(SHEN)

Role: SVP & Chief Info Officer
Signature: /s/ Christopher E French Attorney in Fact for Elaine Cheng
Issuer symbol: SHEN
Transactions as of: 19 Feb 2026
Net transactions value: -$48,160
Form type: 4
Filing time: 23 Feb 2026, 14:29:49 UTC
Previous filing: 17 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
CHENG ELAINE	SVP & Chief Info Officer	PO BOX 459, EDINBURG	/s/ Christopher E French Attorney in Fact for Elaine Cheng	23 Feb 2026	0001770403

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SHEN	Common Stock	Options Exercise		+11,961	+40%		42,177	19 Feb 2026	Direct	F1
transaction	SHEN	Common Stock	Tax liability	$48,160	-3,654	-8.7%	$13.18	38,523	19 Feb 2026	Direct

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

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Ownership	Footnotes
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-2,282	-6.9%	$0.000000	30,826	19 Feb 2026	Common Stock	2,282	Direct	F1, F2
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-2,684	-8.7%	$0.000000	28,142	19 Feb 2026	Common Stock	2,684	Direct	F1, F2
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-2,526	-9%	$0.000000	25,616	19 Feb 2026	Common Stock	2,526	Direct	F1, F2
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-4,469	-17%	$0.000000	21,147	19 Feb 2026	Common Stock	4,469	Direct	F1, F2
transaction	SHEN	Restricted Stock Unit	Award	$0	+19,332	+91%	$0.000000	40,479	19 Feb 2026	Common Stock	19,332	Direct	F1, F2

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

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents a contingent right to receive one share of common stock.
F2	The restricted stock unit award vests one-fourth on each the first, second, third and fourth anniversary. The restricted stock unit award (and shares issuable upon exercise of the restricted stock unit award) are subject to cancellation and forfeiture in accordance with the Company's executive compensation recovery policy.