BARNES VICTOR CHRISTOPHER 4

What Happened

• Victor Christopher Barnes, a director of Shenandoah Telecommunications Co. (SHEN), exercised or converted derivative securities representing 10,924 shares on Feb 18, 2026. To satisfy tax withholding, 2,970 of those shares were withheld (valued at $13.01 per share, totaling $38,640). The filing also shows a derivative disposition line related to the exercise and a separate grant of 9,863 restricted stock units (RSUs) on Feb 19, 2026. The RSUs are awarded at $0.00 and represent contingent rights to receive common shares.

Key Details

• Dates and actions:
  • 2026-02-18: Exercise/conversion of derivative — 10,924 shares (code M).
  • 2026-02-18: Tax withholding/payment — 2,970 shares withheld at $13.01 per share = $38,640 (code F).
  • 2026-02-18: Derivative disposition entry for 10,924 shares listed at $0.00 (code M).
  • 2026-02-19: Grant/award of 9,863 restricted stock units at $0.00 (code A).
• Footnote: Each RSU represents a contingent right to receive one share of common stock.
• Shares owned after the transactions: Not specified in the Form 4 filing.
• Timeliness: Report filed Feb 20, 2026 for transactions on Feb 18–19, 2026; appears to be filed within the typical Form 4 reporting window.

Context

• This was primarily an exercise/conversion of derivative awards with partial share withholding to cover tax obligations (a common, routine occurrence), rather than an open-market purchase or sale. The separate RSU grant is an award (not a buy) and represents future shares contingent on vesting/conditions. Withholding reduces the net shares received immediately; no outright open-market purchase or sale of shares by the director is shown.