Energy Capital Partners Management, LP 4
4 · SHENANDOAH TELECOMMUNICATIONS CO/VA/ · Filed Feb 20, 2026
Research Summary
AI-generated summary of this filing
Shenandoah (SHEN) — Energy Capital Partners Exercises RSUs
What Happened
Energy Capital Partners Management, LP (reported as a member of a Section 13(d) group) converted/exercised 10,924 restricted stock units (RSUs) into 10,924 shares of Shenandoah Telecommunications Co. (SHEN) on February 18, 2026. The filing also reports a simultaneous disposition of 10,924 shares at $0.00 (reported as a derivative disposition). No purchase price or cash value is reported for the acquisition line; the disposition shows $0 consideration and $0 total value.
Key Details
- Transaction date: 2026-02-18; Form 4 filed: 2026-02-20 (timely filing).
- Reported transactions: Exercise/conversion of derivative (code M) — 10,924 shares acquired; 10,924 shares disposed at $0.00.
- Shares owned after transaction: not specified in the provided filing details.
- Footnote F1: Each RSU represents a contingent right to one share.
- Footnote F2: Securities are held of record by ECP Management; a committee of individuals controls voting/disposition and may be deemed to share beneficial ownership, though they disclaim such ownership.
- Disposition at $0.00 is reported as a derivative transaction (see Context below).
Context
When RSUs vest and convert to shares, filings often show both an acquisition (conversion) and a simultaneous disposition if shares are withheld or surrendered to cover taxes or exercise-related obligations. A $0.00 disposition typically indicates shares were surrendered (not sold for cash) rather than sold on the open market. This filing reflects institutional/entity-level activity (an investment manager/Section 13(d) member), not an individual executive trade.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2]2026-02-18+10,924→ 15,675 total - Exercise/Conversion
Restricted Stock Units
[F1][F2]2026-02-18−10,924→ 0 totalFrom: 2026-02-18Exp: 2026-02-18→ Common Stock (10,924 underlying)
Footnotes (2)
- [F1]Each restricted stock unit represents a contingent right to receive one share of the Issuer's Common Stock.
- [F2]The securities are held of record by Energy Capital Partners Management, LP ("ECP Management"). ECP Management is controlled by its business unit committee, which consists of Douglas Kimmelman, Peter Labbat, Tyler Reeder, Murray Karp, Raoul Hughes and Xavier Robert, all of whom collectively share the power to vote and dispose of the securities held of record by ECP Management. As a result of these relationships, each of the foregoing individuals may be deemed to share beneficial ownership of the securities held of record by ECP Management. Each such individual disclaims beneficial ownership of these securities except to the extent of their pecuniary interest therein. By virtue of certain relationships among them, ECP Management may be deemed a group under Section 13(d) of the Exchange Act with ECP ControlCo, LLC. Each of them disclaims any such group membership.