LESLIE DARA 4

What Happened

• Leslie Dara, Senior VP Sales & Marketing of Shenandoah Telecommunications (SHEN), executed a series of derivative conversions/exercises on Feb 19, 2026 and also received a restricted stock unit (RSU) award. The filing shows 8,222 shares acquired via exercise/conversion, multiple share disposals totaling 10,838 shares (including 2,616 shares withheld for taxes at $13.18/share, $34,479), and a grant of 13,976 RSUs (contingent rights to receive shares).

Key Details

• Transaction date: 2026-02-19; Form 4 filed 2026-02-23 (appears timely).
• Exercise/conversion (code M): 8,222 shares acquired; multiple disposals recorded (756, 2,061, 1,940, 3,465 shares) shown at $0 — these reflect net-share surrender/settlement of derivative shares.
• Tax withholding (code F): 2,616 shares withheld at $13.18/share to cover tax liability = $34,479.
• Grant (code A): 13,976 restricted stock units awarded at $0; each RSU = right to one share (Footnote F1). RSUs vest one-fourth each year over four years and are subject to the company’s executive compensation recovery policy (Footnote F2).
• Shares owned after the transactions are not specified in the provided data.

Context

• The pattern (exercise/conversion combined with shares withheld at $0 and a taxed-withholding line) is consistent with a cashless/net settlement of derivative awards where some shares are surrendered to cover taxes/exercise obligations rather than sold on the open market. That makes this chiefly an internal compensation and tax-settlement event, not an open-market buy or sell.
• The RSU grant is a standard long-term compensation award that vests over four years; such grants are not an immediate market signal like an open-market purchase.