DEF 14A of Cogent Communications Holdings, Inc., Mar 20, 2026

DEF 14A of Cogent Communications Holdings, Inc.

Filed Mar 20, 2026 · FY20250001104659-26-032744

Open on EDGAR

  1. PROPOSAL NO. 1 ELECTION OF DIRECTORS

    PROPOSAL NO. 1 ELECTION OF DIRECTORS The Board proposes eight directors to be elected at the Annual Meeting to serve until their respective successors are elected and qualified. Nominees for election to the Board shall be approved by the affirmative vote of the holders of a majority of shares of our common stock having voting power present in person or represented by proxy at the Annual Meeting. In the event any nominee is unable or unwilling to serve as a nominee, the proxies may be voted for the balance of those nominees named and for any substitute nominee designated by the present Board or the proxy holders to fill such vacancy, or for the balance of those nominees named without nomination of a substitute. Each of the director nominees has consented to stand for election, and the Board has no reason to believe that any of the persons named will be unable or unwilling to serve as a nominee or as a director if elected. Set forth below is certain additional information concerning the eight directors of the Company nominated to be elected at the Annual Meeting: Dave Schaeffer, age 69, founded our Company in August 1999 and is our Chairman of the Board, Chief Executive Officer and President. Prior to founding the Company, Mr. Schaeffer was the founder of Pathnet, Inc., a broadband telecommunications provider, where he served as Chief Executive Officer from 1995 until 1997 and as Chairman from 1997 until 1999. Mr. Schaeffer has been a director since 1999. Mr. Schaeffer serves as both Chairman and Chief Executive Officer (“CEO”) because he is the founder of the Company and has led the Company and the Board since the Company was founded. For this reason, he has been nominated to continue serving on the Board. Marc Montagner, age 64, has served on our Board since April 2010 and has served as our Lead Independent Director since February 2020. Since January 1st 2024, Mr. Montagner has been Chief Financial Officer at SBA Communications, a publicly traded independent owner and operator of wireless communications infrastructure. Between February 2022 and March 2024, Mr. Montagner was a director of Intelsat, a satellite operator based in Virginia, and served as the Chair of the Audit Committee. Mr. Montagner served as Chief Financial Officer at Cerence Inc. from April 2022 to May 2022, and Endurance International Group Holdings, Inc., from 2015 to 2021. He was previously Chief Financial Officer at LightSquared from 2012 until August 2015. Previously, he had been Executive Vice President of Strategy, Development and Distribution at LightSquared. Prior to joining LightSquared in February of 2009, Mr. Montagner was Managing Director and Co-Head of the Global Telecom, Media and Technology Merger and Acquisition Group at Banc of America Securities. Until August of 2006, he was Senior Vice President, Corporate Development and M&A with the Sprint Nextel Corporation. Prior to this, Mr. Montagner had the same responsibilities with Nextel Communications. Prior to 2002, Mr. Montagner was a Managing Director in the Media and Telecom Group at Morgan Stanley. Prior to joining Morgan Stanley, Mr. Montagner worked for France Télécom (now Orange) in New York where he was Head of Corporate Development for North America. Mr. Montagner has been nominated to continue serving on the Board due to his extensive experience in the telecommunications industry, specifically with respect to operational, financial and strategic matters. Steven D. Brooks, age 74, has served on our Board since October 2003. Mr. Brooks is a private investor. He was Managing Partner of BCP Capital Management from 1999 to 2009. From 1997 until 1999, Mr. Brooks headed the technology industry mergers and acquisition practice at Donaldson, Lufkin & Jenrette. Previously, Mr. Brooks held a variety of positions in the investment banking and private equity fields, including: Head of Global Technology Banking at Union Bank of Switzerland, Managing Partner of Corporate Finance at Robertson Stephens, founder and Managing Partner of West Coast technology investment banking at Alex Brown & Sons, and Principal at Rainwater, Inc., a private equity firm in Fort Worth, Texas. Mr. Brooks has been nominated to continue serving on the Board because of his extensive experience with firms such as Cogent and with public market activities of such companies. Having been involved with the Company since its early days he also brings extensive historical perspective to the Board. Paul de Sa, age 54, has served on our Board since December 2021. Mr. de Sa is a co-founder and partner of Quadra Partners, a telecommunications advisory firm founded in 2017. From 2009 to 2012 and again from 2016 to 2017, Mr. de Sa served as Chief of the Office of Strategic Planning at the U.S. Federal Communications Commissions (FCC). During his time at the FCC, Mr. de Sa focused on transaction reviews, and spectrum and broadband policy. From 2012 to 2016, he was a Senior Analyst at Bernstein Research. Prior to his government service, Mr. de Sa was a Partner at McKinsey & Company, serving communications and private-equity clients from the firm’s Washington, D.C., and Seoul offices. From 2018 to 2023, Mr. de Sa was a director of the Coalition for Green Capital, a non-profit that works with national, state and local governments to establish green bank financial institutions for the deployment of sustainable technologies. Mr. de Sa holds a doctorate in theoretical physics from Oxford and a B.A. from Cambridge. He was also a John F. Kennedy Memorial Scholar at MIT and researched technology policy as a post-doctoral fellow at Harvard University. Mr. de Sa has been nominated to continue service on the Board due to his experience in the communications industry, regulatory background, sustainability and corporate finance. Lewis H. Ferguson III, age 81, has served on our Board since October 2018. From 2011 to 2018 he served two terms as a board member of the Public Company Accounting Oversight Board (“PCAOB”), the oversight body for auditors of U.S. public companies. Mr. Ferguson served as Vice-Chair and Chair of the International Forum of Independent Audit Regulators, the international coordinating body of more than 50 independent audit regulators throughout the world, from 2012 to 2015. Mr. Ferguson also served as the first general counsel of the PCAOB from 2004 to 2007. Prior to his service at the PCAOB, Mr. Ferguson was a partner at the law firm of Williams & Connolly, LLP from 1979 to 1993 and 1998 to 2003, and at the law firm of Gibson, Dunn & Crutcher, LLP from 2007 to 2011. Mr. Ferguson has at various times served on the boards of seven companies, of which two are public companies and five are private. The two public companies were Wright Medical Technologies (1994 to 1997) and Cogent Communications Group, Inc., a predecessor of the Company (2007 to 2009). Mr. Ferguson also serves on the board of the Strathmore Hall Foundation, a nonprofit organization that supports visual and performing arts, and on the advisory committee of Springtide Ventures. Mr. Ferguson has been nominated to continue serving on the Board due to his extensive experience with audit matters, corporate finance, and corporate governance.

  2. PROPOSAL NO. 1 ELECTION OF DIRECTORS

    Eve Howard, age 63, has served on our Board since June 2022. Ms. Howard is an attorney in private practice, specializing in capital markets, financing and other corporate strategic transactions for more than 30 years. Ms. Howard regularly provides advice to senior management teams and corporate boards of directors on their corporate and finance activities, environmental, social and governance policies and practices, and securities matters. She served as the global head of the capital markets practice of her firm from July 2020 through December 2023, and prior to that served on the global executive management committee of the firm from 2016 to 2020. She transitioned from partner at her firm to senior counsel in January 2024. In her management role, Ms. Howard worked closely with teams throughout the Americas, Europe and Asia to expand the business, set policies, manage risk and streamline operations. Ms. Howard is a graduate of Duke Law School, where she currently serves on the Board of Visitors, and Dartmouth College. Ms. Howard serves on the board of Reading Partners DC, a nonprofit aimed at building literacy skills in qualifying Washington, D.C. public elementary schools. Ms. Howard also serves on the board of DirectWomen, a nonprofit organization that works to increase gender diversity on corporate boards. Ms. Howard has been nominated to continue serving on the Board based upon her extensive experience in the areas of corporate finance and capital markets, international business experience, environmental, social and governance policies and practices, internal corporate compliance and corporate governance. Deneen Howell, age 54, has served on our Board since May 2022. Ms. Howell is an attorney in private practice and has been practicing since 1998. Ms. Howell’s practice includes advising former government officials, senior executives, public speakers, broadcasters and journalists (many of whom also are authors) in their professional pursuits; and counseling privately held businesses and non-profit organizations in employment and publishing-related matters. Ms. Howell also has an extensive executive compensation practice where she represents top executives as well as fiduciary and advisory board members of public and privately-held companies. Ms. Howell serves as co-chair of her firm’s Transactions and Business Counseling practice, and its Employment Counseling practice group and as chair of its Budget Committee. Ms. Howell also serves as a member of the Board of Directors of Georgetown Day School and the Board of Trustees of the White House Historical Association. Ms. Howell is a graduate of Yale University and Stanford Law School and a past president of the Stanford Law Review. Ms. Howell has been nominated to continue serving on the Board based upon her extensive experience in the areas of media and content development, executive compensation, internal corporate compliance and corporate governance. Sheryl Kennedy, age 71, has served on our Board since November 2019. Ms. Kennedy serves on the board of directors of Private Debt Partners, Inc., serving on the Audit, Finance and Risk Committee and on the Board of Trustees of the Ontario University Pension Plan where she serves on the Investment Committee. Ms. Kennedy served as non-executive Chair of Promontory Financial Group Canada, an IBM Company, during the course of 2019, and previously was CEO of Promontory Canada from 2009 through 2018. From 1994 to 2008 she was Deputy Governor of the Bank of Canada and chaired the Markets Committee at the Bank for International Settlements in Basel, Switzerland from 2003 to 2006. She also served as Senior Advisor for International Strategy for Scotiabank in 2006. Prior to her time with the Bank of Canada, Ms. Kennedy worked in the Canadian federal Department of Finance and served as Finance Counsellor at the Canadian Embassy in Paris, France. Ms. Kennedy is a Trustee of the Anglican Church of Canada General Synod Pension Plan. She served on the University of Waterloo Board of Governors from 2017 to 2023 chairing its Pension Investment Committee and serving as a member of its Finance and Investment Committee. She also chaired the University’s Responsible Investing Advisory Group and more recently was a member of the University’s Task Force on Social Responsibility in Investing. Ms. Kennedy also served as a director of the CLS Group Holdings AG until June 2025, serving as Chair of the Nominating and Governance Committee, as a member of the Audit and Finance and the Chairs Committees. Ms. Kennedy is a graduate of the University of Waterloo and Harvard University. Ms. Kennedy has been nominated to continue serving on the Board due to her experience in the oversight of public company auditing, risk management, financial system management, regulation and corporate responsibility and sustainability, together with her international experience. Listed below are certain areas of knowledge, skills and experience that we consider important for our directors in light of our current business strategy and structure. The table below includes the primary skills and experience of each director nominee that led our Board to conclude that he or she is qualified to serve on our Board. This high-level summary is not intended to be an exhaustive list of each director nominee’s skills or contribution to the Board, and the type and degree of knowledge, skills and experience listed below may vary among the nominees.

  3. PROPOSAL NO. 1 ELECTION OF DIRECTORS

    | Board | Schaeffer | Montagner | Brooks | de Sa | Ferguson | Howard | Howell | Kennedy | | Knowledge, Skills and Experience | | | | | | | | | | Public Company Board Experience | x | x | x | x | x | x | x | x | | Financial | x | x | x | x | x | x | | x | | Risk Management | x | x | x | | x | x | | x | | Accounting | x | x | x | | x | | | x | | Corporate Governance/Ethics | x | x | x | x | x | x | x | x | | Legal/Regulatory | x | | x | x | x | x | x | x | | HR/Compensation | x | x | | | | | x | x | | Executive Experience | x | x | | | | x | | x | | Operations | x | x | | x | | x | x | | | Strategic Planning/Oversight | x | x | x | x | x | x | x | x | | Technology | x | x | x | | | | | | | Mergers and Acquisitions | x | x | x | x | x | x | x | | | Telecom/Internet Industry | x | x | x | x | | | | | | Academia/Education | x | | x | | x | | | x | | Cybersecurity | x | | | | x | | | | | Environmental, Social and Governance | | | | x | | x | | x |

  4. PROPOSAL NO. 1 ELECTION OF DIRECTORS

    If the nominees are elected, the average tenure of our independent directors would be 9.2 years as of May 1, 2026, as compared to 8.4 years as of May 7, 2025. Currently, three of our directors are women and five are men, and we have one Asian, one Black and six White directors. Unless marked otherwise, proxies received will be voted FOR the election of each of the nominees named above. The Board recommends a vote FOR the election of all nominees named above.

  5. Executive Summary

    Executive Summary 2025 Executive Compensation Highlights The following summarizes the compensation for our Named Executive Officers for 2025: • Base Salaries — With the exception of our CEO, who receives no annual base salary prior to 2026, increased their annual base salaries by 2.5% in common with all employees. • Annual Incentive Compensation for CEO — The annualized wavelength revenue compound annual growth rate (“AWR CAGR”) target for 2025 was set by the Board at 30%. Based on achievement of 152% of the AWR CAGR target, our CEO earned an annual incentive award with respect to AWR CAGR in the amount of $333,500, which was 133% of the target annual incentive compensation of $250,000 and represented the maximum amount achievable. The gross profit compound annual growth rate (“GP CAGR”) target was set by the Board at 15%. Based on achievement of 79% of the GP CAGR target, our CEO earned an annual incentive award with respect to GP CAGR in the amount of $196,743, which was 79% of the target annual incentive compensation of $250,000. • Sales Commissions for Chief Revenue Officer — Based on achievement of 92% of his aggregate revenue targets for 2025, we made monthly commission payments totaling $141,900 to Mr. Harris, which is comprised of commissions earned before and after he was promoted to Chief Revenue Officer. Based on achievement of 77% of his aggregate revenue targets through his departure in August 2025, we made monthly commission payments totaling $80,813 to Mr. Bubeck. Long-Term Incentive Compensation — The following long-term incentive compensation opportunities were granted to our Named Executive Officers in 2025: For Service in 2025 — In January 2025, the Compensation Committee recommended and the Board approved the following long-term incentive compensation opportunities with respect to the Named Executive Officers’ service in 2025: Our CEO received a time-based restricted stock award of 84,000 shares, which vests in 2028 and a performance-based restricted stock award of 96,000 shares, which is eligible to vest in 2028, subject to Mr. Schaeffer’s continued employment with the Company through each applicable vesting date (except in the case of certain qualifying terminations of employment). The metrics for the performance-based award are to be earned based on our performance through the end of 2027, with one-half vesting based on the Company’s compound annual growth rate (“CAGR”) in EBITDA1, as set forth in the Company’s earnings press releases, and one-half vesting based on the Company’s CAGR in Free Cash Flow2. If EBITDA CAGR or Free Cash Flow CAGR is zero or less, then no shares with respect to such metric will vest and no additional shares will be earned if performance exceeds 100%. • Mr. Weed received a time-based restricted stock award of 19,400 shares and a performance-based stock restricted stock award of 4,850 shares and Messrs. Bubeck, Chang and Kilmer each received time-based restricted stock awards of 9,600 shares and performance-based restricted stock awards of 2,400 shares. The time-based restricted stock vests in 2028 and, where applicable, the performance-based restricted stock is eligible to vest in 2028, based on the attainment of customer satisfaction goals over the performance period. • In 2025, Mr. Harris received a time-based restricted stock award of 1,000 shares and an additional time-based restricted stock award of 668 shares upon his promotion to Chief Revenue Officer and Vice President of Global Sales. The time-based restricted stock vests in 2028. For Service in 2026 — In December 2025, the Compensation Committee recommended and the Board approved the following long-term incentive compensation opportunities, with respect to the Named Executive Officers’ service in 2026: • CEO Long-Term Incentive Compensation. Our CEO received a time-based restricted stock award of 229,657 shares that vests on January 1, 2029 and a performance-based restricted stock award of 321,520 shares that vests in 2029 and is to be earned based on our performance through the end of 2028 based on the Company’s EBITDA CAGR, as set forth in the Company’s earnings press releases, excluding payments from T-Mobile, with no shares earned for if performance is zero or negative and no additional shares earned if performance exceeds 100%. The number of shares granted for time-based restricted stock award was calculated using a notional value of $5.0 million and the average stock price for the Company’s common stock for December 2025. The number of shares granted for performance-based restricted stock award was calculated using a notional value of $7.0 million and the average stock price for the Company’s common stock for December 2025. The Compensation Committee recommended, and the Board approved, using EBITDA CAGR as the sole performance measure for the December 2025 award. This marked a shift from the performance measures used in the January 2025 award both EBITDA CAGR and free cash flow CAGR. The Board believes that EBITDA and Free Cash Flow are closely similar metrics, each offering a direct measure of the Company’s financial health and operational efficiency aligning the CEO’s incentives with driving profitability. The Board believes it was unnecessarily duplicative to use two metrics, and while EBITDA is a non-GAAP measure, it is more commonly used by investors and stockholders to measure the performance of the Company. By relying solely on EBITDA, the Board can ensure the CEO is rewarded for directly improving the Company’s fundamental performance, fostering long-term value creation. • The Board granted long-term incentive compensation opportunities to the Company’s other Named Executive Officers in the form of time-based restricted stock awards, which vest in equal 1 EBITDA represents net cash flows provided by operating activities plus changes in operating assets and liabilities, cash interest expense and cash income tax expense. Free Cash Flow represents EBITDA minus capital expenditures and principal payments on finance (capital) leases. annual tranches on January 1, 2027, January 1, 2028 and January 1, 2029 and, for certain other Named Executive Officers, performance-based restricted stock awards, which are eligible to vest based on our performance through the end of 2028. Mr. Weed received a time-based restricted stock award of 19,400 shares that vests according the schedule set forth above and a performance-based restricted stock award of 4,850 shares that vests in 2029 based on our performance through 2028. Messrs. Chang and Kilmer received a time-based restricted stock award of 9,600 shares that vests as set forth above and a performance-based restricted stock award of 2,400 shares that vests in 2029 based on our performance through 2028. Mr. Harris received a time-based restricted stock award of 5,000 shares that vests according the schedule set forth above. Messrs. Chang, Harris and Weed also received supplemental long-term incentive compensation opportunities in the form of time-based restricted stock awards of 100,000 shares each, which vest on January 1, 2029, contingent upon such officer remaining employed through and on such date. The Compensation Committee and the Board believed that retaining the services of key employees is critical to the Company’s ability to achieve the benefits of the acquisition of the Sprint business.

  6. Executive Summary

    The equity awards granted to our CEO in December 2025 with respect to services to be performed in 2026 were made in connection with an amendment to our CEO’s employment agreement, as further described in “2026 Executive Compensation Update” below. Because the awards were granted in December 2025, they appear as 2025 compensation in the Summary Compensation Table even though they relate to 2026 service, inflating compensation in the Summary Compensation Table for 2025. The same is true for the awards granted to the Company’s other Named Executive Officers in December 2025 with respect to 2026 compensation. • Vesting of Performance Grants for Chief Executive Officer — Our CEO’s performance-based restricted stock award granted in 2022 is scheduled to vest on April 1, 2026. The terms of the 2022 performance-based restricted stock award provided that the number of shares to be awarded is determined by our performance commencing on January 1, 2022 and ending on December 31, 2025, with one-third vesting based on the Company’s growth rate in revenue compared to the revenue growth rate for the companies comprising the NASDAQ Telecommunications Index (“NTI”), one-third vesting based on the Company’s growth rate in cash flow from operating activities compared to the cash flow growth rate for the companies comprising the NTI and one-third vesting based on our TSR, with no shares earned for that metric if performance is less than zero and no additional shares earned for that metric if performance exceeds 100%. Due to the impossibility of obtaining the information necessary to perform the applicable calculations with respect to the award, the performance measures with respect to growth rate in revenue and cash flow operating activities were amended in 2023 by removing the provision that only organic growth be considered. • Vesting of Performance Grants for Other Executive Officers — Evaluated the performance — based restricted stock awards granted to our executive officers in 2022, including certain of the Named Executive Officers (other than our CEO), and determined that the performance goal for such awards had been met by the Company, resulting in each of our executive officers earning 100% of such performance-based restricted stock awards. 2026 Executive Compensation Update On December 31, 2025, with respect to service in 2026, the Compensation Committee and the Board approved additional measures intended to encourage executive retention and align the CEO’s compensation with the Company’s profitability and cash-generating capabilities. The Compensation Committee and the Board also worked to better harmonize the Company’s compensation structure with that of its peers. The Compensation Committee and the Board believe that these goals are critical to the success of the Company, and tailored its executive compensation decisions accordingly. In addition to the long-term incentive compensation opportunities described above under For Service in 2026, the Compensation Committee recommended, and the Board approved, the following compensation measures: CEO Employment Agreement. On December 31, 2025, in order to retain Mr. Schaeffer, the Company’s founder and CEO, during this critical period, the Board agreed to amend Mr. Schaeffer’s employment agreement to extend the term through December 31, 2028. CEO Annual Base Salary. Upon recommendation of the Compensation Committee, the Board approved an annual base salary of $1.0 million for our CEO for 2026. Mr. Schaeffer has not received a base salary since 2015. CEO Annual Cash Incentive Compensation. With respect to our CEO’s Annual Cash Incentive Compensation opportunity for 2026, the Compensation Committee recommended, and the Board approved an increase of the target cash incentive compensation from $500,000 to $1.25 million. The Board also approved amending the performance measure to only include the Company’s EBITDA CAGR, as reported in the Company’s earnings press releases. The Board believes this single metric is best suited for evaluating the Company’s financial health and operational efficiency as well as the progress and success of the revenue generation and cost reduction efforts with respect to the Sprint acquisition. Executive Officer Base Salary Increase. Following an analysis of the compensation practices of the Company’s peer group, the Compensation Committee recommended, and the Board approved, increasing the annual base salary of each of Messrs. Chang, Harris and Weed to $400,000. This figure remains at or below the 50th percentile for base salary of the comparable position for the Company’s peer group. Pay-for-Performance Compensation Philosophy We view our executive compensation practices as an avenue to communicate our goals and standards of conduct and as a means to reward our executive officers for their achievements. We believe our executive compensation program is reasonable, competitive, and appropriately balances the goals of attracting, motivating, rewarding, and retaining our executive officers and, therefore, that it promotes stability in our leadership. The Board has established a unifying principle for our executive compensation program: linking the interests of our executive officers to the interests of our stockholders. The Board believes that this alignment of interests incentivizes our executive officers to act in the best interests of the Company. To ensure our executive officers’ interests are aligned with those of our stockholders and to motivate and reward individual initiative and effort, a substantial portion of our executives’ annual compensation takes the form of equity awards and is, therefore, “at-risk.” For 2025, over 98% of our CEO’s annual target direct compensation consisted of equity awards. For our other executive officers, including the other Named Executive Officers, over 83% of their annual target direct compensation is delivered in the form of equity awards. In 2025, our CEO’s entire cash compensation consisted of his annual incentive award, which was performance-based and at-risk. The majority of our CEO’s restricted stock award is performance-based, meaning that a majority of our CEO’s target total direct compensation for 2025 was performance-based. For 2026, the changes to our CEO’s compensation structure notwithstanding, this dedication to performance-based compensation remains in place, as the majority of our CEO’s target total direct compensation for 2026 is performance-based and over 80% of our CEO’s annual target direct compensation consists of equity awards. Our compensation program focuses on long-term growth in stockholder value. Historically, restricted stock awards granted to our executives generally do not vest until three years after the grant date, and, in the case of performance-based restricted stock awards, the performance targets are based on long-term measurements. To date, the Board has granted equity awards based on a fixed number of shares rather than awards based on a specific dollar value. To ensure that we remain faithful to our compensation philosophy, the Board regularly evaluates the relationship between the reported values of the equity awards granted to our executive officers, the amount of compensation realizable (and, ultimately, realized) from such awards in subsequent years, and our TSR over this period. The Board will continue to review both the size of awards and whether awards should be tied to a specific dollar amount; however, as part of this evaluation the Board will acknowledge that increases in the realized value from the awards are necessarily tied to increases in stockholder value and thus these increases are consistent with the goal of our executive compensation program.

  7. Executive Summary

    For our CEO’s performance-based restricted stock granted with respect to 2025, the Board used two performance measures, such that half of the performance-based restricted stock award was based on EBITDA growth and half was based on free cash flow growth. The Board believed these two metrics were consistent with previously-voiced stockholder preferences for metrics directly influenced by the CEO and serve as direct measures of the CEO’s contributions to the Company and its financial health. For 2026 compensation, as noted above, the Board amended these performance measures to remove free cash flow growth as a performance metric for our CEO’s performance-based equity award, because it believes EBITDA and free cash flow are similar and, in light of apparent investor preference of EBITDA as a financial metric, that using two similar metrics was unnecessary. We believe that our focused emphasis on the use of long-term incentive compensation as the key element of our executive officers’ target total direct compensation opportunities has enabled us to maintain a strong alignment of our executive officers’ and stockholders’ interests and has, in most years, resulted in the above-market performance of our common stock as illustrated below. The graph below compares Cogent’s cumulative five-year TSR on common stock with the cumulative TSRs of the S&P 500 Index and the NTI. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2020 to December 31, 2025. COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among Cogent Communications Holdings, the S&P 500 Index and the NASDAQ Telecommunications Index * $100 invested on 12/31/20 in stock or index, including reinvestment of dividends. Fiscal year ending December 31. Copyright© 2025 Standard & Poor’s, a division of S&P Global. All rights reserved.

  8. Executive Summary

    2025 Stockholder Advisory Vote on Named Executive Officer Compensation At our 2025 Annual Meeting our stockholders approved the advisory vote on our named executive officer compensation, or “Say-on-Pay,” with approximately 88% of votes cast, excluding broker non-votes. We believe this support is indicative of the Board’s willingness to adjust both director and officer compensation in response to concerns and suggestions raised by our stockholders. As demonstrated by our continuing, active outreach to our stockholders, we value their opinions on executive compensation, as expressed not only in their Say-on-Pay votes but in our dialogues throughout the year. Executive Compensation Policies and Practices We endeavor to maintain sound executive compensation policies and practices, including compensation-related corporate governance standards, consistent with our executive compensation philosophy. During 2025, we maintained the following executive compensation policies and practices, including both policies and practices we have implemented to drive performance and policies and practices that either prohibit or minimize behaviors that we do not believe serve our stockholders’ long-term interests: What We Do • We maintain an Independent Compensation Committee. The Compensation Committee consists solely of independent directors who establish our compensation practices. • We retain an Independent Compensation Advisor. The Compensation Committee has engaged its own compensation consultant to provide information, analysis, and other advice on executive compensation independent of management. • We conduct an annual Executive Compensation Review. At least once each year, the Board conducts a review of our compensation strategy. • Compensation At-Risk. Our executive compensation program is designed so that the majority of our executive officers’ compensation is at risk based on corporate performance, and because it is equity-based, aligned to the interests of our stockholders. • We Evaluate Compensation-related Risk. The Board considers our compensation-related risk profile to ensure that our compensation-related risks do not create inappropriate or excessive risk and are not reasonably likely to have a material adverse effect on the Company. • Multi-year Vesting Requirements. Both to retain and to focus our executives on long-term performance, all of our equity awards must be earned over at least a three-year period. • Compensation Recovery (“Clawback”) Policy. We have adopted a policy for recovery of erroneously awarded compensation that complies with SEC and Nasdaq rules and enables the Board to recover both cash and equity incentive-based compensation from our CEO and certain other officers in the event of an accounting restatement. • Stock Ownership Policy. We have adopted a stock ownership policy for our CEO and the members of the Board under which they must accumulate and maintain, consistent with the terms of the guidelines, shares of our common stock. • We Conduct an Annual Stockholder Advisory Vote on Named Executive Officer Compensation. We conduct an annual stockholder advisory vote on the compensation of the Named Executive Officers. The Board considers the results of this advisory vote during the course of its deliberations and also separately seeks to engage on executive compensation matters with our stockholders. What We Do Not Do • No Guaranteed Bonuses. We do not provide guaranteed bonuses to our executive officers. Only our CEO and Chief Revenue Officer are eligible to receive annual cash incentive awards, which are entirely performance-based. Our other executive officers are not eligible for cash bonuses. No Defined Benefit Retirement Plans. We do not currently offer, nor do we have plans to offer, defined benefit pension plans or any non-qualified deferred compensation plans or arrangements to our executive officers other than the plans and arrangements that are available to all employees. Our executive officers are eligible to participate in our Section 401(k) retirement plan on the same basis as our other employees. No Hedging and Limits on Pledging. We prohibit our employees, including our executive officers, and the members of the Board from hedging our securities and from pledging our securities on a non-recourse basis. See below for a discussion of limitations on pledging of our securities. • No Tax Payments on Perquisites. We do not provide any tax reimbursement payments (including “gross-ups”) on any perquisites or other personal benefits. • No Excise Tax Payments on Future Post-Employment Compensation Arrangements. We do not provide any excise tax reimbursement payments (including “gross-ups”) on payments or benefits contingent upon a change in control of the Company. • No Special Welfare or Health Benefits. We do not provide our executive officers with any welfare or health benefit programs, other than participation in our broad-based employee programs, such as medical, dental and vision benefits, medical and dependent care flexible spending accounts, health savings accounts, long-term and short-term disability insurance, and basic life insurance coverage. • No Stock Option Re-pricing. We do not permit options to purchase shares of our common stock to be re-priced to a lower exercise price without the approval of our stockholders. Pledging Policy The Company’s pledging policy (i) prohibits individuals from pledging Company securities to secure a non-recourse loan, (ii) prohibits the holding of Company securities in a margin account, and (iii) permits pledging of Company securities pursuant to a full recourse loan only after the Audit Committee reviews and approves any proposed pledge and the full Board ratifies such approval. No securities are currently pledged by any of our officers or directors. As part of the approval process, the Audit Committee may request an individual seeking to pledge shares to provide information sufficient for the Audit Committee to evaluate the risk of such pledge, which information may include, but is not limited to, the following: • Amount and terms of the full recourse loan; • Purpose of the full recourse loan; • Terms of the collateral agreement or similar agreement effecting the pledge; • Amount of Company securities pledged; and • Financial condition of the individual making the pledge. The Audit Committee shall consider the risk of any such pledge before approval, and as part of this consideration shall weigh some or all of the following factors: • The percentage of the Company’s outstanding shares, on a fully diluted basis, represented by the pledged shares, which shall not exceed five percent (5%), including all shares subject to issued and outstanding options, absent exceptional circumstances; • The percentage of the individual’s holding of the Company’s securities represented by the pledged shares, which shall not exceed fifty percent (50%), absent exceptional circumstances; • The amount and type of the other assets securing such full recourse loan; and • The amount of the loan relative to the financial condition of the individual. The Board believes that this thoughtful, considered approach serves stockholders’ interests by achieving the proper balance between the Company’s compensation practices that encourage ownership of the Company’s securities and the risks presented by the pledging of the Company’s securities.

  9. Executive Compensation Program Governance and Process

    As compared to the Company’s peer group used for 2024 compensation, Aspen Technology, Guidewire Software and Nutanix were removed as they were above the market capitalization range, and Extreme Networks was removed due a perceived lack of similarity with the Company. Cable One, Rapid7 and Viavi Solutions were added to the peer group as replacements as each fit within the above-designated criteria. The Compensation Committee intends to review our compensation peer group at least annually and to adjust its composition, as necessary, accounting for changes in both our business and the businesses of the companies in the compensation peer group. The Compensation Committee does not believe that it is appropriate to make compensation decisions, whether regarding base salaries or long-term incentive compensation, based upon any type of benchmarking. The Compensation Committee does believe that information regarding the compensation practices at other companies is useful in at least two respects. First, the Compensation Committee recognizes that our compensation policies and practices must be competitive in the marketplace. Second, this information is useful in assessing the reasonableness of individual executive compensation elements and of our overall executive compensation packages. The information provided by the peer group analysis is only one of several factors that the Compensation Committee considers, however, in making its compensation decisions. The Compensation Committee also considers, among other factors, the relative responsibilities and talents of our executive officers, the ability to replace their particular skillsets and institutional knowledge and the financial performance of the Company relative to its peers, including revenue growth, profitability and the return of capital to stockholders.

  10. Individual Compensation Elements

    As with their other compensation elements, the Board determines the amount of long-term incentive compensation for our executive officers as part of its annual compensation review and, after taking into consideration the competitive market environment, the recommendations of our CEO (except with respect to his own equity award), the proportion of our total shares of common stock outstanding used for annual employee long-term incentive compensation awards (our “burn rate”), and the other factors described above. In 2025, the Board granted a combination of time-based restricted stock awards, retention awards and performance-based restricted stock awards to our executive officers. The equity awards granted to the Named Executive Officers for 2025 were as follows:

  11. Individual Compensation Elements

    | Named Officer | Grant Date | Time Based Restricted Stock (# shares) | Time Based Restricted Stock (grant date fair value) | Performance Based Restricted Stock (# shares) | Performance Based Restricted Stock (grant date fair value) | Aggregate Grant Date Fair Value | | Dave Schaeffer | 1/14/2025 | 84,000 | $6,044,640 | 96,000 | $6,908,160 | $12,952,800 | | Dave Schaeffer | 12/31/2025 | 229,657 | $4,951,405 | 321,520 | $6,931,971 | $11,883,376 | | Thaddeus Weed | 1/9/2025 | 19,400 | $1,418,722 | 4,850 | $354,681 | $1,773,403 | | Thaddeus Weed | 12/31/2025 | 100,000 | $2,156,000 | — | $— | $2,156,000 | | Thaddeus Weed | 12/31/2025 | 19,400 | $418,264 | 4,850 | $104,566 | $522,830 | | Mark Harris | 6/1/2025 | 1,000 | $45,710 | — | $— | $45,710 | | Mark Harris | 9/2/2025 | 668 | $24,663 | — | $— | $24,663 | | Mark Harris | 12/31/2025 | 5,000 | $107,800 | — | $— | $107,800 | | Mark Harris | 12/31/2025 | 100,000 | $2,156,000 | — | $— | $2,156,000 | | John Chang | 1/9/2025 | 9,600 | $702,048 | 2,400 | $175,512 | $877,560 | | John Chang | 12/31/2025 | 9,600 | $206,976 | 2,400 | $51,744 | $258,720 | | John Chang | 12/31/2025 | 100,000 | $2,156,000 | — | $— | $2,156,000 | | Henry Kilmer | 1/9/2025 | 9,600 | $702,048 | 2,400 | $175,512 | $877,560 | | Henry Kilmer | 12/31/2025 | 9,600 | $206,976 | 2,400 | $51,744 | $258,720 | | James Bubeck | 1/9/2025 | 9,600 | $702,048 | 2,400 | $175,512 | $877,560 |

  12. Individual Compensation Elements

    The number of shares subject to performance-based restricted stock awards represents the maximum number of shares that may be earned. Grant date fair value is based on (i) a closing price of $73.13 per share on the grant date of January 9, 2025 for Messrs. Weed, Bubeck, Chang and Kilmer; (ii) a closing price of $71.96 per share on the grant date of January 14, 2025 for Mr. Schaeffer, (iii) a closing price of $45.71 per share on the grant date of June 1, 2025 for Mr. Harris, (iv) a closing price of $36.92 per share on the grant date of September 2, 2025 for Mr. Harris, and (v) a closing price of $21.56 per share on the grant date of December 31, 2025 for Messrs. Schaeffer, Weed, Harris, Chang and Kilmer. Equity Awards Granted to Our CEO January 2025 Time-Based Restricted Stock Award. Our CEO’s time-based restricted stock award granted in January 2025 vests in equal monthly increments of 7,000 shares each commencing January 1, 2028 and ending on December 1, 2028. December 2025 Time-Based Restricted Stock Award. Our CEO’s time-based restricted stock award granted in December 2025 vests in full on January 1, 2029. January 2025 Performance-Based Restricted Stock Award. Our CEO’s performance-based shares are eligible to vest on March 15, 2028 as follows: one-half based on our growth rate in EBITDA and one-half based on our growth rate in Free Cash Flow, all as measured over a performance period commencing on January 1, 2025 and ending on December 31, 2027. • If our compound annual revenue growth rate in EBITDA as set forth in the Company’s earnings press releases (“EBITDA CAGR”) from 2024 to 2027 is positive, then the number of shares that will vest with respect to the award will be determined by dividing (i) the Company’s actual EBITDA CAGR, by (ii) a target percent to be set by the Compensation Committee, and then multiplying the resulting fraction by 48,000 (one-half of the target number of shares). If our EBITDA CAGR for the applicable performance period is less than zero, then no shares vest on that metric. No additional shares will be awarded for over-performance. If our compound annual revenue growth rate in Free Cash Flow (defined as EBITDA minus capital expenditures minus principal payments finance (capital) leases with EBITDA as set forth in the Company’s earnings press releases) (“FCF CAGR”) from 2024 to 2027 is positive, then the number of shares that will vest with respect to the award will be determined by dividing (i) the Company’s actual FCF CAGR, by (ii) a target percent to be set by the Compensation Committee, and then multiplying the resulting fraction by 48,000 (one-half of the target number of shares). If our FCF CAGR for the applicable performance period is less than zero, then no shares vest on that metric. No additional shares will be awarded for over-performance. Any shares that do not vest based on satisfaction of the performance targets at the end of the performance period are forfeited and canceled. December 2025 Performance-Based Restricted Stock Award. Our CEO’s performance-based shares are eligible to vest on March 15, 2029 based on our growth rate in EBITDA as measured over a performance period commencing on January 1, 2026 and ending on December 31, 2028. If our compound annual revenue growth rate in EBITDA as set forth in the Company’s earnings press releases (“EBITDA CAGR”) from 2025 to 2028 is positive, then the number of shares that will vest with respect to the award will be determined by dividing (i) the Company’s actual EBITDA CAGR, by (ii) a target percent to be set by the Compensation Committee, and then multiplying the resulting fraction by 321,520 shares. If our EBITDA CAGR for the applicable performance period is less than zero, then no shares vest on that metric. No additional shares will be awarded for over-performance. In addition, our CEO’s restricted stock awards made in January and December 2025 are eligible for vesting in connection with certain qualifying terminations of employment as follows: • Death or disability — Upon a termination of employment due to death or disability, all of the unvested time-based restricted stock and all of the unvested shares of performance-based restricted stock will vest. • Retirement — Upon a termination of employment due to retirement, as determined by the Compensation in its sole discretion, all of the unvested time-based restricted stock will vest and, upon expiration of the performance period, the actual number of shares that will vest is based on our actual performance for the performance period. • Termination of employment — In the event that our CEO’s employment is terminated entitling him to severance under the terms of his employment agreement either prior to or more than six months after a change in control of the Company, then the number of time-based restricted shares that he would have vested in had he remained employed during the severance period (which will be determined based on the number of months used to calculate severance under his employment agreement) will vest and, upon expiration of the performance period, the actual number of performance-based restricted shares that will vest is based on our actual performance for the performance period, but prorated based on the number of days elapsed from the beginning of the performance period through the last day of his applicable severance period. • Change in control — Immediately prior to a change in control of the Company, the performance period will end and the actual number of shares of his performance based restricted shares that will vest is based on our actual performance against the performance metrics through such date, provided he remains employed with us through (i) January 1, 2027 with respect to the award granted in January 2025 and (ii) March 15, 2029 with respect to the awards granted in December 2025. However, if during the six months following the change in control, his employment is terminated without cause or he terminates his employment for good reason, a “double trigger,” then he will fully vest in the time-based restricted shares and the performance-based restricted shares. Equity Awards Granted to Other Named Executive Officers January 2025 Time-Based Restricted Stock Awards. Time-based restricted stock granted in January 2025 to the other Named Executive Officers vests in equal quarterly increments on March 1, June 1, September 1, and December 1, 2028 (subject to the Named Executive Officer still being employed on the vesting date). January 2025 Performance-Based Restricted Stock Awards. Performance-based restricted stock granted in January 2025 to the other Named Executive Officers vests (if at all) on December 1, 2028, based on the attainment of customer satisfaction goals over the period April 1, 2025 to November 1, 2028, as determined and evaluated by the Board. December 2025 Time-Based Restricted Stock Awards. Time-based restricted stock granted in December 2025 to the other Named Executive Officers vests in equal annual increments January 1, 2027, January 1, 2028 and January 1, 2029 (subject to the Named Executive Officer still being employed on the vesting date). December 2025 Performance-Based Restricted Stock Awards. Performance-based restricted stock granted in December 2025 to the other Named Executive Officers vests (if at all) on December 1, 2029, based on the attainment of customer satisfaction goals over the period January 1, 2026 to November 1, 2029, as determined and evaluated by the Board. December 2025 Time-Based Restricted Stock Awards — Retention. Time-based retention restricted stock granted in December 2025 to certain of the other Named Executive Officers vests in full on January 1, 2029 (subject to the Named Executive Officer still being employed on the vesting date). In addition, the restricted stock awards granted to the other Named Executive Officers are eligible for accelerated vesting as follows: •

  13. Employment Agreements

    Employment Agreements We have entered into written employment agreements with each of the current Named Executive Officers. In December 2025, the Company and Mr. Schaeffer amended his employment agreement to extend the term until December 31, 2028. Each of these employment agreements, other than for Mr. Harris, provides for “at will” employment. These agreements also set forth the rights and responsibilities of each party and protect both parties’ interests in the event of a termination of employment by providing the Named Executive Officer with the opportunity to receive certain post-employment payments and benefits in the event of certain terminations of employment, including following a change in control of the Company. Finally, these employment agreements prohibit the Named Executive Officer from engaging, directly or indirectly, in competition with us or disclosing our confidential information or business practices. These post-employment compensation arrangements are described in more detail in the discussion entitled “Post-Employment Compensation” below. For information on the specific terms and conditions of the employment agreements of the Named Executive Officers, see the discussion of “Employment Agreements and Potential Post-Employment Compensation Arrangements” in this Proxy Statement.

  14. Other Compensation Policies and Practices

    Other Compensation Policies and Practices Stock Ownership Policy We have adopted a stock ownership policy for our CEO and the members of the Board to align their interests with the interests of our stockholders. Amended in 2022, this policy provides that: • our CEO is required to own that number of shares of our common stock with a market value equal to 10 times his annual cash compensation or $3 million, whichever is greater; and • the members of the Board are required to own ten thousand (10,000) shares. New members of the Board are required to reach the required ownership threshold within a specified period of time once they join the Board. As of February 28, 2026, each of the individuals subject to our stock ownership policy satisfied the stock ownership requirement other than our CEO. Clawback Policy Effective as of October 2, 2023, we adopted the Policy for Recovery of Erroneously Awarded Compensation, which we refer to as the Clawback Policy, which is intended to comply with the Nasdaq listing standards adopted pursuant to Rule 10D-1 under the Exchange Act. Under the Clawback Policy, if the Company is required to prepare an accounting restatement due to any material noncompliance with financial reporting requirements under applicable securities laws, we will be required to recover from current and former executive officers any incentive-based compensation that was erroneously paid or provided to the executive officers during the three years preceding the date that the Company is required to prepare such restatement, unless the Compensation Committee determines that recovery would be impracticable. Incentive-based compensation includes compensation that is granted, earned, or vested based wholly or in part on any financial reporting measure(s). If recovery is triggered under the Clawback Policy due to an accounting restatement, we are required to recover the excess of the amount of incentive-based compensation actually received by the executive officer over the amount of incentive-based compensation that he or she would have received had payment been determined based on the restated financial measure. The Compensation Committee will determine the manner of recovery of any erroneously awarded compensation, which may include, without limitation, reduction or cancellation by the Company or an affiliate of the Company of incentive-based compensation, erroneously awarded compensation or solely time-vesting equity awards, reimbursement or repayment and, to the extent permitted by law, an offset against other compensation payable by the Company or an affiliate of the Company to such person. Hedging, Derivatives, and Pledging Policies Our Hedging, Derivatives and Pledging Policy prohibits our employees, including our executive officers, and the members of the Board from hedging our securities and from entering into a derivative contract involving our securities (except for ownership of options to purchase shares of our common stock granted in connection with employment). Among the investment vehicles that are subject to this prohibition are: • puts, calls, and futures contracts involving our securities whether covered or not; • swaps involving our securities; • forward contracts involving our securities; • shorting our securities; and • pledging our securities to secure a non-recourse loan. Our Hedging, Derivatives and Pledging Policy also (i) prohibits the holding of Company securities in a margin account, and (ii) permits pledging of Company securities pursuant to a full recourse loan only after the Audit Committee reviews and approves any proposed pledge and the full Board ratifies such approval. In addition, under the pledging policy, the factors to be considered and weighed by the Audit Committee with respect to any proposed pledging pursuant to a full recourse loan include whether such pledge exceeds either (x) 50% of the pledgor’s shares or (y) 5% of outstanding shares of the Company on a fully diluted basis, the amount and types of the other assets securing such full recourse loan, the amount of the loan relative to the financial condition of the individual, and whether exceptional circumstances exist to explain any pledging in excess of such targets. Equity Grant Policies and Practices We do not grant stock options in anticipation of the release of material nonpublic information, and we do not time the release of material nonpublic information for the purpose of affecting the value of executive compensation. Although we do not have a formal policy with respect to the timing of our stock option grants, the awards are typically made only to new hires (at levels below the executive officer level) with a grant date of the first day of the month following the employee’s start date. Because there is a fixed mechanism for determining the grant date, the Board and Compensation Committee do not take material nonpublic information into account when determining the timing and terms of such an award. In 2025, we did not grant new awards of stock options, stock appreciation rights, or similar option-like instruments to our Named Executive Officers.

  15. 2025 Summary Compensation Table

    2025 Summary Compensation Table The following table sets forth the summary compensation information for our Named Executive Officers for the fiscal years ended December 31, 2025, 2024, and 2023.

  16. 2025 Summary Compensation Table

    | Name | Principal Position | Year | Salary | Bonus | Stock Awards(a) | Non Equity Incentive Plan Compensation(c) | All other Compensation(b) | TOTAL | | Dave Schaeffer | Chief Executive Officer | 2025 | $0 | $0 | $24,836,176(d) | $530,243 | $6,100 | $25,372,519 | | | | 2024 | $0 | $0 | $12,489,000 | $185,760 | $6,100 | $12,680,860 | | | | 2023 | $0 | $0 | $8,716,255 | $250,000 | $9,922 | $8,976,177 | | Thaddeus Weed | Chief Financial Officer | 2025 | $370,217 | $0 | $4,452,233(e) | | $6,100 | $4,828,550 | | | | 2024 | $361,187 | $15,000 | $4,093,163 | | $6,100 | $4,460,450 | | | | 2023 | $348,973 | $56,711 | $1,977,595 | | $6,100 | $2,332,668 | | Mark Harris | Chief Revenue Officer | 2025 | $321,064 | $0 | $2,334,173(f) | $131,831 | $0 | $2,787,068 | | John Chang | Chief Legal Officer | 2025 | $294,229 | $0 | $3,292,280(g) | | $6,100 | $3,592,609 | | | | 2024 | $287,053 | $15,000 | $3,168,900 | | $6,100 | $3,462,053 | | | | 2023 | $277,346 | $55,334 | $692,880 | | $6,100 | $976,326 | | Henry Kilmer | Chief Network Officer | 2025 | $258,093 | $0 | $1,136,280(h) | | $6,100 | $1,400,473 | | | | 2024 | $251,798 | $0 | $1,282,650 | | $6,100 | $1,540,548 | | | | 2023 | $243,283 | $4,679 | $692,880 | | $2,002 | $938,165 | | James Bubeck | Former Chief Revenue Officer | 2025 | $300,430 | $0 | $877,560(i) | $86,668 | $6,100 | $1,270,758 | | | | 2024 | $267,072 | $0 | $1,659,900 | $258,691 | $6,100 | $2,191,763 | | | | 2023 | $258,040 | $4,962 | $692,880 | $0 | $6,100 | $957,020 |

  17. 2025 Summary Compensation Table

    (a) Amounts represent the grant date fair value of stock awards computed in accordance with FASB Accounting Standards Codification 718. For additional information regarding the assumptions used in determining these values, see Note 8 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. (b) Consists of employer matching amounts contributed to the Company’s 401(k) defined contribution plan. (c) Consists of cash compensation earned for performance against financial targets. See text above for a description of the criteria. (d) Consist of a restricted stock award of 180,000 shares made on January 14, 2025 valued at $71.96 per share of which up to 96,000 shares vest on March 15, 2028 subject to certain performance conditions as described in the text above and 84,000 shares vest monthly at 7,000 per month in 2028 and a restricted stock award of 551,177 shares made on Decmeber 31, 2025 valued at $21.56 per share of which up to 321, 520 shares vest on March 15, 2029 subject to certain performance conditions as described in the text above and 229,657 shares vest on January 1, 2029. (e) Consist of a restricted stock award of 24,250 shares made on January 9, 2025 valued at $73.13 per share of which 4,850 shares vest on December 1, 2028 subject to certain performance conditions as described in the text above and 4,850 shares vest quarterly beginning on March 1, 2028 to December 1, 2028, a restricted stock award of 100,000 shares made on December 31, 2025 valued at $21.56 per share that vests on January 1, 2029 and a restricted stock award of 24,250 shares made on December 31, 2025 valued at $21.56 per share of which 4,850 shares vest on December 1, 2029 subject to certain performance conditions as described in the text above and 6,648 shares vest January 1, 2027 and 6,466 shares vest annually beginning January 1, 2028. (f) Consist of a restricted stock award of 1,000 shares made on June 1, 2025 valued at $45.71 per share of which 500 shares vest semi-annually beginning May 1, 2028, a restricted stock award of 668 shares made on September 2, 2025 valued at $36.92 per share of which 334 shares vest semi-annually beginning May 1, 2028, a restricted stock award of 100,000 shares made on December 31, 2025 valued at $21.56 per share that vests on January 1, 2029 and a restricted stock award of 5,000 shares made on December 31, 2025 valued at $21.56 per share of which 1,668 shares vest January 1, 2027 and 1,666 shares vest annually beginning January 1, 2028. (g) Consist of a restricted stock award of 12,000 shares made on January 9, 2025 valued at $73.13 per share of which 2,400 shares vest on December 1, 2028 subject to certain performance conditions as described in the text above and 2,400 shares vest quarterly beginning on March 1, 2028 to December 1, 2028, a restricted stock award of 100,000 shares made on December 31, 2025 valued at $21.56 per share that vests on January 1, 2029 and a restricted stock award of 12,000 shares made on December 31, 2025 valued at $21.56 per share of which 2,400 shares vest on December 1, 2029 subject to certain performance conditions as described in the text above and 3,200 shares vest annually beginning January 1, 2027. (h) Consist of a restricted stock award of 12,000 shares made on January 9, 2025 valued at $73.13 per share of which 2,400 shares vest on December 1, 2028 subject to certain performance conditions as described in the text above and 2,400 shares vest quarterly beginning on March 1, 2028 to December 1, 2028 and a restricted stock award of 12,000 shares made on December 31, 2025 valued at $21.56 per share of which 2,400 shares vest on December 1, 2029 subject to certain performance conditions as described in the text above and 3,200 shares vest annually beginning January 1, 2027. Consist of a restricted stock award of 12,000 shares made on January 9, 2025 valued at $73.13 per share of which 2,400 shares vest on December 1, 2028 subject to certain performance conditions as described in the text above and 2,400 shares vest quarterly beginning on March 1, 2028 to December 1, 2028.

  18. 2025 Grants of Plan-Based Awards Table

    2025 Grants of Plan-Based Awards Table The following table provides information with regard to the grants of plan-based awards to each Named Executive Officer during our fiscal year ended December 31, 2025. As described in the Compensation Discussion & Analysis, Mr. Schaeffer’s performance-based cash bonus was based equally on the Company’s AWR AGR achievement compared to an AWR AGR Target amount of 30% set by the Board and the Company’s Gross Profit AGR achievement compared to a Gross Profit AGR Target of 15%. AWR AGR was calculated comparing the Company’s AWR for 2025 to the Company’s AWR for 2024. If AWR AGR equals the AWR Target, he would receive $250,000. If AWR AGR is less than the target amount, he would receive a proportionally lesser amount. If AWR AGR is more than the target amount, he would receive a proportionally greater amount, not to exceed $333,500. If AWR AGR is zero or negative, the cash bonus would be zero. If Gross Profit AGR equals the Gross Profit AGR Target, he would receive $250,000. If Gross Profit AGR is less than the target amount, he would receive a proportionally lesser amount. If Gross Profit AGR is more than the target amount, he would receive a proportionally greater amount, not to exceed $333,500. If Gross Profit AGR is zero or negative, the cash bonus would be zero. Mr. Bubeck’s commission was based on sales as measured by revenue growth, measured both on a Company-wide basis and as the sum of regional performance with the Company-wide revenue growth target commission constituting approximately 84% of the total target commission. If the revenue growth generated by the sales organization for a particular month is 100% of each of Mr. Bubeck’s revenue targets, he would receive 100% of $12,240 for that month. If the percentage is more or less than 100% then he would receive a proportionally greater or lesser amount, subject to a 50% floor on the Company-wide revenue growth and 100% ceiling on the regional revenue growth. For example, if revenue were at 40% of each of his targets for the month, then he would be paid 50% of target commissions for the Company-wide revenue growth and 40% of the target commissions for the regional revenue growth, for a total of $5,920 for the month. If revenues were 200% of each of his revenue growth targets, he would receive 200% of the target commissions for the Company-wide revenue growth and 100% of the target commissions for the regional revenue growth for a total of $22,480 for the month. Mr. Harris’ commission was based on sales as measured by revenue growth, measured both on a Company-wide basis and as the sum of regional performance with the Company-wide revenue growth target commission constituting approximately 85% of the total target commission. If the revenue growth generated by the sales organization for a particular month is 100% of each of Mr. Harris’ revenue targets, he would receive 100% of $14,394 for that month. If the percentage is more or less than 100% then he would receive a proportionally greater or lesser amount, subject to a 50% floor on the Company-wide revenue growth and 100% ceiling on the regional revenue growth. For example, if revenue were at 40% of each of his targets for the month, then he would be paid 50% of target commissions for the Company-wide revenue growth and 40% of the target commissions for the regional revenue growth, for a total of $6,140 for the month. If revenues were 200% of each of his revenue growth targets, he would receive 200% of the target commissions for the Company-wide revenue growth and 100% of the target commissions for the regional revenue growth for a total of $24,564 for the month. For a description of the material terms and conditions of the equity awards disclosed in the table below, see “Long-Term Incentive Compensation” in the Compensation Discussion & Analysis.

  19. 2025 Grants of Plan-Based Awards Table

    | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | | | | Name | Grant Date | NOTES | Threshold ($) | Target ($) | Maximum ($) | Threshold ($) | Target | Maximum | All Other Awards: Number of Shares of Stock or Units | Grant Date Fair Value of Stock and Option Awards(a) | | Dave Schaeffer | 1/14/2025 | (b)(c) | — | $500,000 | $667,000 | | 96,000 | 96,000 | 84,000 | $12,952,800 | | | 12/31/2025 | (d) | | | | | 321,520 | 321,520 | 229,657 | $11,883,376 | | Thaddeus Weed | 1/9/2025 | (e) | | | | | | 4,850 | 19,400 | $1,773,403 | | | 12/31/2025 | (f) | | | | | | 4,850 | 19,400 | $522,830 | | | 12/31/2025 | (g) | | | | | | | 100,000 | $2,156,000 | | Mark Harris | 6/1/2025 | (h) | | | | | | | 1,000 | $45,710 | | | 9/2/2025 | (i)(m) | | $146,880 | unlimited | | | | 668 | $24,663 | | | 12/31/2025 | (j) | | | | | | | 5,000 | $107,800 | | | 12/31/2025 | (g) | | | | | | | 100,000 | $2,156,000 | | John Chang | 1/9/2025 | (k) | | | | | | 2,400 | 9,600 | $877,560 | | | 12/31/2025 | (l) | | | | | | 2,400 | 9,600 | $258,720 | | | 12/31/2025 | (g) | | | | | | | 100,000 | $2,156,000 | | Henry Kilmer | 1/9/2025 | (k) | | | | | | 2,400 | 9,600 | $877,560 | | | 12/31/2025 | (l) | | | | | | 2,400 | 9,600 | $258,720 | | James Bubeck | 1/9/2025 | (k)(m) | — | $146,880 | unlimited | | | 2,400 | 9,600 | $877,560 |

  20. 2025 Outstanding Equity Awards at Fiscal Year End Table

    2025 Outstanding Equity Awards at Fiscal Year End Table The following table shows the information regarding the stock awards held by our Named Executive Officers as of December 31, 2025.

  21. 2025 Outstanding Equity Awards at Fiscal Year End Table

    | | STOCK AWARDS | | | | | Name | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(a) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(a) | | Dave Schaeffer(b) | | | 88,000 | $1,897,280 | | (c) | 72,000 | $1,552,320 | 88,000 | $1,897,280 | | (d) | 84,000 | $1,811,040 | 96,000 | $2,069,760 | | (e) | 84,000 | $1,811,040 | 96,000 | $2,069,760 | | (f) | 229,657 | $4,951,405 | 321,520 | $6,931,971 | | Thaddeus Weed(g) | 19,400 | $418,264 | 4,850 | $104,566 | | (h) | 49,400 | $1,065,064 | 4,850 | $104,566 | | (i) | 19,400 | $418,264 | 4,850 | $104,566 | | (j) | 119,400 | $2,574,264 | 4,850 | $104,566 | | Mark Harris(q) | 1,500 | $32,340 | 0 | $0 | | (r) | 1,000 | $21,560 | 0 | $0 | | (s) | 1,000 | $21,560 | 0 | $0 | | (t) | 668 | $14,402 | 0 | $0 | | (u) | 105,000 | $2,263,800 | 0 | $0 | | John Chang(k) | 9,600 | $206,976 | 2,400 | $51,744 | | (l) | 39,600 | $853,776 | 2,400 | $51,744 | | (m) | 9,600 | $206,976 | 2,400 | $51,744 | | (n) | 109,600 | $2,362,976 | 2,400 | $51,744 | | Henry Kilmer(k) | 9,600 | $206,976 | 2,400 | $51,744 | | (o) | 14,600 | $314,776 | 2,400 | $51,744 | | (m) | 9,600 | $206,976 | 2,400 | $51,744 | | (p) | 9,600 | $206,976 | 2,400 | $51,744 |

  22. 2025 Outstanding Equity Awards at Fiscal Year End Table

    (a) Valued using the closing market price of our common stock on December 31, 2025 — $21.56 (b) Up to 88,000 shares vest on April 1, 2026 subject to certain performance conditions as described in the text above. (c) Up to 88,000 shares vest on April 1, 2027 subject to certain performance conditions as described in the text above and 72,000 shares vest monthly at 6,000 per month in 2026. (d) Up to 96,000 shares vest on April 1, 2028 subject to certain performance conditions as described in the text above and 84,000 shares vest monthly at 7,000 per month in 2027. (e) Up to 96,000 shares vest on March 15, 2028 subject to certain performance conditions as described in the text above and 84,000 shares vest monthly at 7,000 per month in 2028. (f) Up to 321,520 shares vest on March 15, 2029 subject to certain performance conditions as described in the text above and 229,657 shares vest on January 1, 2029. (g) 4,850 shares vest on December 1, 2026 subject to certain performance conditions as described in the text above and 4,850 shares vest quarterly beginning on March 1, 2026 to December 1, 2026. (h) 4,850 shares vest on December 1, 2027 subject to certain performance conditions as described in the text above and 4,850 shares vest quarterly beginning on March 1, 2027 to December 1, 2027 and 30,000 shares vest on January 3, 2027. (i) 4,850 shares vest on December 1, 2028 subject to certain performance conditions as described in the text above and 4,850 shares vest quarterly beginning on March 1, 2028 to December 1, 2028. (j) 4,850 shares vest on December 1, 2029 subject to certain performance conditions as described in the text above and 6,648 shares vest January 1, 2027 and 6,466 shares vest annually beginning January 1, 2028 and 100,000 shares vest on January 1, 2029. (k) 2,400 shares vest on December 1, 2027 subject to certain performance conditions as described in the text above and 2,400 shares vest quarterly beginning on March 1, 2027 to December 1, 2027 and 10,000 shares vest on January 3, 2027. (l) 2,400 shares vest on December 1, 2027 subject to certain performance conditions as described in the text above and 2,400 shares vest quarterly beginning on March 1, 2027 to December 1, 2027 and 30,000 shares vest on January 3, 2027. (m) 2,400 shares vest on December 1, 2028 subject to certain performance conditions as described in the text above and 2,400 shares vest quarterly beginning on March 1, 2028 to December 1, 2028. (n) 2,400 shares vest on December 1, 2029 subject to certain performance conditions as described in the text above and 3,200 shares vest annually beginning January 1, 2027 and 100,000 shares vest on January 1, 2029. (o) 2,400 shares vest on December 1, 2027 subject to certain performance conditions as described in the text above and 2,400 shares vest quarterly beginning on March 1, 2027 to December 1, 2027 and 5,000 shares vest on January 3, 2027. (p) 2,400 shares vest on December 1, 2029 subject to certain performance conditions as described in the text above and 3,200 shares vest annually beginning January 1, 2027. (q) 750 shares vest semi-annually beginning May 1, 2026. (r) 500 shares vest semi-annually beginning May 1, 2027. (s) 500 shares vest semi-annually beginning May 1, 2028. (t) 334 shares vest semi-annually beginning May 1, 2028. (u) 1,668 shares vest January 1, 2027 and 1,666 shares vest annually beginning January 1, 2028 and 100,000 shares vest on January 1, 2029.

  23. 2025 Option Exercises and Stock Vested Table

    2025 Option Exercises and Stock Vested Table The following table shows information regarding option exercises by our Named Executive Officers during the fiscal year ended December 31, 2025, and the value of stock awards at the time of vesting for stock awards that vested during the year.

  24. 2025 Option Exercises and Stock Vested Table

    | Name | Option Awards Number of Shares Acquired on Exercise | Value Realized On Exercise | Stock Awards Number of Shares Acquired on Vesting | Value Realized On Vesting | | Dave Schaeffer | | | 128,683 | $7,760,304 | | Thaddeus Weed | | | 22,000 | $911,480 | | Mark Harris | | | 1,000 | $47,980 | | John Chang | | | 12,000 | $470,280 | | Henry Kilmer | | | 12,000 | $470,280 | | James Bubeck | | | 48,000 | $1,883,160 |

  25. DIRECTOR COMPENSATION

    DIRECTOR COMPENSATION The non-employee members of our Board of Directors were compensated in 2025 as follows for their services: $400,000 in fully-vested shares of our common stock issued in quarterly installments in arrears, with the number of shares in each quarterly installment determined by dividing $400,000 by the average closing price of the Company’s common stock for the preceding quarter and dividing the result by 4 (values in the Director Compensation Table were calculated using the closing price of the Company’s common stock at the end of the quarter rather than the average); • $1,000 per in-person Board meeting; and • Reimbursement of travel expenses. The following table shows the amounts earned or paid in 2025:

  26. 2025 Director Compensation Table

    2025 Director Compensation Table

  27. 2025 Director Compensation Table

    | | Fees Earned in Cash | Stock Awards(a) | TOTAL | | Blake Bath(b) | $— | $179,537 | $179,537 | | Steven Brooks | $4,000 | $439,308 | $443,308 | | Paul De Sa | $4,000 | $439,308 | $443,308 | | Marc Montagner | $4,000 | $439,308 | $443,308 | | Lewis Ferguson | $3,000 | $439,308 | $442,308 | | Eve Howard | $4,000 | $439,308 | $443,308 | | Deneen Howell | $4,000 | $439,308 | $443,308 | | Sheryl Kennedy | $4,000 | $439,308 | $443,308 |

  28. 2025 Director Compensation Table

    The compensation of David Schaeffer, who is a director and our Chief Executive Officer is disclosed in the Summary Compensation Table, above, and is therefore not shown in the Director Compensation table. He does not receive compensation for serving as a director. (a) Amounts represent the grant date fair value of stock awards computed in accordance with FASB Accounting Standards Codification 718. For additional information regarding the assumptions used in determining these values, see Note 8 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. Mr. Bath’s service as a director ended in May 2025.

  29. Pay Versus Performance

    Pay Versus Performance The following table sets forth information concerning the compensation of our Principal Executive Officer (“PEO”) and Named Executive Officers (“NEO”) for each of the fiscal years ended December 31, 2025, 2024, 2023, 2022 and 2021, and our financial performance for each such fiscal year (except for shareholder returns, all figures in 000s):

  30. Pay Versus Performance

    | Year | Summary Compensation Table Total for PEO ($) | Compensation Actually Paid to PEO ($)(1) | Average Summary Compensation Table Total for Non-PEO NEOs ($) | Average Compensation Actually Paid to Non-PEO NEOs ($)(1) | Value of Initial Fixed $100 Investment Based on: | | Net Income (Loss) ($) | EBITDA(3) | | | | | | | Total Shareholder Return ($) | Peer Group Total Shareholder Return ($)(2) | | | | 2025 | 25,373 | 8,796 | 2,771 | (2,181) | 29.83 | 114.75 | (182,174) | 192,785 | | 2024 | 12,685 | 12,764 | 2,890 | 1,703 | 113.59 | 122.91 | (204,074) | 122,818 | | 2023 | 8,839 | 20,476 | 1,343 | 1,955 | 141.50 | 90.96 | 1,273,441 | 129,805 | | 2022 | 10,917 | (2,529) | 1,263 | 307 | 100.20 | 82.21 | 5,146 | 230,620 | | 2021 | 11,504 | 18,763 | 1,040 | 1,633 | 120.98 | 112.44 | 48,815 | 214,347 |

  31. Pay Versus Performance

    (1) Amounts represent compensation actually paid to our PEO and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules (and described below), which includes the individuals indicated in the table below for each fiscal year:

  32. Pay Versus Performance

    | Year | PEO | Non-PEO NEOs | | 2025 | Dave Schaeffer | Thaddeus Weed, Mark Harris, John Chang, Henry Kilmer, James Bubeck | | 2024 | Dave Schaeffer | Thaddeus Weed, James Bubeck, John Chang, Henry Kilmer | | 2023 | Dave Schaeffer | Thaddeus Weed, James Bubeck, John Chang, Henry Kilmer, Greg O’Connor and Jeff Danielson | | 2022 | Dave Schaeffer | Thaddeus Weed, Sean Wallace, James Bubeck, John Chang and Henry Kilmer | | 2021 | Dave Schaeffer | Sean Wallace, James Bubeck, Brad Kummer, John Chang and Timothy O’Neill |

  33. Pay Versus Performance

    Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted as follows (all figures in 000s):

  34. Pay Versus Performance

    | | 2025 ($, in 000s) | | 2024 ($, in 000s) | | 2023 ($, in 000s) | | 2022 ($, in 000s) | | 2021 ($, in 000s) | | | Adjustments | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | | Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY | (12,489) | (2,551) | (12,489) | (2,551) | (8,716) | (1,068) | (13,876) | (1,108) | (11,148) | (746) | | Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End | 15,764 | 1,689 | 12,703 | 1,303 | 12,170 | 1,033 | 9,133 | 799 | 12,841 | 878 |

  35. Pay Versus Performance

    | | 2025 ($, in 000s) | | 2024 ($, in 000s) | | 2023 ($, in 000s) | | 2022 ($, in 000s) | | 2021 ($, in 000s) | | | Adjustments | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | | Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date | — | — | — | — | — | — | — | — | — | — | | Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End | (17,837) | (2,276) | 371 | 50 | 7,396 | 456 | (7,776) | (218) | 5,497 | 212 | | Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date | (2,157) | (708) | (662) | (20) | 650 | 161 | (1,025) | (180) | 910 | 222 | | Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End | — | (154) | — | — | — | — | — | (274) | (955) | — | | Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date | 143 | 49 | 156 | 30 | 137 | 32 | 98 | 25 | 114 | 27 | | Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY | — | — | — | — | — | — | — | — | — | — | | Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY | — | — | — | — | — | — | — | — | — | — | | Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans | — | — | — | — | — | — | — | — | — | — | | TOTAL ADJUSTMENTS | (16,576) | (4,951) | 80 | (1,187) | 11,637 | 613 | (13,447) | (956) | 7,259 | 592 |

  36. Pay Versus Performance

    For the relevant fiscal year, represents the cumulative TSR (the “Peer Group TSR”) of NASDAQ Telecommunications Index (the “Peer Group”). EBITDA is a non-GAAP measure. EBITDA represents net cash flows provided by operating activities plus changes in operating assets and liabilities, cash interest expense and cash income tax expense.

  37. Compensation Actually Paid versus Total Shareholder Return

    Compensation Actually Paid versus Total Shareholder Return

  38. Compensation Actually Paid versus Net Income

    Compensation Actually Paid versus Net Income

  39. Compensation Actually Paid versus EBITDA

    Compensation Actually Paid versus EBITDA

  40. Pay Versus Performance Tabular List

    Pay Versus Performance Tabular List We believe the following performance measures represent the most important performance measures used to link compensation actually paid to our NEOs for the fiscal year ended December 31, 2025: EBITDA; • AWR; and • TSR For additional details regarding certain of our most important performance measures, please see the sections titled “Annual Cash Compensation” and “Long-Term Incentive Compensation” in the Compensation Discussion & Analysis section, as applicable.

  41. CEO Pay Ratio

    CEO Pay Ratio For 2025, the annual total compensation of our median employee calculated in the same manner as our CEO’s as set forth in the Summary Compensation Table above was $98,111. The ratio of the two was 259:1. Our median employee was determined as of December 31, 2025 by calculating the total compensation of each employee other than the CEO and determining the median. Total compensation includes salary, commissions, and the grant date value of stock awards made in 2025. Compensation of employees outside the U.S. was converted to U.S. dollars using average exchange rates for 2025.