Jeffrey M. Keebler - 11 Dec 2023 Form 4 Insider Report for MGE ENERGY INC (MGEE)

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MGEE	Phantom Stock Units	Award	$101,138	+1,392	+475%	$72.67	1,685	11 Dec 2023	common stock	1,392		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	Each phantom stock unit has an equivalent value to one share of MGEE common stock and entitles the holder to the cash value thereof
F2	Phantom stock units were accrued under MGE's 2023 Deferred Compensation Supplemental Executive Retirement Plan (DC SERP) and are to be settled in accordance with the terms of the plan