BOC director Kenan reports 4,894-share fully vested stock grant

Rhea-AI Filing Summary

Boston Omaha Corporation (BOC) director Frank H. Kenan II reported a stock grant on a Form 4. On 11/24/2025, he was awarded 4,894 shares of Class A common stock at $12.26 per share under the Boston Omaha Corporation 2022 Long-Term Incentive Plan for his services on the Board of Directors. Because the grant was issued later in the year than director option grants are typically issued, the shares are described as fully vested.

Following this transaction, Kenan beneficially owns 9,644 Class A shares directly. He also has indirect beneficial ownership of 197,804 shares through KD Capital, L.P. and 103,390 shares through a trust for which he is both trustee and a beneficiary.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Kenan Frank H. II

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Class A common stock, par value $0.001 per share	4,894	$12.26	$60K
holding	Class A common stock, par value $0.001 per share	--	--	--
holding	Class A common stock, par value $0.001 per share	--	--	--

Holdings After Transaction: Class A common stock, par value $0.001 per share — 9,644 shares (Direct); Class A common stock, par value $0.001 per share — 197,804 shares (Indirect, See footnote)

Footnotes (1)

1. The Reporting Person was granted 4,894 shares of Class A common stock pursuant to the Boston Omaha Corporation 2022 Long-Term Incentive Plan for services as a member of the Board of Directors. The shares were issued later in the year than director option grants are typically issued and, as a result, the shares are fully vested. The reported shares are directly owned by KD Capital, L.P. Frank H. Kenan II is the manager of and owns 100% of KD Capital Management, LLC, which is the general partner of KD Capital, L.P. Mr. Kenan could be deemed to have indirect beneficial ownership of the shares reported herein. The reported shares are directly owned by a trust under which Frank H. Kenan II is both the trustee and a beneficiary. Mr. Kenan could be deemed to have indirect beneficial ownership of the shares reported herein.

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^*

Kenan Frank H. II

(Last) (First) (Middle)

C/O BOSTON OMAHA CORPORATION

1601 DODGE STREET, SUITE 3300

(Street)

OMAHA NE 68102

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BOSTON OMAHA Corp [ BOC ]

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)
11/24/2025

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
Class A common stock, par value $0.001 per share	11/24/2025		A		4,894(1)	A	$12.26	9,644	D
Class A common stock, par value $0.001 per share								197,804	I	See footnote(2)
Class A common stock, par value $0.001 per share								103,390	I	See footnote(3)

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. The Reporting Person was granted 4,894 shares of Class A common stock pursuant to the Boston Omaha Corporation 2022 Long-Term Incentive Plan for services as a member of the Board of Directors. The shares were issued later in the year than director option grants are typically issued and, as a result, the shares are fully vested.

2. The reported shares are directly owned by KD Capital, L.P. Frank H. Kenan II is the manager of and owns 100% of KD Capital Management, LLC, which is the general partner of KD Capital, L.P. Mr. Kenan could be deemed to have indirect beneficial ownership of the shares reported herein.

3. The reported shares are directly owned by a trust under which Frank H. Kenan II is both the trustee and a beneficiary. Mr. Kenan could be deemed to have indirect beneficial ownership of the shares reported herein.

	/s/ Frank H. Kenan, II	11/26/2025
	** 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

What did Boston Omaha (BOC) disclose in this Form 4 filing?

The filing reports that director Frank H. Kenan II received 4,894 shares of Boston Omaha Class A common stock on 11/24/2025 as compensation for his Board service under the 2022 Long-Term Incentive Plan.

At what price were the new Boston Omaha (BOC) shares granted to Frank H. Kenan II?

The 4,894 shares of Class A common stock were reported with a price of $12.26 per share.

Are the newly granted Boston Omaha (BOC) shares to Frank H. Kenan II vested?

Yes. The filing explains that because the grant was issued later in the year than typical director option grants, the 4,894 shares are fully vested.

How many Boston Omaha (BOC) shares does Frank H. Kenan II own directly after this transaction?

After the grant, Frank H. Kenan II directly owns 9,644 shares of Boston Omaha Class A common stock.

What indirect Boston Omaha (BOC) holdings are reported for Frank H. Kenan II?

The filing reports 197,804 shares held indirectly through KD Capital, L.P. and 103,390 shares held indirectly through a trust for which he is trustee and a beneficiary.

Why is KD Capital, L.P. mentioned in the Boston Omaha (BOC) Form 4?

The reported 197,804 shares are directly owned by KD Capital, L.P.. As manager and 100% owner of KD Capital Management, LLC, the general partner of KD Capital, L.P., Frank H. Kenan II could be deemed to have indirect beneficial ownership of these shares.