QUAGLIO KENNETH L 4

What Happened
Kenneth L. Quaglio, a director of Shenandoah Telecommunications Co. (SHEN), converted/exercised 10,924 derivative units into common shares on 2026-02-18. To satisfy tax withholding, 3,031 of those shares were surrendered at $13.01 each for a total tax withholding value of $39,433. The filing also reports a grant of 9,863 restricted stock units (RSUs) on 2026-02-19. Exercise/conversion entries show an exercise price listed as $0 or N/A, consistent with RSU conversion rather than a cash-priced option exercise. Net issued shares from the 2/18 conversion appear to be 7,893 (10,924 exercised minus 3,031 withheld).

Key Details

• Transaction dates: 2026-02-18 (exercise/conversion and tax withholding) and 2026-02-19 (grant of RSUs).
• Tax withholding: 3,031 shares withheld at $13.01 each = $39,433 (code F).
• Derivative activity: 10,924 units exercised/converted (codes M); 9,863 RSUs granted (code A).
• Footnote: Each RSU represents a contingent right to one share of common stock.
• Shares owned after the transactions: not disclosed in the excerpt of the filing.
• Filing timeliness: Form 4 was filed 2026-02-20 for transactions on 2/18–2/19 (appears timely under standard Form 4 rules).

Context

• The tax withholding (F) is a routine, non-market-sale action: shares were surrendered to cover tax obligations rather than sold on the open market.
• The conversions/awards reflect equity compensation activity (RSU vesting/issuance) rather than a typical buy or sell that signals immediate trading intent.
• For retail investors: such insider vesting and withholding are common and do not by themselves indicate confidence or lack thereof in the company's near-term stock direction.