MGE Energy (MGEE) director receives 1,039 RSUs vesting in 2026

Rhea-AI Filing Summary

MGE Energy director James G. Berbee reported receiving a grant of 1,039 restricted stock units. These RSUs were awarded at no cash cost as an equity incentive.

Each RSU converts into one share of common stock when it vests on December 31, 2026. At vesting, Berbee may elect to receive the award in stock or choose to be paid out 25% of the value in cash, with the remainder in shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Berbee James G

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^*

Berbee James G

(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/ James G. Berbee	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 James G. Berbee?

MGE Energy reported that director James G. Berbee received a grant of 1,039 restricted stock units. These RSUs are an equity award, granted at no cash cost, that will convert into common shares when they vest on December 31, 2026.

How many restricted stock units were granted to the MGE Energy (MGEE) director?

James G. Berbee was granted 1,039 restricted stock units. Each RSU represents a right to receive one share of MGE Energy common stock upon vesting, giving him a potential future equity stake aligned with shareholder interests once the units vest.

When do James G. Berbee’s MGE Energy (MGEE) RSUs vest?

The 1,039 restricted stock units granted to James G. Berbee vest on December 31, 2026. Vesting means the units convert into common stock or an approved cash/stock mix, subject to the terms of the company’s equity compensation arrangements.

What conversion ratio applies to the MGE Energy (MGEE) RSUs granted?

Each restricted stock unit granted to James G. Berbee converts to one share of MGE Energy common stock. This one-to-one conversion occurs when the RSUs vest, turning the award into actual share ownership, subject to any applicable settlement elections.

Can the MGE Energy (MGEE) RSU award be settled partly in cash?

Yes. When the RSUs vest on December 31, 2026, James G. Berbee can elect to receive shares or choose to be paid out 25% of the award’s value in cash, with the balance settled in MGE Energy common stock.

Is James G. Berbee’s MGE Energy (MGEE) RSU grant a purchase or an award?

The transaction is an award, not a market purchase. The Form 4 describes it as a grant or other acquisition of 1,039 restricted stock units, provided as compensation rather than bought in the open market, with no per-share purchase price disclosed.