Director at MGE Energy (MGEE) granted 1,039 restricted stock units

Rhea-AI Filing Summary

MGE Energy director Marcia M. Anderson acquired 1,039 restricted stock units as a grant. These RSUs convert into an equal number of common shares when they vest on December 31, 2026. The director may choose to receive stock or take 25% of the value in cash.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Anderson Marcia M

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^*

Anderson Marcia M

(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/ Marcia M. Anderson	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 on this Form 4?

MGE Energy reported that director Marcia M. Anderson received a grant of 1,039 restricted stock units. These units were awarded at no stated price and represent a form of equity-based compensation tied to future vesting in company common stock.

How many restricted stock units did the MGE Energy director receive?

The MGE Energy director received 1,039 restricted stock units. Each RSU is designed to convert into one share of MGE Energy common stock upon vesting, giving the director potential future ownership aligned with shareholder interests.

When do the MGE Energy (MGEE) restricted stock units vest?

The restricted stock units vest on December 31, 2026. On that vesting date, the RSUs convert to common stock on a one-to-one basis, subject to the director’s election regarding receiving some of the value in cash.

What can the MGE Energy director receive when the RSUs vest?

Upon vesting, the director can elect to receive common stock or take up to 25% of the value in cash. The remaining portion would be settled in MGE Energy common shares, according to the terms described in the filing footnotes.

Does the Form 4 for MGE Energy indicate a stock purchase or sale?

The Form 4 indicates an acquisition through a grant of restricted stock units, not an open-market stock purchase or sale. The transaction is coded as a grant or award, reflecting equity compensation rather than trading activity.

How are the MGE Energy RSUs converted into common stock?

The restricted stock units convert into common stock on a one-to-one basis when they vest. For each of the 1,039 RSUs, the director is entitled to receive one share of MGE Energy common stock, subject to the partial cash election option.