Form 4: ALLETE Director Charles R. Matthews Increases Direct Shareholdings Through Exempt Transactions

ALLETE Inc. Director Charles R. Matthews reported an increase in his direct beneficial ownership of common stock by 1,690.75 shares through dividend reinvestment and deferred stock awards, bringing his total direct holdings to 7,104.75 shares.

Summary

• ALLETE Inc. Director Charles R. Matthews acquired 1,690.75 shares of common stock on June 2, 2025.
• The acquisition price was $0 per share, indicating these were not open market purchases.
• These shares were acquired through exempt transactions, specifically under the dividend reinvestment feature of ALLETE's stock purchase and dividend reinvestment plan, and pursuant to the dividend equivalent feature of stock awards deferred under the ALLETE non-employee director deferral plan.
• Following this transaction, Mr. Matthews directly beneficially owns 7,104.75 shares of ALLETE common stock.
• Additionally, Mr. Matthews indirectly beneficially owns 250 shares via Revocable Trust (A) and 250 shares via Revocable Trust (B). These 500 shares were transferred from a family trust to these revocable trusts on October 16, 2023.

Sentiment

Score: 7

Explanation: The acquisition of shares by a director, even if through non-open market transactions like dividend reinvestment and deferred awards, generally signals confidence in the company's long-term prospects. It increases insider alignment with shareholder interests.

Positives

• Director Charles R. Matthews increased his direct beneficial ownership of ALLETE common stock by 1,690.75 shares.
• The acquisition of shares through dividend reinvestment and deferred stock awards indicates continued participation in company plans and accumulation of equity.
• The increase in insider holdings can be viewed as a positive signal of management's confidence in the company's future.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

This Form 4 filing details an individual insider transaction and does not provide broader industry context or trends. It reflects a director's personal equity accumulation within the utility sector.

Corporate Governance

Related Party Transactions

• The transfer of 500 shares from a family trust to separate revocable trusts of which the reporting person and his spouse are trustees and beneficiaries on October 16, 2023, represents a re-structuring of indirect beneficial ownership among related parties.

Stakeholder Impact

• Shareholders: The increase in director ownership may be viewed positively as it aligns management interests with shareholder interests, potentially signaling confidence in the company's future performance.
• Management/Employees: The Power of Attorney streamlines the director's compliance with SEC reporting, potentially reducing administrative overhead for the company's legal/compliance team.

Key Dates

Recommendation

Keywords

ALLETE Inc., ALE, Form 4, Insider Transaction, Director Ownership, Stock Acquisition, Dividend Reinvestment, Deferred Stock Awards, Beneficial Ownership, Charles R. Matthews, SEC Filing