Renlund Cari Anne 4

What Happened
Cari Anne Renlund, Vice President, General Counsel & Secretary of MGE ENERGY INC (MGEE), was granted 1,716 restricted stock units (RSUs) on March 2, 2026. The filing reports an acquisition price of $0.00 because these are awards; the RSUs convert one-for-one into common shares when they vest on December 31, 2028.

Key Details

• Transaction date: 2026-03-02 (reported on Form 4 filed 2026-03-03) — filing appears timely (within the standard 2-business-day window).
• Transaction type/code: Award/Grant (A).
• Amount: 1,716 RSUs; reported acquisition price $0.00; aggregate reported value $0.
• Shares owned after transaction: Not specified in the filing.
• Footnotes: F1 — RSUs convert 1:1 to common stock at vesting (vest date 12/31/2028). F2 — includes adjustments for accrued dividends under dividend reinvestment; such adjustments are exempt from Section 16 reporting under Rule 16a-11.

Context
RSU grants are compensation awards, not open-market purchases or sales. They represent a promise of shares in the future (subject to vesting and possible forfeiture) and do not require cash payment by the insider at grant. Dividend adjustments noted in the filing relate to reinvested dividends and are treated under the SEC exemption referenced.