McKay Edward H 4

What Happened
Edward H. McKay, President & CEO of Shenandoah Telecommunications Co. (SHEN), received a grant/award of 64,492 restricted stock units (RSUs) reported on Feb 19, 2026. The filing also shows conversions/exercises of derivative awards and related withholding: 24,098 shares were converted/settled (reported as both acquired and disposed) and 7,251 shares were disposed (sold) at $13.18 per share to cover tax withholding, producing proceeds of $95,568. Several other converted shares were recorded as disposed with $0 proceeds (typical for net-share settlement or surrender to cover taxes).

Key Details

• Transaction date: February 19, 2026; Form 4 filed February 23, 2026 (timely filing).
• Award: 64,492 RSUs granted/issued (code A, acquisition). Each RSU represents a contingent right to one share (footnote F1).
• Conversions/exercises (code M): 24,098 shares reported as acquired via conversion and matched by 24,098 shares reported as disposed for $0.
• Tax withholding/sale (code F): 7,251 shares disposed at $13.18 per share, proceeds $95,568.
• Remaining shares received outright after conversions/withholding are not explicitly stated in the filing.
• Footnotes: F1—one RSU = right to one share; F2—award vests one-fourth on each of the first four anniversaries and is subject to the company’s executive compensation recovery policy.

Context
This filing reflects a typical compensation event: issuance/vesting of RSUs and the conversion/settlement of those RSUs, with some shares withheld or sold to satisfy tax obligations (a sale-to-cover or net-share settlement). The cash received from the tax-related sale ($95,568) is a withholding action and should not be interpreted as a discretionary open-market sale signaling sentiment.