Energy Capital Partners Management, LP 4

What Happened
Energy Capital Partners Management, LP — reported as a member of a Section 13(d) group — received a grant of 9,863 restricted stock units (RSUs) in Shenandoah Telecommunications Co. on 2026-02-19. The Form 4 lists the transaction as an award/acquisition (code A) of a derivative security at $0.00; RSUs are a contingent right to receive one share each rather than an immediate open‑market purchase or sale.

Key Details

• Transaction date and type: 2026-02-19 — Grant/Award (code A) of 9,863 RSUs at $0.00 (derivative).
• Shares owned after transaction: Not disclosed in this filing.
• Footnotes: F1 — each RSU represents a contingent right to one share on settlement; F2 — securities are held of record by Energy Capital Partners Management, LP; the filing names several individuals who may be deemed to share beneficial ownership through ECP Management but who disclaim such ownership; ECP Management may be deemed a group with ECP ControlCo, LLC (they disclaim group membership).
• Timeliness: Form 4 filed 2026-02-23 for a 2026-02-19 transaction — reported within the required filing window.

Context
RSUs are derivative awards that typically vest over time and convert into shares (or cash) only upon settlement — they do not represent an immediate cash purchase of stock. This filing reports an institutional/entity grant (Section 13(d) group member), not an individual officer selling or buying shares on the open market; it indicates an award was granted but does not by itself indicate immediate market buying or selling.