MASON RICHARD W JR 4

What Happened

• Richard W. Mason Jr., Senior Vice President, Engineering & Operations of Shenandoah Telecommunications (SHEN), received a grant of 21,692 restricted stock units (RSUs) on 2026-02-19. These RSUs are recorded as an award (code A) at $0 per share.
• On the same date Mason had 12,249 derivative units converted/exercised (code M). Those 12,249 shares were disposed at $0 in several lots (2,282; 2,717; 2,570; 4,680), which the filing treats as derivative dispositions—consistent with shares being withheld to satisfy tax withholding obligations rather than market sales. No cash proceeds are reported.

Key Details

• Transaction date: 2026-02-19; filing date: 2026-02-23 (appears to be a late Form 4 filing).
• Award: 21,692 RSUs granted (recorded at $0 per share).
• Conversion/exercise: 12,249 units converted and 12,249 shares disposed at $0 (listed in multiple lots).
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Footnotes: F1 — each RSU represents a contingent right to one common share. F2 — the RSU award vests one-fourth on each of the first four anniversaries and is subject to the company’s executive compensation recovery (clawback) policy.
• Filing timeliness: The Form 4 was filed more than two business days after the 2/19 transactions, so it appears late.

Context

• These transactions involve RSUs (derivative awards), not open-market purchases or sales. The conversion/exercise and immediate $0 disposals typically reflect vesting and share withholding to cover tax obligations (a routine administrative step), not a market sale indicating sentiment.
• The new RSU award vests over four years (25% per year) and remains subject to forfeiture under the company’s recovery policy.