MGE Energy director buys 274.7418 shares at $77.35

A director of MGE ENERGY INC increased his direct common stock holdings through an open-market purchase and dividend reinvestment adjustments.

Available on EDGAR 09/11/2026 - 09:31 AM EDT Accepted by SEC EDGAR 09/11/2026 - 09:30 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

MGE ENERGY INC (MGEE) director James G. Berbee reported an open-market purchase of common stock. On September 9, 2026, he bought 274.7418 shares at $77.35 per share. Following this transaction, his direct holdings total 10,013.0377 shares, including adjustments for accrued dividends through dividend reinvestment exempt under Rule 16a-11. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Net Buyer: 274.7418 shares

Net Buy 1 txn

Insider Berbee James G

Role Director

Bought 274.7418 shs ($21K)

Type	Security	Shares	Price	Value
Purchase	Common Stock F1	274.7418	$77.35	$21K

Holdings After Transaction: Common Stock — 10,013.0377 shares (Direct)

Footnotes (1)

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

Key Figures

Shares purchased: 274.7418 shares Purchase price per share: $77.35 per share Shares held after transaction: 10,013.0377 shares +2 more

5 metrics

Shares purchased 274.7418 shares Open-market purchase of MGEE common stock on September 9, 2026

Purchase price per share $77.35 per share Price paid by director James G. Berbee for MGEE shares

Shares held after transaction 10,013.0377 shares Director’s direct MGEE common stock holdings following the purchase and dividend adjustments

Net shares bought 274.7418 shares Net buy volume in this Form 4, all from purchases

Number of buy transactions 1 transaction Single reported open-market purchase in this Form 4

Key Terms

dividend reinvestment, accrued dividends, Rule 16a-11, Section 16

4 terms

dividend reinvestment financial

"Includes adjustments for accrued dividends pursuant to dividend reinvestment"

Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.

accrued dividends financial

"Includes adjustments for accrued dividends pursuant to dividend reinvestment"

Accrued dividends are payments a company owes to shareholders that have been earned or officially declared but not yet paid; think of them as an IOU the company has for past dividend obligations. They matter to investors because they represent a near-term claim on a company’s cash, affect the company’s reported liabilities and value, and can be especially important when assessing income reliability or priority in a payout situation.

Rule 16a-11 regulatory

"exempt from Sec 16 under Rule 16a-11"

Section 16 regulatory

"exempt from Sec 16 under Rule 16a-11"

Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did MGEE report for director James G. Berbee?

Director James G. Berbee purchased 274.7418 shares of MGE ENERGY INC common stock on September 9, 2026 at $77.35 per share in an open-market transaction.

How many MGEE shares does James G. Berbee hold after this transaction?

After the September 9, 2026 purchase, James G. Berbee directly holds 10,013.0377 shares of MGE ENERGY INC common stock, including adjustments for accrued dividends through dividend reinvestment.

Was the MGEE insider trade made under a Rule 10b5-1 plan?

No. The filing indicates no Rule 10b5-1 trading plan; the document-level checkbox for such a plan is not marked.

What was the price paid per MGEE share in this insider purchase?

James G. Berbee paid $77.35 per share for 274.7418 shares of MGE ENERGY INC common stock on September 9, 2026.

What does the dividend reinvestment footnote in the MGEE Form 4 mean?

The footnote states that Berbee’s post-transaction holdings include adjustments for accrued dividends under a dividend reinvestment arrangement that is exempt from Section 16 under Rule 16a-11.

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

Form 4 Insider Transactions: What Each Field Means →

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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 WISCONSIN 53701-1231

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	09/09/2026		P		274.7418	A	$77.35	10,013.0377(1)	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. Includes adjustments for accrued dividends pursuant to dividend reinvestment and exempt from Sec 16 under Rule 16a-11

	/s/ James G. Berbee	09/11/2026
	** 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.
* Form 4: SEC 1474 (03-26)