SCHAEFFER DAVE 4

What Happened
Dave Schaeffer, Chairman, CEO and President of Cogent Communications (CCOI), had a performance award partially vest and partially forfeit on April 1, 2026. Specifically, 29,333 performance shares vested (recorded as a gift/transfer to a family trust for no consideration) and 58,667 performance shares were forfeited back to the issuer. All transactions show $0 per share (no cash changed hands).

Key Details

• Transaction date: April 1, 2026; Form 4 filed April 2, 2026 (appears timely).
• Price: $0.00 per share for all reported transfers; total reported value $0.
• Shares vested/received: 29,333 (transferred to a family trust — gift).
• Shares forfeited/disposed: 58,667 (disposed to issuer — forfeiture/cancellation).
• Shares owned after transaction: not specified in the filing.
• Footnotes of note:
  • The award was originally granted Jan 3, 2022 (up to 88,000 performance shares in three tranches tied to metrics vs the NASDAQ Telecommunications Index).
  • The company determined Tranche 1 (29,333 shares) achieved its performance goal and vested; Tranches 2 and 3 (58,667 shares) did not and were forfeited.
  • The 29,333 vested shares were transferred to a family trust for no consideration.

Context
These were performance-share outcomes, not open-market trades. The forfeiture reflects unmet performance criteria through the performance period (Jan 1, 2022–Dec 31, 2025). The vested shares were moved to a family trust (a gift/transfer), which generally does not signal the insider buying or selling stock for cash and thus is not a direct market sentiment indicator.