(SHEN)

Role: Director
Signature: Christopher E French Attorney in Fact for Matthew DeNichilo
Stock symbol: SHEN
Transactions as of: Feb 13, 2025
Transactions value $: $0
Form type: 4
Date filed: 2/18/2025, 07:17 PM
Previous filing: Aug 1, 2024
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-4.75K	-100%	$0.00	0	Feb 13, 2025	Common Stock	4.75K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit ("RSU") represents a contingent right to receive one share of common stock.
F2	The Reporting Person ("RP") serves as a director designee of ECP Capital Partners Management, LP ("ECP") or its affiliates on the Issuer's Board of Directors. By agreement any equity-based securities awarded to the RP in his capacity as a director of the Issuer will be held by the RP on behalf of ECP or its affiliates, transferred by the RP to ECP or its affiliates, and/or sold by the RP, with the proceeds of such sale to be remitted to ECP or its affiliates, in each case as directed by ECP. Accordingly, when the RSUs reflected on this Form 4 vested, the RP immediately transferred the shares of the Issuer's common stock to ECP. The RP does not directly or indirectly beneficially own any Issuer securities and disclaims any pecuniary interest in these securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. Because RP does not have a pecuniary interest in such awards, future awards will be reported solely by ECP.

Content

Each restricted stock unit ("RSU") represents a contingent right to receive one share of common stock.

The Reporting Person ("RP") serves as a director designee of ECP Capital Partners Management, LP ("ECP") or its affiliates on the Issuer's Board of Directors. By agreement any equity-based securities awarded to the RP in his capacity as a director of the Issuer will be held by the RP on behalf of ECP or its affiliates, transferred by the RP to ECP or its affiliates, and/or sold by the RP, with the proceeds of such sale to be remitted to ECP or its affiliates, in each case as directed by ECP. Accordingly, when the RSUs reflected on this Form 4 vested, the RP immediately transferred the shares of the Issuer's common stock to ECP. The RP does not directly or indirectly beneficially own any Issuer securities and disclaims any pecuniary interest in these securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. Because RP does not have a pecuniary interest in such awards, future awards will be reported solely by ECP.