[Form 4] COGENT COMMUNICATIONS HOLDINGS, INC. Insider Trading Activity

Rhea-AI Filing Summary

Paul De Sa, a director of Cogent Communications Holdings, Inc. (CCOI), received 2,395 shares of common stock as a quarterly director payment for Q3 2025. The reported transaction lists the shares as acquired at a $0 price and owned directly by Mr. De Sa. After the issuance, he beneficially owns 23,514 shares. The filing identifies the transaction type as a non-derivative acquisition and notes the shares reflect routine director compensation for service.

Positive

• Transparent disclosure of director compensation and resulting ownership position
• Director alignment via equity-based compensation (2,395 shares added)
• Direct ownership explicitly stated, simplifying beneficial ownership clarity

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director share issuance; small ownership change unlikely to affect equity valuation.

The Form 4 shows a non-derivative issuance of 2,395 common shares to a director as quarterly compensation, recorded at no cash price. This is a typical in-kind director payment that increases insider alignment without altering company cash flow. The resulting 23,514-share holding is modest relative to a typical public company float and is unlikely to be material to investors or market pricing.

Corporate Governance Expert

TL;DR: Compensation disclosed properly; reflects routine governance practice for director remuneration.

The disclosure specifies direct beneficial ownership and identifies the issuance as director compensation for Q3 2025. The clear reporting of acquisition code, amount, and ownership form aligns with Section 16 transparency expectations. There are no indications of atypical timing, related-party transactions beyond standard director pay, or derivative instruments in this filing.

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

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

1. Name and Address of Reporting Person^*

de Sa Paul

(Last) (First) (Middle)

2450 N ST NW

4TH FLOOR

(Street)

WASHINGTON DC 20037

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COGENT COMMUNICATIONS HOLDINGS, INC. [ CCOI ]

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)
09/30/2025

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	09/30/2025		A		2,395(1)	A	$0	23,514	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. The shares of common stock reported reflects a quarterly payment to directors for Q3 2025 service. All shares are owned directly by Mr. De Sa, a director of Cogent Communications Holdings, Inc.

	/s/ Paul De Sa	10/01/2025
	** 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 shares did Paul De Sa acquire according to the Form 4 for CCOI?

The Form 4 reports an acquisition of 2,395 shares of Cogent Communications Holdings common stock.

At what price were the shares issued to the director in the Form 4?

The shares are reported as acquired at a $0 price in the filing.

How many CCOI shares does Paul De Sa beneficially own after the transaction?

Following the reported transaction, Mr. De Sa beneficially owns 23,514 shares.

What was the reason given for the share issuance in the Form 4?

The filing explains the shares reflect a quarterly payment to directors for Q3 2025 service.

Is the reported ownership direct or indirect for Paul De Sa?

The filing states all shares are owned directly by Mr. De Sa.