MGE Energy (MGEE) CFO receives 3,684 restricted stock units in grant

Rhea-AI Filing Summary

MGE Energy reported that VP, Chief Financial Officer and Treasurer Jared Joseph Bushek acquired 3,684 shares of common stock through a grant of restricted stock units. These RSUs convert to common stock on a one-to-one basis when they vest on December 31, 2028. After this award, his directly held common stock (including RSU-related adjustments for accrued dividends) totals 10,780.571 shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Bushek Jared Joseph

Role VP Chief Fin. Off. & Treasurer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	3,684	$0.00	--

Holdings After Transaction: Common Stock — 10,780.571 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, 2028. Includes adjustments for accrued dividends pursuant to dividend reinvestment and exempt from Sec 16 under Rule 16a-11

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^*

Bushek Jared Joseph

(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 Chief Fin. Off. & Treasurer

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		3,684(1)	A	$0	10,780.571(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/ Jared J. Bushek	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 MGEE report for Jared Joseph Bushek?

MGE Energy reported that CFO Jared Joseph Bushek received a grant of 3,684 restricted stock units. These RSUs represent common stock on a one-to-one basis and will convert into shares when they vest on December 31, 2028, increasing his direct holdings.

Were the MGE Energy shares on the Form 4 an open-market purchase?

No, the MGE Energy shares were acquired through a grant or award of restricted stock units, not an open-market purchase. The RSUs were issued at no stated price per share and will convert to common stock when they vest on December 31, 2028.

When do Jared Bushek’s MGE Energy RSUs vest?

Jared Bushek’s restricted stock units vest on December 31, 2028. At that time, the RSUs convert into MGE Energy common stock on a one-to-one basis, turning the award into freely held shares subject to any applicable company policies or restrictions.

How many MGE Energy shares does Jared Bushek hold after this grant?

After this grant, Jared Bushek directly holds 10,780.571 shares of MGE Energy common stock. This figure includes adjustments for accrued dividends credited under a dividend reinvestment arrangement that is exempt from Section 16 under Rule 16a-11, according to the filing footnote.

What does transaction code "A" mean in the MGEE Form 4?

Transaction code “A” on the MGE Energy Form 4 indicates a grant, award, or other acquisition of securities. In this case, it reflects the issuance of 3,684 restricted stock units to Jared Bushek rather than a cash purchase or sale in the open market.