Kelly Daniel James 4

What Happened

• Daniel James, a director of MGE Energy, received a grant of 1,039 restricted stock units (RSUs) on 2026-03-02. The grant is reported as an award (transaction code A) and the reported acquisition price is $0.00. These RSUs are derivative awards that convert one-for-one into common shares when they vest.

Key Details

• Transaction date and price: 2026-03-02; Grant of 1,039 RSUs at $0.00 (derivative award).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: F1 — RSUs convert to common stock on a one-to-one basis when vested. F2 — RSUs vest on December 31, 2026; the reporting person can elect to receive stock or be paid out up to 25% in cash.
• Filing timeliness: Report filed 2026-03-03 for a 2026-03-02 transaction (appears timely).

Context

• RSU grants are a form of compensation, not an open-market purchase or sale. The economic value to the insider will depend on MGE Energy’s share price at vesting (Dec 31, 2026), and the holder can elect some cash payout per the footnote. Such awards are routine for executive/director compensation and do not, by themselves, signal a buy or sell decision.