[Form 4] Anterix Inc. Insider Trading Activity

Rhea-AI Filing Summary

On 08/05/2025, Anterix Inc. (ATEX) filed a Form 4 indicating that non-employee director William E. Heard was granted 7,767 restricted shares of common stock at $0 cost as board compensation. The award vests fully on the earlier of 05 Aug 2026 or the next annual shareholder meeting; vesting is automatically deferred to the next open trading day if the scheduled date falls within an insider-trading blackout.

Following the grant, Heard’s direct ownership rises to 9,654 shares. In addition, he maintains 1,716,738 ATEX shares held indirectly through funds managed by Heard Capital LLC, where he is the ultimate beneficial owner. No disposals, derivative securities, or sales were reported, and the transaction was not executed under a Rule 10b5-1 plan. The filing represents routine director equity compensation with no immediate impact on Anterix’s financials.

Positive

• Equity grant deepens director alignment with shareholders by increasing direct ownership to 9,654 shares.
• Clear disclosure of 1.72 M indirectly held shares improves governance transparency.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine director grant; negligible dilution and no market-moving information.

The award adds only ~0.03 % to Heard’s existing 1.7 M beneficial stake and an immaterial fraction to ATEX’s total shares outstanding. No cash changed hands and no derivative exposure exists, so capital structure and liquidity remain unaffected. Insider alignment is incrementally strengthened, but the transaction does not alter earnings outlook or strategic direction. Overall market impact: neutral.

Corporate Governance Specialist

TL;DR: Equity-based board pay aligns incentives; standard best practice.

The one-year cliff vesting ties compensation to shareholder value without excessive retention risk. Disclosure of indirect holdings through Heard Capital enhances transparency, and the absence of a Rule 10b5-1 trade suggests no prearranged selling intent. Governance implications are positive but not material enough to move the stock.

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^*

Heard William

(Last) (First) (Middle)

C/O HEARD CAPITAL LLC

1 N. WACKER DRIVE, SUITE 3650

(Street)

CHICAGO IL 60606

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Anterix Inc. [ ATEX ]

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2025

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

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

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

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, par value $0.0001 per share ("Common Stock")	08/05/2025		A		7,767(1)	A	$0	9,654	D
Common Stock								1,716,738	I	By Heard Capital LLC(2)

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 restricted stock granted to Mr. Heard as compensation of his service as a non-employee director on the Issuer's board of directors. The restricted stock vests in full on the earlier of (i) August 5, 2026 or (ii) the Issuer's next annual stockholder meeting; provided, however, that if the vesting would otherwise occur on a date that is closed for trading under the Issuer's Insider Trading Policy, the vesting shall be automatically deemed to occur on the next trading day on which the sale of shares of common stock by the Reporting Person in the open market would be permitted under the Issuer's Insider Trading Policy.

2. These securities are held by certain investment funds and/or accounts for which Heard Capital LLC serves as investment manager. The Reporting Person is the ultimate beneficial owner of Heard Capital LLC. Each of Heard Capital LLC and the Reporting Person disclaims beneficial ownership of the securities to which this filing relates for purposes of Section 16 of the Securities and Exchange Act of 1934, as amended, except to the extent of his or its pecuniary interest therein.

	/s/ Willliam E. Heard	08/07/2025
	** 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.

FAQ

How many ATEX shares did William Heard acquire in this Form 4?

He received 7,767 restricted shares on 08/05/2025.

When will the restricted ATEX shares vest?

They vest on the earlier of August 5, 2026 or the next annual shareholder meeting, subject to trading-blackout adjustments.

What is William Heard’s total ownership in Anterix after the transaction?

He now owns 9,654 shares directly and 1,716,738 shares indirectly via Heard Capital LLC.

Were any ATEX shares sold or disposed of in this filing?

No. The Form 4 only records an acquisition; there were zero sales or disposals.

Was the transaction executed under a Rule 10b5-1 trading plan?

The filing does not indicate use of a Rule 10b5-1(c) plan.

Is there any impact on Anterix’s share count or earnings?

The grant is immaterial relative to total shares outstanding and has no direct earnings impact.