MGE Energy officer receives 688 RSU share award

MGE Energy Inc reported that officer Jenny Lynn Lagerwall, AVP – Accounting & Controller (CAO), received an equity award in the form of 688 restricted stock units (RSUs) of common stock.

Rhea-AI Filing Summary

MGE Energy Inc reported that officer Jenny Lynn Lagerwall, AVP – Accounting & Controller (CAO), received an equity award in the form of 688 restricted stock units (RSUs) of common stock. These RSUs convert into common shares on a one-to-one basis when they vest on December 31, 2028.

Following this grant, Lagerwall’s directly held common stock and RSU-based holdings total 1,992.0624 shares, including adjustments for accrued dividends through dividend reinvestment that are exempt from Section 16 under Rule 16a-11. The award was recorded at a price of $0.0000 per share, reflecting a non-cash grant rather than an open-market purchase.

Insider Trade Summary

Grant/Award: 688 shares

Grant/Award 1 txn

Insider Lagerwall Jenny Lynn

Role AVP - Acctg & Controller (CAO)

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	688	$0.00	$0.00

Holdings After Transaction: Common Stock — 1,992.0624 shares (Direct)

Footnotes (2)

1. F1. 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. F2. Includes adjustments for accrued dividends pursuant to dividend reinvestment and exempt from Sec 16 under Rule 16a-11

FAQ

What insider transaction did MGE Energy (MGEE) report for Jenny Lynn Lagerwall?

MGE Energy reported that officer Jenny Lynn Lagerwall received a grant of 688 restricted stock units. These RSUs represent a stock-based compensation award and will convert into common shares on a one-to-one basis when they vest on December 31, 2028.

How many MGE Energy (MGEE) shares does Jenny Lynn Lagerwall hold after this Form 4?

After the RSU grant, Jenny Lynn Lagerwall directly holds a total of 1,992.0624 common stock and RSU-based shares. This figure includes adjustments for accrued dividends that were reinvested and treated as exempt under Section 16 Rule 16a-11.

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

The transaction was a grant of restricted stock units, not an open-market purchase. It is classified with code “A” on Form 4, indicating a grant, award, or other acquisition, recorded at a price of $0.0000 per share as non-cash compensation.

When do Jenny Lynn Lagerwall’s MGE Energy (MGEE) RSUs vest?

The 688 restricted stock units granted to Jenny Lynn Lagerwall vest on December 31, 2028. At that time, each RSU is scheduled to convert into one share of MGE Energy common stock, aligning the award with a long-term vesting horizon.

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

The footnote explains that Lagerwall’s reported total includes adjustments for accrued dividends reinvested into additional shares. These reinvested amounts are exempt from Section 16 reporting under Rule 16a-11, but they still increase her overall reported share-based holdings.

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Accepted by SEC EDGAR 03/03/2026 - 04:38 PM 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^*

Lagerwall Jenny Lynn

(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)
	AVP - Acctg & Controller (CAO)

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		688(1)	A	$0	1,992.0624(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/ Jenny L. Lagerwall	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.