Fitzsimmons Tracy 4

What Happened Tracy Fitzsimmons, a director of Shenandoah Telecommunications Co. (SHEN), exercised derivative awards converting 10,924 units into common shares on Feb 18, 2026. To satisfy tax withholding, 3,031 of those shares were surrendered at $13.01 per share for a cash value of $39,433. The filing also shows the derivative instruments corresponding to the exercised units were cancelled. On Feb 19, 2026 Fitzsimmons was granted 9,863 restricted stock units (RSUs), each representing a contingent right to one share.

Key Details

• Dates: exercise/conversion and tax withholding on 2026-02-18; RSU grant on 2026-02-19. Filing date: 2026-02-20.
• Exercise: 10,924 derivative units converted (transaction code M).
• Tax withholding: 3,031 shares withheld/treated as disposition at $13.01 per share for $39,433 (transaction code F).
• Derivative cancellation: a related derivative entry shows 10,924 units disposed at $0, reflecting conversion/cancellation on exercise.
• Grant: 9,863 RSUs awarded (transaction code A); footnote: each RSU = contingent right to one share.
• Shares owned after the transactions are not specified in the provided extract.
• Filing timing: filed 2 days after the main transactions (appears to be within the typical 2-business-day Form 4 window).

Context This was primarily an exercise of derivative awards with partial share withholding to cover taxes (common practice, similar to a cashless exercise where shares are surrendered for tax). The subsequent RSU grant is a non-cash award that vests per plan terms (contingent on meeting vesting conditions). These actions are routine insider equity activity; they document conversion and tax payment rather than an open-market buy or sale that would more directly signal trading sentiment.