Willis Tracy 4

What Happened

• Willis Tracy, Vice President and Chief Accounting Officer of Shenandoah Telecommunications Co. (SHEN), received a grant of 9,632 restricted stock units (RSUs) on 2026-02-19. The filing also reports the exercise/conversion of 2,437 derivative units into shares the same day.
• To cover tax withholding related to the conversion/vesting, 799 shares were surrendered at $13.18 per share, totaling $10,531. These actions are compensation-related (award and conversion), not an open-market buy or sale.

Key Details

• Transaction date: 2026-02-19; Form 4 filed 2026-02-23 (not reported as late).
• Award: 9,632 RSUs granted (code A) at $0.00 (derivative/compensation).
• Conversion/Exercise: 2,437 derivative units reported as exercised/converted (code M); entries show acquisition and a corresponding disposition related to the derivative.
• Tax withholding: 799 shares withheld (code F) at $13.18/share, amounting to $10,531.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Footnotes: F1 — each RSU equals one 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.

Context

• This is primarily a compensation event (RSU grant and vest/conversion) with shares withheld to satisfy tax obligations — a routine corporate compensation/settlement activity rather than an intentional market sale or purchase.
• The derivative (M) entries indicate conversion/exercise of equity awards; the withheld shares (F) reflect tax withholding, a common net-settlement practice.