BOGER RICHARD LEE 4

What Happened
Richard Boger, a director of Gray Media, Inc. (GTN), received a grant of 30,741 restricted common shares on May 6, 2026. The shares were issued at $0.00 (a compensation award), so there was no cash purchase or sale. This is a compensation grant rather than an open-market transaction.

Key Details

• Transaction date: 2026-05-06; Filing date (Form 4): 2026-05-08 (appears timely, within the usual two-business-day window).
• Transaction type/code: A — Grant/award of restricted stock.
• Amount: 30,741 shares granted at $0.00 (no cash paid).
• Vesting/footnote: These restricted shares vest in full on April 30, 2027.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• No 10b5-1 plan, tax-withholding sale, or sale-of-shares reported in the excerpt.

Context
Restricted stock grants to directors are common as compensation and align long-term interests with shareholders; they are not the same as a purchase (which can be a bullish signal) or a sale (which can indicate liquidity needs). Because these shares vest a year later, they generally encourage continued service through the vesting date rather than indicating immediate sentiment about the stock.