Gray Media (GTN) director Lorri McClain awarded 30,741 restricted shares

Rhea-AI Filing Summary

McClain Lorri reported acquisition or exercise transactions in this Form 4 filing.

GRAY MEDIA, INC director Lorri McClain received a grant of restricted common stock. On May 6, 2026, she was awarded 30,741 shares at no cash cost as compensation. These restricted shares vest in full on April 30, 2027. After this award, she holds 126,638 common shares directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider McClain Lorri

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	30,741	$0.00	--

Holdings After Transaction: Common Stock — 126,638 shares (Direct, null)

Footnotes (1)

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Key Figures

Restricted stock grant: 30,741 shares Post-transaction holdings: 126,638 shares Vesting date: April 30, 2027 +1 more

4 metrics

Restricted stock grant 30,741 shares Awarded May 6, 2026 as stock-based compensation

Post-transaction holdings 126,638 shares Common stock directly owned after the grant

Vesting date April 30, 2027 Restricted stock vests in full on this date

Grant price $0.00 per share Indicates no cash paid for awarded shares

Key Terms

restricted stock, vests in full, grant, award, or other acquisition

3 terms

restricted stock financial

"Represents grant of restricted stock, which vests in full on April 30, 2027."

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.

vests in full financial

"grant of restricted stock, which vests in full on April 30, 2027."

grant, award, or other acquisition financial

"transaction code description shows Grant, award, or other acquisition."

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^*

McClain Lorri

(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)
05/06/2026

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	05/06/2026		A		30,741(1)	A	$0	126,638	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 grant of restricted stock, which vests in full on April 30, 2027.

	/s/ Ginger Davis by Power of Attorney	05/08/2026
	** 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 GRAY MEDIA, INC (GTN) director Lorri McClain report on this Form 4?

Director Lorri McClain reported receiving 30,741 shares of GRAY MEDIA, INC common stock as a restricted stock grant. The award was made at no cash cost and reflects stock-based compensation rather than an open-market purchase or sale.

How many GRAY MEDIA, INC (GTN) shares does Lorri McClain hold after this grant?

After the reported restricted stock grant, Lorri McClain directly holds 126,638 shares of GRAY MEDIA, INC common stock. This figure includes the newly awarded 30,741 restricted shares, which remain subject to vesting conditions until their future vesting date.

When do Lorri McClain’s newly granted GRAY MEDIA, INC restricted shares vest?

The 30,741 restricted shares granted to Lorri McClain vest in full on April 30, 2027. Until that date, the shares are restricted, meaning they are subject to vesting conditions before becoming fully transferable like regular, unrestricted common stock.

Was Lorri McClain’s GRAY MEDIA, INC transaction a market buy or sell?

The filing shows a restricted stock grant coded as an acquisition, not a market trade. McClain did not buy or sell shares on the open market; instead, she received 30,741 shares as a stock-based award from GRAY MEDIA, INC at no purchase price.

What does the zero transaction price mean in Lorri McClain’s GRAY MEDIA, INC filing?

The zero transaction price indicates the shares were granted as compensation rather than purchased. McClain did not pay cash for the 30,741 restricted shares; instead, GRAY MEDIA, INC awarded them, consistent with equity-based director compensation practices.