president Scott Robert Smith received a stock-based compensation grant. On the reported date, he acquired 1,116 shares of common stock as a grant or award at no cash cost to him.

The award consists of restricted stock units that convert into common shares on a one-to-one basis when they vest on December 31, 2028. Following this grant and related dividend reinvestment adjustments, his directly held common stock holdings total 4,410.6954 shares.

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

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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^*

Smith Scott Robert

(Last) (First) (Middle)

623 RAILROAD 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP Business and Reg. Strategy

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
Common Stock	03/02/2026		A		1,116(1)	A	$0	4,410.6954(2)	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. 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, 2028.

2. Includes adjustments for accrued dividends pursuant to dividend reinvestment and exempt from Sec 16 under Rule 16a-11

	/s/ Scott Robert Smith	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 did MGE Energy (MGEE) executive Scott Robert Smith report in this Form 4?

Scott Robert Smith reported receiving a grant of 1,116 shares of MGE Energy common stock as restricted stock units. These RSUs are part of his compensation and increase his directly held position to 4,410.6954 shares after the award and related adjustments.

Was the MGE Energy (MGEE) Form 4 transaction a purchase or a grant?

The Form 4 shows a grant or award acquisition, not an open-market purchase. Transaction code "A" indicates the shares were awarded as compensation, with a reported price of $0.00 per share rather than bought on the market.

When do Scott Robert Smith’s MGE Energy (MGEE) restricted stock units vest?

The restricted stock units vest on December 31, 2028. At vesting, each RSU converts into one share of MGE Energy common stock, which can increase his directly owned share count if the units are still outstanding at that time.

How many MGE Energy (MGEE) shares does Scott Robert Smith own after this Form 4 grant?

After the reported grant and dividend-related adjustments, Scott Robert Smith directly holds 4,410.6954 shares of MGE Energy common stock. This total includes the newly awarded restricted stock units once they are reflected as common shares upon vesting.

What does the dividend reinvestment footnote mean in the MGE Energy (MGEE) Form 4?

The footnote explains that the share total includes adjustments for accrued dividends reinvested under a plan exempt from Section 16 rules. These reinvested dividends slightly increase the reported ownership over time without separate open-market purchase transactions.