Gray Media director sells 57,000 company shares

GRAY MEDIA, INC director Richard Lee Boger reported selling a total of 57,000 shares of company stock.

Rhea-AI Filing Summary

GRAY MEDIA, INC director Richard Lee Boger reported selling a total of 57,000 shares of company stock. On May 19, 2026, he sold 2,000 shares of Class A Common Stock at $10.12 per share and 55,000 shares of Common Stock at $4.19 per share.

Following these transactions, he directly holds 4,591 shares of Class A Common Stock and 37,084 shares of Common Stock, and indirectly holds 2,092 shares of Class A Common Stock as custodian for grandchildren. A footnote states the shares were sold to cover tax obligations upon vesting of restricted stock.

Insider Trade Summary

Net Seller: 57,000 shares

Net Sell 3 txns

Insider BOGER RICHARD LEE

Role Director

Sold 57,000 shs ($251K)

Type	Security	Shares	Price	Value
Sale	Common Stock	55,000	$4.19	$230K
Sale	Class A Common Stock	2,000	$10.12	$20K
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Common Stock — 37,084 shares (Direct); Class A Common Stock — 4,591 shares (Direct); Class A Common Stock — 2,092 shares (Indirect, Custodian for Grandchildren)

Footnotes (1)

1. F1. Shares sold by the Reporting Person to cover tax obligations upon vesting of restricted stock.

Key Figures

Class A shares sold: 2,000 shares at $10.12 Common shares sold: 55,000 shares at $4.19 Total shares sold: 57,000 shares +3 more

6 metrics

Class A shares sold 2,000 shares at $10.12 Open-market sale on May 19, 2026

Common shares sold 55,000 shares at $4.19 Open-market sale on May 19, 2026

Total shares sold 57,000 shares Net-sell direction in transaction summary

Class A direct holdings 4,591 shares Shares following Class A transaction

Common direct holdings 37,084 shares Shares following Common Stock transaction

Indirect Class A holdings 2,092 shares Custodian for grandchildren

Key Terms

open-market sale, restricted stock, Class A Common Stock, Common Stock, +1 more

5 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

restricted stock financial

"cover tax obligations upon vesting of restricted stock"

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.

Class A Common Stock financial

"security_title": "Class A Common Stock""

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

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.

custodian for grandchildren financial

"nature_of_ownership": "Custodian for Grandchildren""

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did GTN director Richard Lee Boger report?

Director Richard Lee Boger reported selling 57,000 Gray Media shares. He sold 2,000 Class A shares at $10.12 and 55,000 Common shares at $4.19 on May 19, 2026, according to the Form 4 filing.

At what prices did Richard Lee Boger sell Gray Media (GTN) shares?

He sold 2,000 Class A Common Stock shares at $10.12 each and 55,000 Common Stock shares at $4.19 each. These open-market sales together totaled 57,000 shares on May 19, 2026, per the disclosed transactions.

How many Gray Media (GTN) shares does Richard Lee Boger hold after the sales?

After the reported sales, he holds 4,591 Class A Common Stock shares and 37,084 Common Stock shares directly. He also indirectly holds 2,092 Class A shares as custodian for his grandchildren, based on the ownership details provided.

Why did Richard Lee Boger sell Gray Media (GTN) shares according to the filing?

A footnote states the shares were sold to cover tax obligations upon vesting of restricted stock. This means the sales were related to tax liabilities from equity compensation rather than newly initiated stock option exercises or unrelated discretionary trades.

What portion of Richard Lee Boger’s Gray Media holdings are indirect?

The filing shows 2,092 Class A Common Stock shares held indirectly as custodian for grandchildren. These are separate from his direct holdings of 4,591 Class A and 37,084 Common shares, clarifying the distinction between personal and custodial ownership.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/21/2026 - 06:05 PM Learn about SEC filing dates

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^*

BOGER RICHARD LEE

(Last) (First) (Middle)

4370 PEACHTREE ROAD 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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/19/2026

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	05/19/2026		S(1)		55,000	D	$4.19	37,084	D
Class A Common Stock	05/19/2026		S(1)		2,000	D	$10.12	4,591	D
Class A Common Stock								2,092	I	Custodian for Grandchildren

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. Shares sold by the Reporting Person to cover tax obligations upon vesting of restricted stock.

	/s/ Ginger Davis by Power of Attorney	05/21/2026
	** 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)