CHENG ELAINE 4

What Happened
Elaine Cheng, Senior Vice President and Chief Information Officer of Shenandoah Telecommunications Co. (SHEN), was credited with a 19,332-share restricted stock unit (RSU) award and had 11,961 derivative units converted into shares on Feb 19, 2026. The filing shows 3,654 shares were surrendered to cover tax withholding at $13.18 per share, totaling $48,160. Several additional conversion/disposition line items are reported at $0, which reflect share settlement/transfer activity related to the derivative awards.

Key Details

• Transaction date: 2026-02-19; Form filed: 2026-02-23 (timely filing).
• Acquisitions: 19,332 shares (grant/award, code A) and 11,961 shares (conversion/exercise, code M).
• Dispositions/withholding: 3,654 shares withheld for taxes at $13.18 ($48,160); additional conversion/disposition lines of 2,282; 2,684; 2,526; and 4,469 shares reported at $0.
• Shares owned after transaction: not stated in the provided filing excerpt.
• Footnotes: F1 — each RSU converts to one share; F2 — the RSU award vests one-fourth each year over four years and is subject to the company’s executive compensation recovery policy.

Context
These entries represent RSU activity (award and settlement/vesting) rather than an open-market purchase or sale. Withholding of shares to satisfy tax obligations is routine when RSUs vest and does not necessarily indicate a buy or sell decision. The RSU award vests over four years per the footnote; the converted/withheld share counts reflect settlement mechanics rather than a market sale for investment purposes.