Energy Capital Partners Management, LP 4

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.