WOLTER GARY J 4

What Happened

• Gary J. Wolter, a director of MGE Energy Inc. (MGEE), was granted 1,039 restricted stock units (RSUs) on March 2, 2026. The filing reports the award as a derivative grant at $0.00 per share (transaction code A — award/grant).
• These RSUs are not an open-market purchase or sale; they are a compensation award that will convert to common stock on a one-for-one basis when vested. No immediate cash changed hands in this transaction.

Key Details

• Transaction date: 2026-03-02; filing date: 2026-03-03 (timely filing).
• Grant: 1,039 RSUs reported at $0.00 (derivative award).
• Shares owned after transaction: not specified in the Form 4 filing.
• Footnotes from the filing:
  • F1: RSUs convert to common stock on a one-to-one basis upon vesting.
  • F2: RSUs vest on December 31, 2026; the reporting person can elect stock or opt to be paid 25% in cash.
• Transaction code: A = Award/Grant.

Context

• RSU awards are common executive/director compensation and do not necessarily signal a buy or sell decision by the insider. Value is realized at vesting and depends on MGEE’s share price at that time; tax consequences generally occur when the RSUs vest or are paid out.
• Because this was an award (not a market purchase or sale), it’s typically interpreted as routine compensation rather than a direct insider market signal.