BOGER RICHARD LEE 4

What Happened
Richard Lee Boger, a director of Gray Media, sold a total of 57,000 shares of GTN on May 19, 2026 in two transactions: 55,000 shares at $4.19 each (proceeds $230,450) and 2,000 shares at $10.12 each (proceeds $20,240), for combined gross proceeds of $250,690. These were sales (not purchases) and appear to be routine tax-covering transactions tied to the vesting of restricted stock.

Key Details

• Transaction dates: May 19, 2026. Prices: $4.19 (55,000 shares) and $10.12 (2,000 shares).
• Total shares sold: 57,000; total gross proceeds: $250,690.
• Footnote: F1 — shares were sold by the reporting person to cover tax obligations upon vesting of restricted stock (tax withholding).
• Filing: Reported on Form 4 filed May 21, 2026 (filed two days after the transactions), which appears timely under normal Form 4 requirements.
• Shares owned after the transaction: Not specified in the provided excerpt — see the full Form 4 for post-transaction holdings.

Context
Sales to cover tax withholding on vested restricted stock are common and often administrative rather than a directional vote on the company. This was not a purchase or option exercise; it was a sale tied to tax obligations (transaction code S with footnote F1). For the full picture of insider holdings and any other transactions, review the complete Form 4 filing.