MGE ENERGY INC 8-K

What Happened

• MGE Energy, Inc. and its subsidiary Madison Gas and Electric Company announced that on April 17, 2026 their boards promoted Jared Bushek from Vice President — Chief Financial Officer and Treasurer to Executive Vice President — Chief Financial Officer and Treasurer, effective May 1, 2026.
• As part of the promotion, Mr. Bushek received a one-time retention award of restricted stock units (RSUs) covering 25,000 shares under MGE Energy’s 2021 Long-Term Incentive Plan.

Key Details

• Promotion announced: April 17, 2026; effective date: May 1, 2026.
• Retention award: 25,000 RSUs granted under the 2021 Long-Term Incentive Plan.
• Vesting: RSUs are scheduled to cliff vest on the fifth anniversary of the grant date, subject to continued employment.
• Accelerated vesting applies upon death, disability, termination without cause, or resignation for good reason within 24 months after a change in control.

Why It Matters

• The company elevated its top finance executive, signaling continuity in financial leadership with Jared Bushek moving into the Executive VP/CFO role.
• The 25,000-RSU retention award and five-year cliff vesting are designed to align Mr. Bushek’s incentives with long-term shareholder interests and to retain him through a multi-year period, while also protecting him in certain change-in-control or involuntary termination scenarios.