CEO Jeffrey Keebler was paid $3,613,508 in fiscal year 2025, ↑ up 70.0% from fiscal year 2024, the 18th percentile of its disclosed peer group (SEC filing 0001161728-26-000005 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$3,613,508 ↑ Jeffrey Keebler total, FY2025 | 18th CEO pay percentile vs peers | 25.5:1 CEO-to-median pay ratio | 94.52% Say-on-pay support, latest vote |
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MGEE's next annual pay disclosure, estimated April 2, 2027.est. Filing ↗
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Jeffrey Keebler | $795,833 | $0 | $1,402,881 | $0 | $865,920 | $531,180 | $17,694 | $3,613,508 |
| Chairman of the Board, President, and Chief Executive Officer | ||||||||
| Jared Bushek | 420,868 | 0 | 582,316 | 0 | 345,044 | 3,222 | 113,434 | 1,464,884 |
| Vice President – Chief Financial Officer and Treasurer | ||||||||
| Cari Anne Renlund | 413,180 | 0 | 273,183 | 0 | 270,607 | 0 | 102,953 | 1,059,923 |
| Vice President, General Counsel and Secretary | ||||||||
| James Lorenz | 328,631 | 0 | 219,156 | 0 | 195,382 | 185,188 | 58,846 | 987,203 |
| Vice President – Energy Operations | ||||||||
| Lynn Hobbie | 389,012 | 0 | 214,485 | 0 | 220,588 | 28,376 | 58,427 | 910,888 |
| Former Executive Vice President | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Jeffrey Keebler | $3,613,508 | $2,126,131 | $2,566,797 | ↑ +1,487,377 |
| Jared Bushek | 1,464,884 | 1,015,661 | 820,879 | ↑ +449,223 |
| Cari Anne Renlund | 1,059,923 | 913,444 | 832,719 | ↑ +146,479 |
| James Lorenz | 987,203 | 713,592 | — | ↑ +273,611 |
| Lynn Hobbie | 910,888 | 781,236 | 1,006,937 | ↑ +129,652 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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Each company listed discloses MGEE in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MGEE in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| Angela S. Rieger | Independent Director | $170,000 |
| Daniel J. Kelly | Independent Director | $170,000 |
| Gary J. Wolter | Director | $170,000 |
| James G. Berbee | Independent Director | $170,000 |
| James L. Possin | Lead Independent Director | $194,655 |
| Londa J. Dewey | Independent Director | $170,000 |
| Marcia M. Anderson | Independent Director | $182,500 |
| Noble L. Wray | Independent Director | $170,000 |
| Patricia K. Ackerman | Independent Director | $182,845 |
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Jared Joseph Bushek | VP Chief Fin. Off. & Treasurer | 2026-04-17 | A | 25,000 | $0 | $0 | Common | Form 4 ↗ |
| James G. Berbee | Director | 2026-08-19 | A | 261.36 | 81 | 21,249 | Common | Form 4 ↗ |
| James G. Berbee | Director | 2026-09-09 | A | 274.74 | 77 | 21,251 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Jared Bushek | PSU | 2025-03-03 | 1,434 | 2,867 | — | 5,734 | $316,631 |
| Cari Anne Renlund | PSU | 2025-03-03 | 673 | 1,345 | — | 2,690 | 148,542 |
| Lynn Hobbie | PSU | 2025-03-03 | 528 | 1,056 | — | 2,112 | 116,625 |
| Lynn Hobbie | RSU | 2025-03-03 | — | — | 1,056 | — | 97,860 |
| Jared Bushek | RSU | 2025-03-03 | — | — | 2,867 | — | 265,685 |
| James Lorenz | PSU | 2025-03-03 | 540 | 1,079 | — | 2,158 | 119,165 |
| James Lorenz | RSU | 2025-03-03 | — | — | 1,079 | — | 99,991 |
| Jeffrey Keebler | RSU | 2025-03-03 | — | — | 6,907 | — | 640,072 |
| Cari Anne Renlund | RSU | 2025-03-03 | — | — | 1,345 | — | 124,641 |
| Jeffrey Keebler | PSU | 2025-03-03 | 3,454 | 6,907 | — | 13,814 | 762,809 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Jared Bushek | $265,685 | $316,631 | $0 | 54.4% |
| Cari Anne Renlund | 124,641 | 148,542 | 0 | 54.4% |
| Lynn Hobbie | 97,860 | 116,625 | 0 | 54.4% |
| James Lorenz | 99,991 | 119,165 | 0 | 54.4% |
| Jeffrey Keebler | 640,072 | 762,809 | 0 | 54.4% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Jeffrey Keebler | PSU | 10,361 | — | $812,510 |
| Jeffrey Keebler | PSU | 6,907 | — | 541,647 |
| Jared Bushek | PSU | 2,867 | — | 224,830 |
| Cari Anne Renlund | PSU | 2,274 | — | 178,327 |
| James Lorenz | PSU | 972 | — | 76,224 |
| Cari Anne Renlund | PSU | 1,516 | — | 118,885 |
| Jared Bushek | PSU | 1,854 | — | 145,391 |
| James Lorenz | PSU | 1,458 | — | 114,336 |
| Jeffrey Keebler | PSU | 5,162 | — | 404,804 |
| Jared Bushek | PSU | 4,301 | — | 337,284 |
| James Lorenz | PSU | 1,079 | — | 84,615 |
| James Lorenz | PSU | 1,619 | — | 126,962 |
| Lynn Hobbie | PSU | 1,584 | — | 124,217 |
| Jeffrey Keebler | PSU | 7,743 | — | 607,206 |
| Jared Bushek | PSU | 2,781 | — | 218,086 |
| Lynn Hobbie | PSU | 2,157 | — | 169,152 |
| Cari Anne Renlund | PSU | 2,018 | — | 158,252 |
| Lynn Hobbie | PSU | 1,438 | — | 112,768 |
| Cari Anne Renlund | PSU | 1,345 | — | 105,475 |
| Lynn Hobbie | PSU | 1,056 | — | 82,812 |
Our executive compensation program is designed to compensate our NEOs fairly based upon an assessment of compensation available in the marketplace where we compete for executive talent and our desire to achieve a balance of short-term and long-term incentives for maintaining and improving Company performance and shareholder value.
| CEO STI target (% of salary) | 80% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | FW Cook |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-19 | 20,105,054 | 1,166,451 | 499,854 | 94.52% | Passed |
| 2025 | 2025-05-20 | 23,492,289 | 1,292,053 | 519,223 | 94.79% | Passed |
| 2024 | 2024-05-21 | 23,069,693 | 1,398,363 | 553,855 | 94.28% | Passed |
| 2023 | 2023-05-16 | 21,875,022 | 1,147,042 | 493,487 | 95.02% | Passed |
| 2022 | 2022-05-17 | 22,545,343 | 1,182,501 | 591,156 | 95.02% | Passed |
| 2021 | 2021-05-18 | 22,317,579 | 1,451,432 | 487,038 | 93.89% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-05-19 | 94.52%a |
| 2025 | 2025-05-20 | 94.79%b |
| 2024 | 2024-05-21 | 94.28%c |
a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect.”.
b. Voting standard not stated in the filing.
c. Approved under the standard stated in the filing — “Abstentions and broker nonvotes will have no effect.”.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | 25.5 : 1 |
|---|---|
| CEO total compensation | $3,613,508 |
| Median employee compensation | $141,512 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| James L. PossinIndependent · Lead Independent Director · Audit · Corporate Governance (Chair) | $109,655 | $85,000 | $0 | $0 | $0 | $194,655 |
| Patricia K. AckermanIndependent · Audit (Chair) | 97,845 | 85,000 | 0 | 0 | 0 | 182,845 |
| Marcia M. AndersonIndependent · Human Resources and Compensation (Chair) · Corporate Governance | 97,500 | 85,000 | 0 | 0 | 0 | 182,500 |
| Daniel J. KellyIndependent · Audit · Human Resources and Compensation | 85,000 | 85,000 | 0 | 0 | 0 | 170,000 |
| Angela S. RiegerIndependent · Human Resources and Compensation · Corporate Governance | 85,000 | 85,000 | 0 | 0 | 0 | 170,000 |
| James G. BerbeeIndependent · Human Resources and Compensation · Corporate Governance | 85,000 | 85,000 | 0 | 0 | 0 | 170,000 |
| Londa J. DeweyIndependent · Human Resources and Compensation · Corporate Governance · Executive | 85,000 | 85,000 | 0 | 0 | 0 | 170,000 |
| Noble L. WrayIndependent · Audit | 85,000 | 85,000 | 0 | 0 | 0 | 170,000 |
| Gary J. WolterNot independent · Executive | 85,000 | 85,000 | 0 | 0 | 0 | 170,000 |
| James J. LorenzEmployee director | — | — | — | — | — | 0 |
| Lynn K. HobbieEmployee director · Departed during FY | — | — | — | — | — | 0 |
| Cari Anne RenlundEmployee director | — | — | — | — | — | 0 |
| Jared J. BushekEmployee director | — | — | — | — | — | 0 |
| Jeffrey M. KeeblerEmployee director · Board Chair | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $85,000 |
|---|---|
| Annual equity retainer | $85,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 15,000 / 12,500 / 12,500 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $815,000 |
| Equity awards (grant-date value) | $765,000 |
| All other compensation | $0 |
| Total cost of the board | $1,580,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies MGE Energy names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including MGE Energy.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | IDACORP, Inc. | 2025 | Lisa Grow | $1,050,000 | $2,942,308 | $0 | $1,785,001 | $7,529,892 |
| 2 | Otter Tail Corporation | 2025 | Charles MacFarlane | 867,578 | 3,149,276 | 0 | 1,471,194 | 6,792,688 |
| 3 | Sunnova Energy International, Inc. | 2023 | William Berger | 620,833 | 489,645 | 4,000,000 | 734,468 | 5,865,040 |
| 4 | NorthWestern Energy Group, Inc. | 2025 | Brian Bird | 921,263 | 2,700,022 | 0 | 743,400 | 5,016,745 |
| 5 | Avista Corporation | 2025 | Heather Rosentrater | 786,845 | 2,653,743 | 0 | 897,732 | 4,773,308 |
| 6 | Chesapeake Utilities Corporation | 2025 | Jeffry Householder | 872,385 | 2,420,566 | 0 | 1,097,863 | 4,531,322 |
| 7 | ALLETE, Inc. | 2024 | Bethany Owen | 871,175 | 1,378,138 | 0 | 1,329,692 | 3,720,063 |
| 8 | Northwest Natural Holding Company | 2025 | Justin Palfreyman | 812,500 | 1,726,208 | — | 726,406 | 3,695,467 |
| 9 | Ormat Technologies Inc. | 2025 | Doron Blachar | 641,062 | 2,000,000 | 0 | 816,000 | 3,618,005 |
| 10 | MGE Energy | 2025 | Jeffrey Keebler | 795,833 | 1,402,881 | 0 | 865,920 | 3,613,508 |
| 11 | Unitil Corporation | 2025 | Thomas Meissner Jr. | 744,066 | 751,842 | 0 | 662,591 | 3,189,116 |
| 12 | Genie Energy Ltd. | 2025 | Michael Stein | 450,000 | 0 | 0 | 0 | 1,371,250 |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| MGE Energy | 135.3% | PSU 50 · RSU 50 | Yes — Relative Total Shareholder Return (TSR) | FW Cook |
| ALLETE, Inc. | 153.2% | PSU 75 · RSU 25 | Yes — Relative TSR | Pearl Meyer |
| Avista Corporation | 114% | not disclosed | No | Meridian Compensation Partners |
| Chesapeake Utilities Corporation | not disclosed | PSU 100 | not disclosed | FW Cook |
| Genie Energy Ltd. | not disclosed | Restricted Stock 100 | not disclosed | not disclosed |
| IDACORP, Inc. | 170% | PSU 67 · RSU 33 | Yes — TSR | Pay Governance |
| Northwest Natural Holding Company | 138.8% | PSU 65 · RSU 35 | No | Pay Governance |
| NorthWestern Energy Group, Inc. | 80% | PSU 70 · RSU 30 | Yes — TSR relative to peer group | Willis Towers Watson (WTW) |
| Ormat Technologies Inc. | 97% | PSU 60 · RSU 40 | Yes — Relative TSR | F.W. Cook & Co. |
| Otter Tail Corporation | not disclosed | not disclosed | Yes — Three-Year TSR performance relative to peer group | WTW |
| Sunnova Energy International, Inc. | 126% | Options 100 | not disclosed | Pearl Meyer |
| Unitil Corporation | 137% | PSU 50 · RSU 50 | No | Willis Towers |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Jeffrey Keebler | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Summary Compensation Table” · page 40. As printed: 3,613,508. Filing ↗machine: r4 · c9 · span 1077549–1077558 |
| 2 | Section 01, Jared Bushek | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Summary Compensation Table” · page 40. As printed: 1,464,884. Filing ↗machine: r7 · c9 · span 1090079–1090088 |
| 3 | Section 01, Cari Anne Renlund | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Summary Compensation Table” · page 40. As printed: 1,059,923. Filing ↗machine: r10 · c9 · span 1102757–1102766 |
| 4 | Section 01, James Lorenz | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Summary Compensation Table” · page 40. As printed: 987,203. Filing ↗machine: r16 · c9 · span 1127754–1127761 |
| 5 | Section 01, Lynn Hobbie | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Summary Compensation Table” · page 40. As printed: 910,888. Filing ↗machine: r13 · c9 · span 1115265–1115272 |
| 6 | Section 03, Jared Bushek PSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t74 · r9 · c8 · span 1182304–1182309 |
| 7 | Section 03, Cari Anne Renlund PSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t74 · r12 · c8 · span 1196189–1196194 |
| 8 | Section 03, Lynn Hobbie PSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t74 · r15 · c8 · span 1210070–1210075 |
| 9 | Section 03, Lynn Hobbie RSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t74 · r15 · c8 · span 1210070–1210075 |
| 10 | Section 03, Jared Bushek RSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t74 · r9 · c8 · span 1182304–1182309 |
| 11 | Section 03, James Lorenz PSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t74 · r18 · c8 · span 1223951–1223956 |
| 12 | Section 03, James Lorenz RSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t74 · r18 · c8 · span 1223951–1223956 |
| 13 | Section 03, Jeffrey Keebler RSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t74 · r6 · c8 · span 1168405–1168410 |
| 14 | Section 03, Cari Anne Renlund RSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t74 · r12 · c8 · span 1196189–1196194 |
| 15 | Section 03, Jeffrey Keebler PSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t74 · r6 · c8 · span 1168405–1168410 |
| 16 | Section 07, pay ratio | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “CEO Pay Ratio”. As printed: 25.5 : 1. Filing ↗ |
| 17 | Section 08, James L. Possin | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 194,655. Filing ↗machine: t57 · r9 · c3 · span 755541–755783 |
| 18 | Section 08, Patricia K. Ackerman | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 182,845. Filing ↗machine: t57 · r4 · c3 · span 747623–747865 |
| 19 | Section 08, Marcia M. Anderson | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 182,500. Filing ↗machine: t57 · r5 · c3 · span 749209–749451 |
| 20 | Section 08, Daniel J. Kelly | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 170,000. Filing ↗machine: t57 · r8 · c3 · span 753957–754199 |
| 21 | Section 08, Angela S. Rieger | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 170,000. Filing ↗machine: t57 · r10 · c3 · span 757125–757367 |
| 22 | Section 08, James G. Berbee | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 170,000. Filing ↗machine: t57 · r6 · c3 · span 750792–751034 |
| 23 | Section 08, Londa J. Dewey | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 170,000. Filing ↗machine: t57 · r7 · c3 · span 752374–752616 |
| 24 | Section 08, Noble L. Wray | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 170,000. Filing ↗machine: t57 · r12 · c3 · span 760288–760530 |
| 25 | Section 08, Gary J. Wolter | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 170,000. Filing ↗machine: t57 · r11 · c3 · span 758707–758949 |
| 26 | Section 08, James J. Lorenz | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 27 | Section 08, Lynn K. Hobbie | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 28 | Section 08, Cari Anne Renlund | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 29 | Section 08, Jared J. Bushek | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 30 | Section 08, Jeffrey M. Keebler | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 31 | Section 02, Jared Joseph Bushek 2026-04-17 | Form 4 | 2026-04-21 | 0001193125-26-167136 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 32 | Section 02, James G. Berbee 2026-08-19 | Form 4 | 2026-08-20 | 0001193125-26-359468 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 33 | Section 02, James G. Berbee 2026-09-09 | Form 4 | 2026-09-11 | 0001193125-26-388717 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 34 | Section 06, 2026 vote | Form 8-K | 2026-05-22 | 0001193125-26-235741 | Item 5.07 · say-on-pay result. As reported: 94.52% (votes for as printed: 20,105,054). Filing ↗ |
| 35 | Section 06, 2025 vote | Form 8-K | 2025-05-22 | 0000950170-25-076153 | Item 5.07 · say-on-pay result. As reported: 94.79% (votes for as printed: 23,492,289). Filing ↗ |
| 36 | Section 06, 2024 vote | Form 8-K | 2024-05-23 | 0000950170-24-063785 | Item 5.07 · say-on-pay result. As reported: 94.28% (votes for as printed: 23,069,693). Filing ↗ |
| 37 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 38 | Section 03b vehicle mix (computed) | Computed | — | — | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 39 | Section 09b board cost (computed) | Computed | — | — | Cash 815,000 + equity 765,000 + all other 0 = 1,580,000, summed across the director compensation table rows.machine: formula: Σ = 1,580,000 |
| 40 | IDACORP, Inc., Section 10b CEO total | DEF 14A | 2026-04-02 | 0001057877-26-000091 | CEO total compensation as printed in IDACORP, Inc.'s own proxy. As printed: 7,529,892. Filing ↗machine: t35 · r2 · c9 · span 715958–715967 |
| 41 | Otter Tail Corporation, Section 10b CEO total | DEF 14A | 2026-03-02 | 0001466593-26-000023 | CEO total compensation as printed in Otter Tail Corporation's own proxy. As printed: 6,792,688. Filing ↗machine: r3 · c24 · span 879904–879913 |
| 42 | Sunnova Energy International, Inc., Section 10b CEO total | DEF 14A | 2024-04-04 | 0001772695-24-000049 | CEO total compensation as printed in Sunnova Energy International, Inc.'s own proxy. As printed: 5,865,040. Filing ↗machine: span 634076–634085 |
| 43 | NorthWestern Energy Group, Inc., Section 10b CEO total | DEF 14A | 2026-03-12 | 0001993004-26-000018 | CEO total compensation as printed in NorthWestern Energy Group, Inc.'s own proxy. As printed: 5,016,745. Filing ↗machine: t153 · r3 · c19 · span 752129–752138 |
| 44 | Avista Corporation, Section 10b CEO total | DEF 14A | 2026-04-01 | 0001193125-26-138034 | CEO total compensation as printed in Avista Corporation's own proxy. As printed: 4,773,308. Filing ↗machine: span 842223–842232 |
| 45 | Chesapeake Utilities Corporation, Section 10b CEO total | DEF 14A | 2026-03-25 | 0001628280-26-020945 | CEO total compensation as printed in Chesapeake Utilities Corporation's own proxy. As printed: 4,531,322. Filing ↗machine: span 694783–694792 |
| 46 | ALLETE, Inc., Section 10b CEO total | DEF 14A | 2025-03-31 | 0000066756-25-000043 | CEO total compensation as printed in ALLETE, Inc.'s own proxy. As printed: 3,720,063. Filing ↗machine: r6 · c24 · span 830444–830454 |
| 47 | Northwest Natural Holding Company, Section 10b CEO total | DEF 14A | 2026-04-17 | 0001193125-26-161075 | CEO total compensation as printed in Northwest Natural Holding Company's own proxy. As printed: 3,695,467. Filing ↗ |
| 48 | Ormat Technologies Inc., Section 10b CEO total | DEF 14A | 2026-04-21 | 0001193125-26-166752 | CEO total compensation as printed in Ormat Technologies Inc.'s own proxy. As printed: 3,618,005. Filing ↗machine: r5 · c14 · span 1948476–1948485 |
| 49 | MGE Energy (subject), Section 10b CEO total | DEF 14A | 2026-04-02 | 0001161728-26-000005 | CEO total compensation as printed in MGE Energy's own proxy. As printed: 3,613,508. Filing ↗machine: r4 · c9 · span 1077549–1077558 |
| 50 | Unitil Corporation, Section 10b CEO total | DEF 14A | 2026-03-27 | 0001193125-26-128263 | CEO total compensation as printed in Unitil Corporation's own proxy. As printed: 3,189,116. Filing ↗machine: t214 · span 819224–819233 |
| 51 | Genie Energy Ltd., Section 10b CEO total | DEF 14A | 2026-05-01 | 0001437749-26-014295 | CEO total compensation as printed in Genie Energy Ltd.'s own proxy. As printed: 1,371,250. Filing ↗machine: r1 · c23 · span 385903–385912 |
| 52 | Section 10a, IDACORP, Inc. reciprocity | DEF 14A | — | 0001057877-26-000091 | IDACORP, Inc.'s most recent proxy was read; its disclosed peer group does not include MGE Energy. Filing ↗ |
| 53 | Section 10a, Avista Corporation reciprocity | DEF 14A | — | 0001193125-26-138034 | Avista Corporation's most recent proxy was read; its disclosed peer group does not include MGE Energy. Filing ↗ |
| 54 | Section 10a, Chesapeake Utilities Corporation reciprocity | DEF 14A | — | 0001628280-26-020945 | Chesapeake Utilities Corporation names MGE Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 55 | Section 10a, NorthWestern Energy Group, Inc. reciprocity | DEF 14A | — | 0001993004-26-000018 | NorthWestern Energy Group, Inc. names MGE Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 56 | Section 10a, Unitil Corporation reciprocity | DEF 14A | — | 0001193125-26-128263 | Unitil Corporation names MGE Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 57 | Section 10a, Northwest Natural Holding Company reciprocity | DEF 14A | — | 0001193125-26-161075 | Northwest Natural Holding Company names MGE Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 58 | Section 10a, Otter Tail Corporation reciprocity | DEF 14A | — | 0001466593-26-000023 | Otter Tail Corporation names MGE Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 59 | Section 10a, ALLETE, Inc. reciprocity | DEF 14A | — | 0000066756-25-000043 | ALLETE, Inc. names MGE Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 60 | Section 10a, Sunnova Energy International, Inc. reciprocity | DEF 14A | — | 0001772695-24-000049 | Sunnova Energy International, Inc.'s most recent proxy was read; its disclosed peer group does not include MGE Energy. Filing ↗ |
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