| Name | Relationship | Address | Signature | Signature date | CIK |
|---|---|---|---|---|---|
| ECP Fiber Holdings GP, LLC | 10%+ Owner | 40 BEECHWOOD ROAD, SUMMIT | ECP Fiber Holdings GP, LLC, By: /s/ Matthew DeNichilo, Chief Executive Officer | 09 Jul 2025 | 0002032452 |
| ECP Fiber Holdings, LP | 10%+ Owner | 40 BEECHWOOD ROAD, SUMMIT | ECP Fiber Holdings, LP, By: ECP Fiber Holdings GP, LLC, its general partner, By: /s/ Matthew DeNichilo, Chief Executive Officer | 09 Jul 2025 | 0002032502 |
| Hill City Holdings GP, LLC | 10%+ Owner | 40 BEECHWOOD ROAD, SUMMIT | Hill City Holdings GP, LLC, By: /s/ Jennifer Gray, Executive Vice President and Secretary | 09 Jul 2025 | 0002032495 |
| Hill City Holdings, LP | 10%+ Owner | 40 BEECHWOOD ROAD, SUMMIT | Hill City Holdings, LP, By: Hill City Holdings GP, LLC, its general partner, By: /s/ Jennifer Gray, Executive Vice President and Secretary | 09 Jul 2025 | 0001881388 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | SHEN | Common Stock | Purchase | $220,479 | +15,314 | +0.56% | $14.40 | 2,729,685 | 07 Jul 2025 | See Footnotes | F1, F2, F3, F4 |
| transaction | SHEN | Common Stock | Purchase | $421,003 | +28,700 | +1.1% | $14.67 | 2,758,385 | 08 Jul 2025 | See Footnotes | F1, F3, F4, F5 |
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).
| Id | Content |
|---|---|
| F1 | The purchases reported herein were effected pursuant to a Rule 10b5-1 plan adopted by Hill City Holdings, LP ("Hill City") on June 5, 2025. |
| F2 | The price reported in Column 4 is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.29 to $14.51. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. |
| F3 | The securities are held of record by Hill City. ECP ControlCo, LLC is the managing member of Energy Capital Partners IV, LLC, which is the general partner of Energy Capital Partners GP IV, LP, which is the general partner of each of (i) Energy Capital Partners IV-A, LP, (ii) Energy Capital Partners IV-B, LP, (iii) Energy Capital Partners IV-C, LP, and (iv) Energy Capital Partners IV-D, LP (the "Funds"). Energy Capital Partners GP IV, LP is also the general partner of Energy Capital Partners IV-B (Hill City IP), LP ("Hill City IP"). Each of (i) Energy Capital Partners IV-A, LP, (ii) Hill City IP, (iii) Energy Capital Partners IV-C, LP, and (iv) Energy Capital Partners IV-D, LP are the members of Hill City Holdings GP, LLC, which is the general partner of Hill City. |
| F4 | ECP ControlCo, LLC is controlled by its board of managers, which consists of Douglas Kimmelman, Peter Labbat, Tyler Reeder, Rahman D'Argenio, Raoul Hughes and Xavier Robert, all of whom collectively share the power to vote and dispose of the securities beneficially owned by ECP ControlCo, LLC. As a result of these relationships, each of the foregoing entities and individuals may be deemed to share beneficial ownership of the securities held of record by Hill City. Each such entity and individual disclaims beneficial ownership of these securities except to the extent of their pecuniary interest therein. |
| F5 | The price reported in Column 4 is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.40 to $14.81. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. |
Due to filing limitations of the electronic filing system, each of ECP ControlCo, LLC, Energy Capital Partners IV, LLC, Energy Capital Partners GP IV, LP, Energy Capital Partners IV-A, LP, Energy Capital Partners IV-B, LP, Energy Capital Partners IV-C, LP, Energy Capital Partners IV-D, LP and Energy Capital Partners IV-B (Hill City IP), LP are filing a separate Form 4.