Gray Media (GTN) CFO forfeits 43,434 restricted shares for tax net settlement

Rhea-AI Filing Summary

GRAY MEDIA, INC Executive Vice President and CFO Jeffrey R. Gignac reported a disposition of 43,434 shares of Common Stock at $4.40 per share. According to the footnote, these shares represent a forfeiture of restricted stock for the purpose of net settlement, effectively covering tax or settlement obligations rather than an open-market sale. After this non-market transaction, Gignac directly holds 770,457 shares of Gray Media common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Gignac Jeffrey R

Role Executive Vice President, CFO

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	43,434	$4.40	$191K

Holdings After Transaction: Common Stock — 770,457 shares (Direct)

Footnotes (1)

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Key Figures

Shares forfeited: 43,434 shares Valuation price per share: $4.40 per share Shares held after transaction: 770,457 shares

3 metrics

Shares forfeited 43,434 shares Restricted stock forfeiture for net settlement

Valuation price per share $4.40 per share Value applied to forfeited restricted stock

Shares held after transaction 770,457 shares Direct common stock holdings after net settlement

Key Terms

restricted stock, net settlement, tax-withholding disposition, Common Stock

4 terms

restricted stock financial

"Represents forfeiture of restricted stock for the purpose of net settlement."

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

net settlement financial

"Represents forfeiture of restricted stock for the purpose of net settlement."

tax-withholding disposition financial

"transaction_action: "tax-withholding disposition""

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

Common Stock financial

"security_title: "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a 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). See Instruction 10.

1. Name and Address of Reporting Person^*

Gignac Jeffrey R

(Last) (First) (Middle)

4370 PEACHTREE RD NE

SUITE 400

(Street)

ATLANTA GEORGIA 30319

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
GRAY MEDIA, INC [ GTN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Vice President, CFO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/01/2026		F		43,434(1)	D	$4.4	770,457	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents forfeiture of restricted stock for the purpose of net settlement.

	/s/ Ginger Davis by Power of Attorney	04/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did GTN Executive Vice President and CFO Jeffrey Gignac report on this Form 4?

Jeffrey Gignac reported forfeiting 43,434 shares of Gray Media common stock at $4.40 per share. The shares were surrendered as restricted stock for net settlement purposes, rather than sold in the open market, and he now directly holds 770,457 shares.

Was the GTN CFO’s Form 4 transaction an open-market sale of shares?

No, the transaction was not an open-market sale. It was coded as a tax-withholding disposition, and the footnote explains it represents forfeiture of restricted stock for net settlement, typically to satisfy tax or settlement obligations tied to equity compensation.

How many GTN shares does CFO Jeffrey Gignac hold after this Form 4 event?

Following the reported forfeiture, Jeffrey Gignac directly holds 770,457 shares of Gray Media common stock. This post-transaction balance is disclosed in the Form 4 and reflects his continuing equity stake after the restricted stock net settlement event.

What does tax-withholding disposition mean in the GTN Form 4 filing?

Tax-withholding disposition indicates shares were surrendered to cover tax or settlement obligations, not sold for cash in the market. In this case, 43,434 restricted shares were forfeited for net settlement, a common mechanism linked to vesting or equity compensation events.

What is the significance of the $4.40 price in the GTN CFO’s Form 4?

The $4.40 figure is the price per share used to value the 43,434 forfeited shares. It helps calculate the total value applied toward tax or settlement obligations in the net settlement of restricted stock, as reported in the Form 4 filing.