DEF 14A of ATN International, Inc., Apr 29, 2026

DEF 14A of ATN International, Inc.

Filed Apr 29, 2026 · FY20250001104659-26-050554

Open on EDGAR

  1. TO BE HELD JUNE 16, 2026

    | | Page | | Non-Qualified Deferred Compensation Plan Transactions in 2025 | 39 | | Potential Payments Upon Termination or Change of Control | 40 | | Pay Ratio Disclosure | 41 | | Pay Versus Performance Table | 41 | | Tabular List of Important Financial Performance Measures | 43 | | Securities Authorized for Issuance Under Equity Compensation Plans | 45 | | DIRECTOR COMPENSATION | 46 | | 2025 Director Compensation Table | 46 | | RELATED PERSON TRANSACTIONS | 48 | | Policy on Related Person Transactions | 48 | | ADDITIONAL INFORMATION | 49 | | Stockholder Proposals for 2027 Annual Meeting | 49 | | Householding of Annual Meeting Materials | 49 | | Annual Report and Other SEC Filings | 49 |

  2. PROPOSAL 1: ELECTION OF DIRECTORS

    PROPOSAL 1: ELECTION OF DIRECTORS Our Board currently consists of six directors, each of whom is standing for re-election at the Annual Meeting. As previously disclosed, effective April 20, 2026, Naji N. Khoury was appointed our Chief Executive Officer and President, succeeding our former Chief Executive Officer and President, Brad W. Martin (the “Leadership Transition”). In connection with the Leadership Transition, Mr. Martin ceased to serve as a member of the Board, creating a vacancy on the Board. The Board has nominated Mr. Khoury as a director nominee to fill such vacancy. Accordingly, if each of the director nominees set forth below are elected, our Board will consist of seven directors following the Annual Meeting. Stockholders are being asked to elect the following seven director nominees to our Board to hold office until our next annual meeting of stockholders or until their respective successors are elected and qualified, subject to their earlier retirement, resignation or removal: Bernard J. Bulkin April V. Henry Derek G. Hudson Patricia A. Jacobs Naji N. Khoury Pamela F. Lenehan Michael T. Prior Each nominee has consented to his or her nomination and is expected to stand for election. However, if any nominees are unable or unwilling to serve, proxies will be voted for any substitute nominees(s) nominated by our Board. Biographical information for each of the director nominees is set forth below under “Director and Nominee Experience and Qualifications.”

  3. DIRECTOR NOMINEE EXPERIENCE AND QUALIFICATIONS

    DIRECTOR NOMINEE EXPERIENCE AND QUALIFICATIONS Our Board believes that effective governance is strengthened by directors who bring a broad mix of qualifications, experiences, and perspectives. The Nominating and Corporate Governance Committee uses a skills matrix to identify and evaluate attributes each nominee contributes to the Board, including relevant industry knowledge, functional expertise, leadership experience and varied approaches to strategic oversight. In considering candidates, the Committee also takes into account differences in professional background, education, and personal experiences that align with the Company’s evolving needs. Average Director Nominee Tenure at a Glance:(1) Graph contemplates the election of Mr. Khoury at the Annual Meeting. Set forth below is biographical information about each of our director nominees:

  4. DR. BERNARD J. BULKIN

    DR. BERNARD J. BULKIN Qualifications: Dr. Bulkin was selected as a candidate for the Board due to his extensive corporate board and governance expertise and his experience working in infrastructure businesses, including renewable energy. Dr. Bulkin has several decades of experience in leadership roles within highly regulated industries with expertise in operational and general management oversight, technology integration, product development and environmental affairs. He also is a director of the holding company for ATN’s minority-owned renewable energy business, operating under the “Vibrant” name in India. Age: 84 Director Since: 2016 Current ATN Board of Director Roles: • Independent Lead Director • Member, Audit Committee • Member, Nominating and Corporate Governance Committee Relevant Experience: Dr. Bulkin held several senior management roles throughout his approximately 20-year career at British Petroleum (BP), including Director of the refining business, Vice President Environmental Affairs, and Chief Scientist, and left BP in 2003. He is currently a Director of VH-Global Energy Infrastructure (LDN: ENRG) (Chairman), Clean Growth Leadership Network Ltd and QLM Technology Ltd (Chairman). Dr. Bulkin has served on the boards of Severn Trent plc, Ludgate Investments Limited, HMN Colmworth Ltd., Chemrec AB and REAC Fuel AB, each a Swedish biofuel technology developer, ARQ, Ltd., K3 Solar Ltd., and Ze-gen Corporation, a renewable energy company, and chaired the boards of two UK public companies: AEA Technology plc (from 2005 until 2009), and Pursuit Dynamics Plc (from 2011 until 2013). Dr. Bulkin served as Chair of the UK Office of Renewable Energy from 2010 until 2013, was a member of the FTSE Environmental Markets Advisory Committee (2010−2017) and has held several other UK government roles in sustainable energy and transport. In addition to his extensive experience overseeing governance with several companies and his role as a member of our Nominating and Corporate Governance Committee, Dr. Bulkin serves as the Board’s Lead Independent Director. In 2022, Dr. Bulkin was appointed by the Board as the Company’s Lead Independent Director to serve for a term of up to three years, and in June 2025, the Board re-appointed Dr. Bulkin to serve as the Company’s Lead Independent Director. Given Dr. Bulkin’s tenure with the Board and extensive experience with Board oversight, the Board believes that he is the best candidate to serve in this role.

  5. APRIL V. HENRY

    APRIL V. HENRY Qualifications: Ms. Henry was selected as a candidate for the Board due to her technology, telecommunications and finance expertise with both large and small companies, as well as her experience sourcing and evaluating deals, mergers, acquisitions and strategic partnerships for major media companies and nearly a decade as an equity research analyst in telecommunications and technology infrastructure at Morgan Stanley. Ms. Henry brings her experience in corporate strategy and capital allocation to the Board. Age: 56 Director Since: 2022 Current ATN Board of Director Roles: Chair, Compensation Committee Ms. Henry is the Managing Partner of Hawkeye Digital, a management consulting firm that is focused on driving revenue growth, core decision-making and business and human capital transformation for businesses at critical points in their growth cycle. Previously, Ms. Henry was a director of SciPlay Corporation (Nasdaq: SCPL) until its sale to Light & Wonder in 2023. Prior to her current role, Ms. Henry was General Partner of Defiance Capital from 2022 to 2023, the Executive Vice President of Corporate Development for Science Inc. and Science Strategic Acquisition Corp. Alpha (Nasdaq: SSAA) from 2020 to 2022, Co-Founder and Chief Revenue Officer of equell, Inc. from 2018 to 2019, a Senior Vice President of Business Development at NBC Universal, LLC from 2016 to 2018, and the Chief of Staff of Development and Vice President of Corporate Development of Yahoo, Inc. from 2011 to 2015. Prior to that, Ms. Henry spent a number of years in the early part of her career with Morgan Stanley as a research analyst covering telecommunications and technology companies and held positions with Index Ventures and News Corporation. Ms. Henry is on the Advisory Board of Evalla Advisors LLC, a special advisor to S4 Capital, PLC and on the Advisory Board of Defend Freedom.

  6. DEREK G. HUDSON

    DEREK G. HUDSON Qualifications: Mr. Hudson was selected as a candidate for the Board for his international business experience and demonstrated leadership of critical infrastructure businesses across diverse markets. He enhances the Board’s capabilities in the areas of international business strategy, capital allocation and governmental affairs. Age: 70 Director Since: 2023 Current ATN Board of Director Roles: • Member, Audit Committee • Member, Compensation Committee Relevant Experience: Mr. Hudson currently serves as the Chairman of the Board of Scotia Bank Trinidad and Tobago Limited and has been a member of that Board since June 2016. Following his retirement from his role as Shell’s Vice President and Country Chairman, Trinidad & Tobago from June 2016 to June 2019, Mr. Hudson most recently served as a business advisor to Shell’s Integrated Gas Business until June 2021. Prior to the combination of Royal Dutch Shell and BG Group in February 2016, Mr. Hudson served as President and Asset General Manager of BG Trinidad & Tobago from 2007 to 2012 and thereafter assumed a similar role for BG in East Africa, covering Tanzania, Kenya and Madagascar. Mr. Hudson joined BG Group in 1995 and held previous roles as Vice President of one of BG’s UK upstream businesses from 2000 to 2004 and Chief of Staff in Trinidad and Tobago from 2005 to 2007. Mr. Hudson has also served on the board of Atlantic LNG, a joint venture owned by Shell, BP and the National Gas Company of Trinidad and Tobago, and is currently a Non-Executive Director of Trinity Energy, a UK registered independent company focused on Trinidad and Tobago. He has also served on NGOs and other voluntary organizations in Trinidad and Tobago, and performed the role of Non-Executive Chairman of the Port Authority of Trinidad and Tobago from 2005 to 2010.

  7. PATRICIA A. JACOBS

    PATRICIA A. JACOBS Qualifications: Ms. Jacobs was selected as a candidate to the Company’s board due to her expertise in leading corporate strategy and fueling revenue expansion across capital-intensive and regulated industries, including telecommunications, energy, and transportation both domestically and internationally. Her extensive international and government experience enhances the Board’s corporate strategy and government affairs expertise. Chair, Nominating and Corporate Governance • Member, Compensation Committee Relevant Experience: Ms. Jacobs held several leadership positions during her 37-year career in telecommunications, energy, and government, including President, New England Region for AT&T from 2010 to 2020, and President, Northern Region from March 2020 until her retirement from the company in November 2022. Prior to such positions, Ms. Jacobs served as Vice President for International Public Affairs, where she led international initiatives and corporate reputation campaigns globally; and Regional Vice President for Federal Public Affairs, where she worked on several mergers and a wide range of federal legislative and regulatory matters. Prior to joining AT&T, Ms. Jacobs served as an aide to then Congressman Edward J. Markey (D-MA) at the Subcommittee on Energy and Power, and as a member of the staff of the Massachusetts Senate’s Commerce and Labor Committee. Ms. Jacobs was appointed to the Board of Directors of the Massachusetts Port Authority in 2016, and currently serves as Chair of the Board, and Chairs the Audit and Finance and the Human Resources, Compensation and Diversity Committees. Ms. Jacobs also serves on the board of Avangrid and is a member of its Executive Committee. Additionally, she is Vice Chair of the New England Council and serves on the boards of the JFK Presidential Library Foundation, the Boys and Girls Clubs of Boston, and is on the Leadership Council for Home Base (a partnership of Mass General Hospital and the Red Sox Foundation).

  8. NAJI N. KHOURY

    NAJI N. KHOURY Qualifications: Mr. Khoury was selected as a candidate for the Board due to his position as Chief Executive Officer of the Company, as well as his extensive experience as a CEO and in other leadership positions in the telecommunications industry in the Caribbean. Mr. Khoury’s leadership and telecommunications operating experience assists the Board in the areas of operational and corporate strategy. Age: 59 Director Since: Mr. Khoury is currently not a member of the Board. Following his appointment as the Company’s Chief Executive Officer and President, the Board nominated him to stand for election at the 2026 Annual Meeting. Relevant Experience: Mr. Khoury has served as President and Chief Executive Officer since April 20, 2026. Before joining the Company, Mr. Khoury served as the CEO of Liberty Communications Puerto Rico from 2012 to 2024 and as a member of the Executive Leadership Team of Liberty Latin America Ltd. (“Liberty”) from 2018 to 2024. Mr. Khoury joined Liberty in 2010 as the Managing Director of Liberty Cable Puerto Rico. Prior to Liberty, he spent a decade holding several leadership positions at Centennial Communications, most recently serving as its Senior Vice President of Marketing, Business Development and Customer Service.

  9. PAMELA F. LENEHAN

    PAMELA F. LENEHAN Qualifications: Ms. Lenehan was selected as a candidate for the Board due to her broad financial, operating, technology and board experience and her qualification as a financial expert. In particular, Ms. Lenehan’s corporate governance and financial oversight experience aid in her role as Chair of the Company’s Audit Committee and as an Audit Committee financial expert. Chair, Audit Committee • Member, Nominating and Corporate Governance Relevant Experience: Ms. Lenehan spent more than 20 years in the financial services industry. In June 2002, Ms. Lenehan founded Ridge Hill Consulting, LLC and has served as President since that time. Previously, she served as Chief Financial Officer of Convergent Networks, a high technology start-up and was Senior Vice President, Corporate Development and Treasurer of Oak Industries, a NYSE-listed manufacturer of telecommunications components. She also previously served as a Managing Director in Investment Banking for 14 years at Credit Suisse First Boston and started her career in corporate banking at Chase Manhattan Bank. Ms. Lenehan is also a director of the Center for Women & Enterprise, the National Association of Corporate Directors New England Chapter, and is co-chair of the Boston Chapter of Women Corporate Directors. Ms. Lenehan previously served on the boards of Rithm Capital, Monotype Imaging, Civitas Solutions, American Superconductor, Spartech Corporation and Avid Technology. Ms. Lenehan holds a NACD Director Certification from the National Association of Corporate Directors.

  10. MICHAEL T. PRIOR

    MICHAEL T. PRIOR Qualifications: Mr. Prior was selected as a candidate for the Board due to his long tenure as Chief Executive Officer of the Company and his extensive experience in the telecommunications industry. Mr. Prior’s experience in corporate development as well as his financial and legal background assists the Board in the areas of corporate strategy, capital allocation and financial review, and governmental affairs. Age: 61 Director Since: 2008 Current ATN Board of Director Roles: • Executive Chairman Mr. Prior is currently Executive Chairman of our Board of Directors and previously served as our Chief Executive Officer from 2005 through December 31, 2023, and as our Chief Financial Officer from 2003 to 2005. Before joining the Company, Mr. Prior was a partner with Q Advisors LLC, a Denver-based investment banking and financial advisory firm focused on the technology and telecommunications sectors. Mr. Prior began his career as a corporate attorney with Cleary Gottlieb Steen & Hamilton LP in London and New York. Mr. Prior currently serves on the Executive Committee of the Board of Directors of the Competitive Carriers Association.

  11. Compensation Philosophy and 2025 Compensation Overview

    Compensation Philosophy and 2025 Compensation Overview The primary objective of our executive compensation program is to attract, retain and reward executive officers and align our executive officers’ compensation with the Company’s stock price and general financial performance and certain other business objectives. The base salary, annual cash bonus opportunity and equity compensation that we provide our executive officers are our main incentive compensation tools to accomplish this alignment, as described below. A core principle of our compensation philosophy to date is that a successful compensation program requires the application of judgment and subjective determinations of performance. With respect to our annual cash bonus opportunity, we assign an indicative weight to Company performance across a number of factors, including several financial performance goals, in determining an executive officer’s compensation. Specifically, the Compensation Committee takes into consideration certain financial and operational goals and metrics in determining annual cash performance bonus payments and seeks to link executive compensation to Company performance. For bonus payments awarded to executive officers for 2025 performance, the Compensation Committee focused primarily on actual financial performance as compared to management’s financial objectives for the year. Key financial metrics utilized included Adjusted EBITDA and cash flow. The Compensation Committee seeks to align the metrics it reviews and considers with respect to compensation awards with those that the Board believes should lead to a sustainable increase in stockholder value. In determining annual equity grants, the Compensation Committee looks at a number of factors including an executive’s compensation history, individual and Company performance, and internal and external equity pay levels (using the Company’s peer group listed below). Historically, even in years of financial metric outperformance, the Compensation Committee has generally aimed to align executive equity and “total” (all cash and equity compensation) compensation between the 25th−50th percentile of peers. The Compensation Committee utilizes both time-based restricted stock units and performance-based stock units as long-term incentive equity compensation for executive officers. The Compensation Committee believes that this approach helps to align executive compensation and stockholder returns and with a three-year “cliff” vesting period for the performance-based stock units, does not encourage undue risk taking or a short-term planning horizon. For 2025, the Compensation Committee took the same approach, and accordingly, equity grants to executive officers made in March 2026 for 2025 performance were split equally between time-based restricted stock units and performance-based stock units. A description of the terms of the restricted stock units and performance-based stock units can be found in the “Annual Cash and Equity Bonuses—Annual Equity Awards” discussion on page 31 and relating to all long-term equity grants can be found in the “Grants of Plan-Based Awards” table located on page 37 of this Proxy Statement. In determining annual changes to an executive’s base salary, excluding promotions, the Compensation Committee primarily looks at peer group data and individual performance for the past year, generally targeting the 25th−50th percentile range of its peers for base salary and cash bonus potential. With respect to other elements of compensation, our Compensation Committee retains discretion to apply its judgment to adjust and align each individual element of our compensation program with the broader objectives of our compensation program and the overall performance and condition of the Company at the time final compensation decisions are made. We believe that our relatively lean management structure, the level of communication between our Board and our senior management team and our corporate culture make this approach an effective method of determining compensation and protecting stockholder interests.

  12. Role of Compensation Consultant

    Role of Compensation Consultant Our Compensation Committee has retained the advisory services of Compensia, a national executive compensation consulting firm. Since 2015, Compensia has assisted the Compensation Committee with the identification of a relevant peer group and competitive market compensation data regarding the compensation of our named executive officers and directors as compared with the peer group. Compensia does not generally provide any other services to the Compensation Committee, except as may be requested from time to time with respect to specific matters and as described below. Compensia did not provide any additional services during 2025. As it typically does every year, for 2025 compensation decisions the Compensation Committee asked Compensia to (i) provide information on total direct compensation—including components of salary, bonus and equity with respect to the Company’s peer group, (ii) give advice on changes to the peer group, and (iii) review with the Compensation Committee any recent or pending changes to the rules and public company and peer trends on executive compensation, including feedback from the broader investor community on executive compensation practices. Compensia works at the direction of, and reports directly to, the Compensation Committee, which may replace the compensation consultant or hire additional advisors at any time. Compensia does not perform any services for the Company unless directed to do so by the Compensation Committee. Based on an analysis of the various factors set forth in the rules of the SEC, the Compensation Committee does not believe that its relationship with Compensia or the work of Compensia on behalf of the Compensation Committee have raised any conflicts of interest, and the Compensation Committee believes that Compensia is independent.

  13. External Sources

    Our Compensation Committee believes that these companies provide it with helpful indicators of competitive executive compensation levels and pay mix because, as a group, they had the following characteristics that are similar to ours: (1) they are primarily telecommunications services or equipment companies; (2) some of them have both wireless and wireline operations; (3) several of them are of similar size to the Company in terms of market capitalization, revenue, or number of employees; or (4) several have a mix of domestic and international operations. However, finding close peers for the Company is difficult because the Company’s diverse group of operations in wide-ranging international and domestic geographies adds a level of complexity above that of the Company’s single-market or single-industry peers. With respect to our peer group from the 2025 year, our Compensation Committee removed Brightcove, Consolidated Communications, and Edgio from our peer group as such companies are no longer publicly traded, and added Comtech Telecommunications, GCI Liberty, and LivePerson. In adding the additional peer companies, the Compensation Committee took into consideration relevant business scale and sector overlap. Our Compensation Committee regards comparisons of us to these companies as informational reference points only—as such, we did not seek to establish any firm benchmark in reference to these companies or to require changes in our executive compensation to match changes in those companies’ compensation.

  14. Compensation Policies and Practices Highlights

    | Compensation based on “pay for performance” | No special health or welfare plans | | Long-term equity incentives vesting over multi-year periods | No single-trigger acceleration of compensation in a change of control | | Stock ownership guidelines for NEOs and directors | No guaranteed incentive compensation | | Clawback policy | Hedging of Company shares and options trading prohibited | | Equity incentives aligned to stockholder return | |

  15. Base Salary

    (1) Amounts shown are annualized rates of base salary and may differ slightly from amounts actually received and as reported in Summary Compensation Table. (2) Mr. Doglioli was hired by the Company in March, 2024. For 2026, the Compensation Committee provided salary increases for Messrs. Doglioli and Leon following a review of such executive’s base salary against similarly situated executives within the Company’s peer group and taking into account their individual performance for the year. With respect to Ms. Mabey, following the Compensation Committee’s determination that her total cash and equity compensation already was above the median of that of the Company’s peer group, it determined not to make any further adjustments from 2024 levels. With respect to Mr. Martin, the Compensation Committee determined that as his total cash and equity compensation is above the peer group median, his base salary would remain unchanged in light of the assessment of individual performance for the year. Since becoming Executive Chairman in 2024, the Compensation Committee has retained Mr. Prior’s salary at the same rate, and for the 2026 year, again determined this level remained appropriate in light of his significant ongoing contributions and time commitment to the Company.

  16. Annual Cash and Equity Bonuses

    Annual Cash and Equity Bonuses Annual Cash Bonus We believe that a substantial bonus opportunity, as measured as a percentage of the executive’s base salary, motivates executive performance because it makes a significant amount of the executive’s overall compensation contingent upon Company and individual performance. Further, such approach enables the Company to avoid a higher fixed cost of annual base salaries and gives us the ability to control a major piece of compensation expense if the Company’s performance does not meet expectations. For 2025 the annual bonus opportunity for each of our named executive officers remained unchanged from 2024 and was as follows:

  17. Annual Cash and Equity Bonuses

    | Named Executive Officer | 2025 Annual Bonus Opportunity Expressed as % of Base Salary | | Brad W. Martin | 100% | | Carlos R. Doglioli | 75% | | Michael T. Prior(1) | — | | Mary M. Mabey | 60% | | Justin M. Leon | 50% |

  18. Annual Cash and Equity Bonuses

    (1) Mr. Prior is not eligible for an annual bonus award as Executive Chairman. At the end of the year, the Compensation Committee makes an overall assessment of the quality of each named executive officer’s performance during the year. For named executive officers other than the Chief Executive Officer, this assessment is based largely on discussions between the Compensation Committee and the Chief Executive Officer. As noted above, the Compensation Committee interacts directly with the Chief Executive Officer to evaluate his performance, in addition to conducting its own independent assessment of his performance and the performance of the Company during the year. Although financial and operational performance objectives are identified at the beginning of each year as a means to align individual behavior with Company objectives, it is communicated to each executive that the Compensation Committee always has the full discretion to determine the extent to which bonuses for all executives will be paid, if at all, regardless of the achievement of any such objectives or the actual performance of the Company. In determining the amount of an annual performance bonus, typically, our Chief Executive Officer recommends a weighting of Company performance and individual performance factors for each executive as a guide in connection with his assessment of the other executives’ performance during the year; however, actual bonus awards are subject to the Compensation Committee’s discretion to increase, decrease, or disregard such amount or weight ranges for each performance metric based on the Compensation Committee’s review of each individual’s performance and relevant job responsibilities. In past years, the recommended weight assigned to each performance factor generally fell into the following ranges:

  19. Annual Cash and Equity Bonuses

    | Performance Factor | Range | Description | | Company Performance | 50−100% | Accomplishment of Company-wide goals for the year. These include financial performance such as revenue, Adjusted EBITDA, and cash flow, as well as, key performance indicators like subscriber levels and specific Company objectives for a given year. | | Specific Individual Accomplishments | 10−30% | Individual accomplishments related to personal goals and key strategic and operational priorities, such as implementing productivity improvements in a particular department, completing major network projects, strengthening operational teams, mitigating certain risks, and winning government support for major priorities. | | General Individual Performance | 10−20% | General assessment of the individual’s work performance throughout the year, including leadership, talent development and contribution to Company culture. |

  20. Annual Cash and Equity Bonuses

    For 2025, we paid the annual bonuses to our named executive officers described under the column entitled “Non-Equity Incentive Plan Compensation” in the Summary Compensation Table for the reasons described below. Brad Martin, our Chief Executive Officer, was paid an annual bonus of $546,000, or 104% of his annual bonus opportunity for 2025. Carlos Doglioli, our Chief Financial Officer, was paid an annual bonus of $312,000, or 104% of his 2025 annual target bonus opportunity. In determining the annual bonus award for the Chief Executive Officer and Chief Financial Officer, the Compensation Committee utilized a 100% weighting based on the Company’s performance determined by certain financial measures, as well as other business objectives and achievements for the year. With respect to the financial measures, the Compensation Committee considered the Company’s achievement of Adjusted EBITDA of $190 million for the year in excess of the target amount for the year of $187 million as well as a cash flow achievement of $100 million in excess of the target amount for the year of $92 million. When taking into account these measures and after taking into consideration any unusual items impacting these financial accomplishments, the Compensation Committee determined to award a total Company performance achievement of 104% (the “Company’s Performance Achievement”). Mary Mabey, our Senior Vice President and General Counsel, was paid an annual bonus of $186,000, or 90% of her 2025 annual target bonus opportunity, reflecting a 50% weighting of the Company’s Performance Achievement for the year, and a 50% weighting based on meeting individual goals and a subjective determination of individual performance. The Compensation Committee’s assessment of her individual performance was awarded at 75% achievement, reflecting its evaluation of individual goals and performance results. Justin Leon, Senior Vice President of Corporate Development, was paid $138,000, or 104% of his 2025 annual target bonus opportunity, reflecting a 50% weighting of the Company’s Performance Achievement for the year, and a 50% weighting based on meeting individual goals and a subjective determination of individual performance. The Compensation Committee’s assessment of his individual performance was awarded at 104% achievement, reflecting (i) the Company’s successful entry into an agreement to sell its southwest tower portfolio; (ii) the Company’s other successful asset dispositions during the year; and (iii) increased subsidiary strategic support. Annual Equity Awards Under our 2023 Plan, we may grant stock options, restricted stock and other equity awards to our directors, consultants and employees, including our named executive officers. Awards made under the 2023 Plan may be granted subject to conditions and restrictions, including vesting requirements, achievement of performance goals and forfeiture and recapture of shares upon certain events. Our Compensation Committee, composed entirely of independent non-employee directors, grants awards to our employees under our 2023 Plan. Our Chief Executive Officer also has authority to make limited grants under the 2023 Plan to employees who are not Section 16 “officers.” In addition to annual equity awards granted to our executive officers, from time to time we may grant significant equity compensation in connection with the hiring of executive officers. For new hires, the awards typically are made at the next regularly scheduled Compensation Committee meeting following the hire or promotion. The equity compensation awarded to each executive officer by the Compensation Committee in March 2026 was composed of half performance-based stock units (based on target level of performance) and half restricted stock units. As in the past, the restricted stock units vest ratably over four years on each anniversary of the grant date. The performance-vested stock units vest after the end of the three-year performance period, with the actual number of shares to vest and be issued following vesting based on the relative returns earned by the Company’s stockholders during the performance period compared to the returns earned by the broader market of “small cap” stocks that comprise the Russell 2000 Index, as described in more detail below. Pursuant to the terms of our performance-vested stock unit award agreement, the Company granted a target number of performance-vested stock units on March 17, 2026 with the actual number of performance-vested stock units earned to be determined by comparing the Company’s total stockholder return (“TSR”) over a three-year period ending March 16, 2029 to the TSR of the Russell 2000 Index for the same period. The relative performance is calculated based on the average closing prices for the 40-day trading period immediately preceding and including each of the first and last days of the three-year performance period ending on March 16, 2029. The actual number of shares to be issued upon vesting of the performance-vested stock units in the event the Company’s TSR for such period is greater than or equal to zero at the end of the measurement period ranges from 0% (if the Company’s TSR is in the bottom 25% of the peer group) to 150% (if the Company’s stock performance is in the top 25% of the peer group). In the event the Company’s TSR is less than zero for that period, the number of shares to be issued is capped at 100% of target regardless of the level of relative outperformance. Subject to requirements relating to continued employment with the Company through the last day of the performance period ending on March 16, 2029 and to special vesting provisions in case of a change of control, death, disability or retirement, the shares will be delivered on the date (which will be no later than March 16, 2029) that the Compensation Committee makes the determination of the Company’s performance relative to the Russell 2000 Index. In awarding equity grants, the Compensation Committee typically reviews and approves an award based on the estimated grant date value of the award and then determines the actual number of shares underlying such award based on the then-current stock price. In keeping with its practice adopted in 2020, after noting the fairly wide swings in share prices that occurred in the weeks leading up to the equity award determination and similar movements in previous years, the Compensation Committee determined the number of restricted stock units (“RSUs”) and performance-vested stock units (“PSUs”) to award each recipient by reference to the average closing price for the Company’s common stock for the 20 trading days up to and including the Friday in advance of the Compensation Committee’s meeting during the month of March. For grants made on March 17, 2026 for 2025 performance, this amount was $27.73 per share, and for grants made on March 13, 2025 for 2024 performance, this amount was $17.66 per share. The Compensation Committee believes that this practice is a fair approach of dealing with the positive or negative impact of short-term movements in the Company’s stock price. The total number of equity compensation awards and value of the awards, utilizing the 20-trading day average per share, for grants made in each of the 2026 and 2025 years to named executive officers, is set forth below. While the number of PSUs below was determined utilizing the 20-trading day average per share price referenced above, the actual grant date value of such PSUs is determined based on a Monte Carlo simulation, due to its performance vesting requirements.

  21. Annual Cash and Equity Bonuses

    | | Year | RSU Awards (#) | Derived Value of RSU Awards ($)(1) | PSU Awards (at target) (#) | Derived Value of PSU Awards (at target) ($) | | Brad W. Martin | 2026 | 27,048 | $750,041 | 27,048 | $792,236 | | | 2025 | 42,472 | $750,055 | 42,472 | $1,032,494 | | Carlos R. Doglioli | 2026 | 18,032 | $500,027 | 18,032 | $528,157 | | | 2025 | 24,068 | $425,040 | 24,068 | $585,093 | | Michael T. Prior | 2026 | 13,524 | $375,020 | 13,524 | $396,118 | | | 2025 | 42,472 | $750,055 | 42,472 | $1,032,494 | | Mary M. Mabey | 2026 | 12,624 | $350,063 | 12,624 | $369,757 | | | 2025 | 19,820 | $350,021 | 19,820 | $481,824 | | Justin M. Leon | 2026 | 10,820 | $300,038 | 10,820 | $316,918 | | | 2025 | 16,988 | $300,008 | 16,988 | $412,978 |

  22. Annual Cash and Equity Bonuses

    (1) The derived value of the RSUs and PSUs (at target) reflects the value of such awards based upon the trailing 20-trading day average of our closing stock price, which is what the Compensation Committee uses to determine the NEOs’ annual equity awards. As such, the amounts shown do not represent the grant date fair value of the awards. In approving the annual cash bonus and equity incentive awards, the Compensation Committee assesses the risks associated with the adoption of these awards, including the performance measures and goals for the awards, and concluded that the equity awards described above would not be likely to encourage excessive risk taking, as the restricted stock unit awards typically vest ratably over a period of four years and the performance-vested stock unit awards have a cliff vesting period of three years. While the Compensation Committee believes it is an important policy of the Board to seek to keep the aggregate shares underlying unvested restricted stock units and unvested performance-vested stock units at a reasonable level in relation to our outstanding equity (calculated on a fully diluted basis), the Compensation Committee believes that equity compensation will remain a critical recruitment, retention and incentive tool, as well as furthering the alignment of stockholder and employee interests.

  23. Retirement, Benefits and Other Arrangements

    Retirement, Benefits and Other Arrangements In 2008, we adopted a deferred compensation plan for our then-existing executives. This plan was intended to provide retirement income to certain of our executives at the time the plan was adopted. Executives hired after 2008 do not participate in this plan. Mr. Prior is the only named executive officer who is a participant in this deferred compensation plan. The plan was adopted to offset a reduction in our annual contributions to these executives’ accounts under our 401(k) retirement plan that we instituted as a result of the consolidation of our 401(k) plan with similar plans of companies that we acquired. Under this plan, we make bi-weekly credits equal to 8% of the executive’s then current base salary to an account on behalf of the executive. In addition to these quarterly credits, although we have historically not done so, we may make additional credits in our sole discretion. See the description of the deferred compensation plan under the caption Non-Qualified Deferred Compensation Plan for additional information regarding the deferred compensation plan. Except for this plan, our named executive officers only receive benefits, including retirement, medical and dental, life and disability insurance, that are available to all of our employees. The terms of our PSU agreements provide for continued vesting following the eligible retirement of a participant. To qualify for this continued vesting of any PSU grant, a participant must retire no earlier than six months following the date of PSU grant, must be at least 55 years of age, and must have provided at least ten years of service to the Company.

  24. Severance Agreements

    Severance Agreements As of December 31, 2025, each of our named executive officers was party to an executive agreement with the Company. These executive agreements provide each executive with severance pay upon termination as described therein in exchange for standard covenants of confidentiality, non-competition, non-solicitation and non-circumvention for a one year-period following termination and a standard release and waiver of claims. In the event of a termination by the Company without “cause” or by the executive for “good reason” and in the absence of a “change in control” (each as defined in the agreements), each executive would be entitled to (i) severance pay in the amount of one times (and in the case of our Chief Executive Officer and Executive Chairman, one and a half times) his or her base salary and (ii) COBRA continuation coverage at a rate equal to the rate paid by active employees during the twelve months following the termination (eighteen months in the case of the Chief Executive Officer and Executive Chairman). In the event of a termination by the Company without “cause” or by the executive for “good reason” within the period commencing three months prior to and ending or twelve months (eighteen months in the case of the Chief Executive Officer and Executive Chairman) following, a change in control (as defined in the amended severance agreements), such executive would be entitled to (i) severance pay in the amount of one times (and in the case of the Chief Executive Officer and Executive Chairman, one and a half times) his or her base salary, (ii) such executive’s maximum target incentive compensation for such year (and in the case of the Chief Executive Officer and Executive Chairman, one and a half times such target), excluding any eligible amounts of equity compensation, (iii) COBRA continuation coverage at a rate equal to the rate paid by active employees for the twelve months following the termination (eighteen months in the case of the Chief Executive Officer and Executive Chairman), and (iv) the immediate vesting of all restricted stock, restricted stock units, performance-vested stock units or stock options held by such executive.

  25. Policies and Practices Related to the Grant of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information

    Policies and Practices Related to the Grant of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information The Company does not currently grant new awards of stock options, stock appreciation rights, or similar option-like instruments. Accordingly, the Company has no specific policy or practice on the timing of awards of such options in relation to the disclosure of material nonpublic information by the Company. In the event the Company determines to grant new awards of such options, the Board and the Compensation Committee will evaluate the appropriate steps to take in relation to the foregoing.

  26. 2025 Summary Compensation Table

    2025 Summary Compensation Table The table below summarizes the total compensation paid to each of our named executive officers for each of fiscal years ended December 31, 2025, 2024 and 2023. For the avoidance of doubt, the table below does not include stock awards made in March 2026 in recognition of 2025 performance. Each named executive officer is listed along with such person’s title as of December 31, 2025.

  27. 2025 Summary Compensation Table

    | Name and Principal Position | Year | Salary ($)(2) | Stock Awards ($)(3)(4) | Non-Equity Incentive Plan Compensation ($) | All Other Compensation ($)(5) | Total ($) | | Brad W. Martin Former Chief Executive Officer and President(1) | 2025 | 545,192 | 1,930,777 | 546,000 | 13,489 | 3,035,458 | | | 2024 | 519,615 | 1,461,322 | 210,000 | 13,800 | 2,204,737 | | | 2023 | 384,578 | 935,440 | 288,750 | 13,200 | 1,621,968 | | Carlos R. Doglioli(6) Chief Financial Officer | 2025 | 415,385 | 1,094,131 | 312,000 | 14,000 | 1,835,516 | | | 2024 | 376,923 | 828,351 | 210,000 | 8,769 | 1,424,043 | | Michael T. Prior(7) Executive Chairman | 2025 | 545,192 | 1,930,777 | — | 57,615 | 2,533,584 | | | 2024 | 531,500 | 1,461,322 | — | 56,320 | 2,049,142 | | | 2023 | 693,232 | 2,126,000 | 694,000 | 68,659 | 3,581,891 | | Mary M. Mabey Senior Vice President, General Counsel and Secretary | 2025 | 357,252 | 901,017 | 186,000 | 12,856 | 1,457,125 | | | 2024 | 344,021 | 682,219 | 103,206 | 12,710 | 1,142,156 | | | 2023 | 333,655 | 561,264 | 172,545 | 12,565 | 1,080,029 | | Justin M. Leon Senior Vice President, Corporate Development | 2025 | 274,892 | 727,274 | 138,000 | 9,420 | 1,194,586 | | | 2024 | 264,710 | 583,059 | 66,178 | 10,589 | 924,536 | | | 2023 | 256,731 | 467,720 | 126,701 | 10,099 | 861,251 |

  28. 2025 Summary Compensation Table

    (1) Mr. Martin served as the Company’s Chief Executive Officer for the entirety of the fiscal year ended December 31, 2025. (2) The amounts in this column reflect actual amounts received in the fiscal year and may differ slightly from annualized base salary amounts. (3) The amounts in this column reflect the grant date value of restricted stock unit and performance stock unit awards made in each fiscal year, presented in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718. The amounts for 2025 in this column reflect the aggregate grant date fair values determined in accordance with FASB ASC Topic 718 using the assumptions described in Note 9 to ATN International, Inc.’s Consolidated Financial Statements, which are included in the Company’s 2025 Annual Report. (4) Pursuant to SEC rules, the amounts shown above in the Summary Compensation Table for awards include the grant date value of both restricted stock unit and performance stock unit awards made in each fiscal year. The performance stock unit awards are subject to performance conditions are based on the probable outcome as of the date of grant and are shown at target, excluding the impact of estimated forfeitures. Notwithstanding the amounts shown in the table above, assuming that the highest level of performance conditions is achieved, the grant date fair values of the performance stock units granted in 2025 would be: $1,548,741 for Mr. Martin; $877,640 for Mr. Doglioli; $1,548,741 for Mr. Prior; $722,736 for Ms. Mabey; and $619,467 for Mr. Leon. The amounts in this column reflect matching contributions made by the Company to each of the named executive officers pursuant to the ATN International, Inc. 401(k) Plan and contributions made by the Company to a non-qualified deferred compensation plan for all three years for Mr. Prior. For the year ended December 31, 2025, such amounts were as follows:

  29. 2025 Summary Compensation Table

    | | 401(K) Matching Contributions ($) | Contributions to Non-Qualified Deferred Compensation Plan ($) | Total ($) | | Brad W. Martin | 13,489 | — | 13,489 | | Carlos R. Doglioli | 14,000 | — | 14,000 | | Michael T. Prior | 14,000 | 43,615 | 57,615 | | Mary M. Mabey | 12,856 | — | 12,856 | | Justin M. Leon | 9,420 | — | 9,420 |

  30. 2025 Summary Compensation Table

    (6) Mr. Doglioli became our Chief Financial Officer in March 2024. (7) Effective as of January 1, 2024, Mr. Prior stepped down from his role as Chief Executive Officer and transitioned to the position of Executive Chairman.

  31. Grants of Plan-Based Awards

    Grants of Plan-Based Awards The table below sets forth additional information regarding stock awards granted to our named executive officers during the fiscal year ended December 31, 2025:

  32. Grants of Plan-Based Awards

    | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1)(2) | Estimated Future Payouts Under Equity Incentive Plan Awards(3) | | All Other Stock Awards; Number of Shares of Stock or Units (#)(4) | Grant Date Fair Value of Stock and Option Awards ($)(5) | | Name | Type of Award | Grant Date | Target ($) | Target (#) | Maximum (#) | | | | Brad W. Martin | Annual Cash Bonus | — | 525,000 | — | — | — | — | | | Restricted Stock Units | 4/7/2025 | — | — | — | 42,472 | 898,283 | | | Performance Stock Units | 4/7/2025 | — | 42,472 | 63,708 | — | 1,032,494 | | Carlos R. Doglioli | Annual Cash Bonus | — | 300,000 | — | — | — | — | | | Restricted Stock Units | 4/7/2025 | — | — | — | 24,068 | 509,038 | | | Performance Stock Units | 4/7/2025 | — | 24,068 | 36,102 | — | 585,093 | | Michael T. Prior | Annual Cash Bonus | — | — | — | — | — | — | | | Restricted Stock Units | 4/7/2025 | — | — | — | 42,472 | 898,283 | | | Performance Stock Units | 4/7/2025 | — | 42,472 | 63,708 | — | 1,032,494 | | Mary M. Mabey | Annual Cash Bonus | — | 206,400 | — | — | — | — | | | Restricted Stock Units | 4/7/2025 | — | — | — | 19,820 | 419,193 | | | Performance Stock Units | 4/7/2025 | — | 19,820 | 29,730 | — | 481,824 | | Justin M. Leon | Annual Cash Bonus | — | 132,355 | — | — | — | — | | | Restricted Stock Units | 4/7/2025 | — | — | — | 16,988 | 359,296 | | | Performance Stock Units | 4/7/2025 | — | 16,988 | 25,482 | — | 412,978 |

  33. Grants of Plan-Based Awards

    (1) There are no threshold or maximum payouts established under the Company’s non-equity incentive plan. (2) This column reflects the annual incentive award target amounts payable under the non-equity incentive plan. Actual amounts, paid in cash during the second quarter of 2026, are reflected within the Summary Compensation Table. (3) These columns reflect the target and maximum number of performance stock units payable. The “Target” amount represents 100% of the grant and the “Maximum” amount represents 150% of the grant. The actual payout amounts depend upon the Company’s absolute and relative TSR performance over the three-year period ending March 13, 2028. (4) These restricted stock units vest ratably on March 13, 2026, March 13, 2027, March 13, 2028 and March 13, 2029. The amounts in this column reflect the grant date fair value of awards determined as set forth in footnote 1 to our Summary Compensation Table.

  34. Outstanding Equity Awards at Fiscal Year-End 2025

    Outstanding Equity Awards at Fiscal Year-End 2025 The table below sets forth additional information regarding stock awards granted to our named executive officers that were outstanding as of December 31, 2025.

  35. Outstanding Equity Awards at Fiscal Year-End 2025

    | Name | Grant Date | Number of Shares or Units of Stock That Have Not Vested(1) (#) | Market Value of Shares or Units of Stock That Have Not Vested(2) ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(3) (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(4) ($) | | Brad W. Martin | 3/13/2025 | 42,472 | 968,362 | — | — | | | 3/13/2025 | — | — | 63,708 | 1,719,479 | | | 3/12/2024 | 16,290 | 371,412 | — | — | | | 3/12/2024 | — | — | 32,580 | 597,843 | | | 3/7/2023 | 5,500 | 125,400 | — | — | | | 3/7/2023 | — | — | 16,500 | 178,365 | | | 3/25/2022 | 2,675 | 60,990 | — | — | | Carlos R. Doglioli | 3/13/2025 | 24,068 | 548,750 | — | — | | | 3/13/2025 | — | — | 36,102 | 974,393 | | | 3/12/2024 | 9,234 | 210,535 | — | — | | | 3/12/2024 | — | — | 18,468 | 338,888 | | Michael T. Prior | 3/13/2025 | 42,472 | 968,362 | — | — | | | 3/13/2025 | — | — | 63,708 | 1,719,479 | | | 3/12/2024 | 16,290 | 371,412 | — | — | | | 3/12/2024 | — | — | 32,580 | 597,843 | | | 3/7/2023 | 12,500 | 285,000 | — | — | | | 3/7/2023 | — | — | 37,500 | 405,375 | | | 3/25/2022 | 5,362 | 122,254 | — | — | | Mary M. Mabey | 3/13/2025 | 19,820 | 451,896 | — | — | | | 3/13/2025 | — | — | 29,730 | 802,413 | | | 3/12/2024 | 7,605 | 173,394 | — | — | | | 3/12/2024 | — | — | 15,210 | 279,104 | | | 3/7/2023 | 3,300 | 75,240 | — | — | | | 3/7/2023 | — | — | 9,900 | 107,019 | | | 3/25/2022 | 1,975 | 45,030 | — | — | | Justin M. Leon | 3/13/2025 | 16,988 | 387,326 | — | — | | | 3/13/2025 | — | — | 25,482 | 687,759 | | | 3/12/2024 | 6,519 | 148,633 | — | — | | | 3/12/2024 | — | — | 13,038 | 239,247 | | | 3/7/2023 | 2,750 | 62,700 | — | — | | | 3/7/2023 | — | — | 8,250 | 89,183 | | | 3/25/2022 | 1,425 | 32,490 | — | — |

  36. Outstanding Equity Awards at Fiscal Year-End 2025

    Reflects the unvested portion of restricted stock units as of December 31, 2025. These grants vest 25% annually commencing one year from the grant date. This column reflects the market value of the unvested portion of restricted stock units as of December 31, 2025, valued at $22.80 per share, the closing price of our stock on December 31, 2025. (3) This column reflects unearned performance stock units, shown at the maximum possible performance payout, as of December 31, 2025. These grants vest on the third anniversary of the grant date. (4) Reflects the market value of the unearned performance stock units, shown at the maximum possible performance payout, as of December 31, 2025. This column reflects the market value of the unearned performance stock units as of December 31, 2025, valued at $22.50 per share, the closing price of our stock on December 31, 2025.

  37. Option Exercises and Stock Vested

    Option Exercises and Stock Vested The Company does not have any outstanding stock options. The table below sets forth information with respect to our named executive officers regarding all restricted stock unit awards and performance stock unit awards that vested during 2025.

  38. Option Exercises and Stock Vested

    | | Total Stock Awards | | | Name | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(1) | | Brad W. Martin | 19,471 | 399,434 | | Carlos R. Doglioli | 3,078 | 62,668 | | Michael T. Prior | 35,393 | 725,773 | | Mary M. Mabey | 12,337 | 253,665 | | Justin M. Leon | 9,376 | 192,626 |

  39. Option Exercises and Stock Vested

    (1) Reflects the market value of the shares based on the closing price of our common stock on the vesting date.

  40. Non-Qualified Deferred Compensation Plan

    Non-Qualified Deferred Compensation Plan The following table sets forth contributions by the Company to our deferred compensation plan for fiscal year 2025.

  41. Non-Qualified Deferred Compensation Plan

    | Name | Executive Contributions in Last Fiscal Year ($) | Registrant Contributions in Last Fiscal Year ($)(1) | Aggregate Earnings in Last Fiscal Year ($) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at Last Fiscal Year End ($) | | Brad W. Martin(2) | — | — | — | — | — | | Carlos R. Doglioli(2) | — | — | — | — | — | | Michael T. Prior | — | 43,615 | 231,911 | — | 1,778,049 | | Mary M. Mabey(2) | — | — | — | — | — | | Justin M. Leon(2) | — | — | — | — | — |

  42. Non-Qualified Deferred Compensation Plan

    (1) The amounts reported in this column are reported for fiscal 2025 in the “All Other Compensation” column of the Summary Compensation Table. (2) Mr. Martin, Mr. Doglioli, Ms. Mabey and Mr. Leon are not participants in our deferred compensation plan. Effective as of December 5, 2008, we adopted a non-qualified deferred compensation plan for our then existing executive officers. This plan is intended to provide retirement income to our executive officers and was adopted to offset a reduction in our annual contributions to those executives’ accounts under our 401(k) retirement plan that we instituted as a result of the consolidation of our 401(k) plan with similar plans of companies that we acquired. Accordingly, we do not expect to add newly hired executives to this plan. Under this plan, we make bi-weekly credits equal to 8% of the executive officer’s then current base salary to an account in the plan on behalf of the executive. In addition to these bi-weekly credits, the Compensation Committee may make additional credits in its sole discretion. Credits to such executive officer’s account under the plan will be deemed to be invested in one or more investment funds selected by the executive officer. Overall investment return is dependent upon the performance of each executive officer’s selected investment alternatives. Credits will be fully vested at all times and the executive officers will have a non-forfeitable interest in the balance of their respective accounts. Benefits under the plan are payable upon a separation from service in a cash lump sum or in accordance with a fixed schedule elected by the executive officer. Distributions may be made prior to the executive officer’s separation from service only for certain financial hardship reasons. The plan is intended to be compliant with Section 409A of the Internal Revenue Code of 1986, as amended, and to constitute a non-qualified, unfunded executive benefit plan.

  43. Potential Payments Upon Termination or Change of Control

    Potential Payments Upon Termination or Change of Control We have entered into severance agreements with each of our named executive officers. For a description of these agreements, please see “Severance Agreements” above. The following table sets forth the estimated payments and benefits that would be provided to each of the named executive officers, upon termination or a termination following a change in control. The payments and benefits were calculated assuming that the triggering event took place on December 31, 2025, the last business day of our fiscal year.

  44. Potential Payments Upon Termination or Change of Control

    | Named Executive Officer | Event | Salary & Other Cash Payment ($) | COBRA Benefits ($) | Acceleration of Vesting of Certain Equity | Vesting of Restricted Stock Unit Awards(2) | Vesting of Performance Stock Unit Awards(3) | Total ($) | | Brad W. Martin | Termination Without Cause or for Good Reason | 787,500 | 55,716 | N/A | — | — | 843,216 | | | Change of Control Termination | 1,575,000 | 55,716 | 100% | 1,526,164 | 1,663,791 | 4,820,671 | | Carlos R. Doglioli | Termination Without Cause or for Good Reason | 400,000 | 36,813 | N/A | — | — | 436,813 | | | Change of Control Termination | 700,000 | 36,813 | 100% | 759,286 | 875,521 | 2,371,620 | | Michael T. Prior | Termination Without Cause or for Good Reason | 2,565,549(1) | 40,032 | N/A | — | — | 2,605,581 | | | Change of Control Termination | 2,565,549(1) | 40,032 | 100% | 1,747,027 | 1,815,131 | 6,167,739 | | Mary M. Mabey | Termination Without Cause or for Good Reason | 344,000 | 36,523 | N/A | — | — | 380,523 | | | Change of Control Termination | 550,400 | 36,523 | 100% | 745,560 | 792,357 | 2,124,840 | | Justin M. Leon | Termination Without Cause or for Good Reason | 264,710 | 36,813 | N/A | — | — | 301,523 | | | Change of Control Termination | 397,066 | 36,588 | 100% | 631,150 | 677,459 | 1,742,263 |

  45. Potential Payments Upon Termination or Change of Control

    (1) Includes payments under our Non-Qualified Deferred Compensation Plan for Mr. Prior not triggered by any severance arrangement and payable to the employee upon any termination or resignation of employment. (2) Valued at $22.80 per share, the closing price of our common stock on December 31, 2025. Valued as of December 31, 2025 using a Monte Carlo simulation.

  46. Pay Ratio Disclosure

    Pay Ratio Disclosure Pursuant to rules adopted pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(u) of Regulation S-K we have included in this Proxy Statement a reasonable estimate of our Chief Executive Officer to median employee pay ratio for 2025 annual compensation. We identified the median employee based on 2025 taxable wages for all individuals, excluding our former Chief Executive Officer, Mr. Martin, employed by us on December 31, 2025 (whether employed on a full-time, part-time, or seasonal basis). For such employees, we annualized compensation for any full-time employees not employed for the entire 2025 fiscal year, but not for any part-time employees. Other than as set forth above, we did not make any assumptions, adjustments, or estimates with respect to taxable wages. After identifying the median employee, we calculated annual total compensation for such employee using the same methodology we use for our named executive officers as set forth in the 2025 Summary Compensation Table set forth elsewhere in this Proxy Statement. The annual total compensation of our median employee for 2025 was approximately $55,308. As disclosed in the Summary Compensation Table, our former Chief Executive Officer’s annual total compensation for 2025 was $3,035,458. Based on the foregoing, our estimate of the ratio of the annual total compensation of our former Chief Executive Officer for 2025 to the median of the annual total compensation of all other employees was approximately 55:1.

  47. Pay Versus Performance Table

    Pay Versus Performance Table The SEC has adopted rules (as required by the Dodd-Frank Act) requiring disclosure of the relationship between the executive compensation actually paid and the financial performance of the Company. The below table outlines, in addition to the amounts listed in the Company’s Summary Compensation Table, the total Compensation Actually Paid (“CAP”) for the principal executive officer, which is the Company’s Chief Executive Officer (“CEO”), and the average of the total compensation actually paid for the Non-CEO Named Executive Officers (“NEOs”), which include the Company’s Executive Chairman, Chief Financial Officer, Senior Vice President and General Counsel, and Senior Vice President, Corporate Development, for the year as indicated. Additionally, the table includes the Company-Selected Measure of Adjusted EBITDA, a non-GAAP financial measure, as defined and described in more detail below. For information concerning the Company’s compensation philosophy and how the Company aligns executive compensation with financial performance, refer to the Compensation Discussion and Analysis section beginning on page 26.

  48. Pay Versus Performance Table

    | | Summary Compensation Table Total for CEO(b) | Compensation Actually Paid to CEO(c) | Average Summary Compensation Table Total for Non-CEO NEOs(c) | Average Compensation Actually Paid to Non-CEO NEOs(c) | Value of Initial Fixed $100 Investment Based On: | | Net Income (Loss) (in $000’s) | Company- Selected Measure: Adjusted EBITDA (in $000’s) | | Year(a) | | | | | Total Shareholder Return ($)(d) | Peer Group Total Shareholder Return ($)(e) | | | | 2025 | 3,035,458 | 2,261,237 | 1,495,743 | 1,238,280 | 63.69 | 118.08 | (23,522) | 190,044 | | 2024 | 2,204,737 | 73,608 | 1,163,579 | 87,895 | 33.82 | 78.87 | (31,852) | 184,084 | | 2023 | 3,581,890 | 2,736,645 | 1,319,997 | 956,198 | 75.35 | 65.02 | (18,754) | 189,451 | | 2022 | 3,231,728 | 3,169,382 | 1,322,398 | 1,365,456 | 85.56 | 68.88 | (7,583) | 172,688 | | 2021 | 3,379,850 | 2,516,463 | 1,097,723 | 855,318 | 74.18 | 111.88 | (20,809) | 135,628 |

  49. Pay Versus Performance Table

    (a) Each year is from January 1−December 31 of the indicated year. (b) The dollar amounts reported for the fiscal year 2025 are the amounts of total compensation reported for our CEO, Mr. Martin, in the Summary Compensation Table (“SCT”). The dollar amounts reported for fiscal years 2023, 2022, and 2021 are the amounts of total compensation reported for our CEO, Mr. Prior, in the SCT. (c) The dollar amounts do not reflect the actual amounts of compensation paid to or received by our CEO or other NEOs during the applicable year but rather are “Compensation Actually Paid” as such term is defined under applicable SEC rules. The amounts include the year-end value of equity awards granted during the reported year and the change in the value of equity awards, granted in previous years that were unvested at the end of the prior year, measured through the date the awards vested or were forfeited, or through the end of the reported fiscal year. See below for calculation of CAP to the CEO and Non-CEO NEOs. For 2024, our Non-CEO NEOs were Messrs. Doglioli, Leon and Prior and, Ms. Mabey. For 2023 and 2022, our Non-CEO NEOs were Messrs. Benincasa, Leon and Martin and, Ms. Mabey. For 2021, our Non-CEO NEOs were Messrs. Benincasa, Kreisher and Martin, and Ms. Mabey. (d) Calculated as cumulative total shareholder return as if $100 was invested in Company common stock on December 31, 2020 measured through the end of the applicable year. (e) We used our peer group for purposes of Item 201(e) of Regulation S-K to calculate peer group total shareholder return, the Nasdaq Small Cap Telecommunications Services Index. Calculated as cumulative total shareholder return as if $100 was invested in the Nasdaq Small Cap Telecommunications Services Index on December 31, 2020 measured through the end of the applicable year.

  50. Pay Versus Performance Table

    | Year | Executive | Summary Compensation Table Total | Less: Stock Awards | Add: Year End Equity Value of awards granted during the reported year | Change (from last day of prior year to last day of reported year) in Value of Prior Equity Awards | Change (from last day of prior year to last day of reported year) in Value of Vested Equity Awards | Compensation Actually Paid | | 2025 | CEO | 3,035,458 | (1,930,777) | 2,114,681 | (1,030,252) | 72,127 | 2,261,237 | | | Other NEOs(1) | 1,495,743 | (922,474) | 1,010,339 | (437,551) | 92,223 | 1,238,280 | | 2024 | CEO | 2,204,737 | (1,461,322) | 608,377 | (1,175,482) | (102,703) | 73,608 | | | Other NEOs(1) | 1,163,579 | (689,509) | 189,752 | (459,995) | (115,932) | 87,895 | | 2023 | CEO | 3,581,890 | (2,126,000) | 1,995,000 | (591,262) | (122,983) | 2,736,645 | | | Other NEOs(1) | 1,319,997 | (724,966) | 680,295 | (172,072) | (147,057) | 956,198 | | 2022 | CEO | 3,231,728 | (1,852,208) | 2,254,395 | (338,571) | (125,963) | 3,169,382 | | | Other NEOs(1) | 1,322,398 | (755,563) | 919,625 | (93,459) | (27,545) | 1,365,456 | | 2021 | CEO | 3,379,850 | (2,132,370) | 1,605,470 | (581,545) | 245,058 | 2,516,463 | | | Other NEOs(1) | 1,097,723 | (597,951) | 451,611 | (154,914) | 58,849 | 855,318 |

  51. Pay Versus Performance Table

    (1) The dollar amounts shown are average amounts for all NEO’s other than the CEO. The Board currently considers Adjusted EBITDA, a non-GAAP financial measure, to be the most important financial performance measure used to link CAP of the CEO and Non-CEO NEOs to Company performance. The Company defines Adjusted EBITDA as operating income (loss) before depreciation and amortization expense, transaction-related charges, one-time impairment or special charges, non-cash stock-based compensation and the gain (loss) on disposition of assets. The Company regularly reports on this metric to investors in its quarterly earnings releases and believes that the inclusion of these non-GAAP financial measures (and the associated reconciliations to the nearest GAAP financial measures) helps investors gain a meaningful understanding of the Company’s core operating results and enhances the usefulness of comparing such performance with prior periods. Accordingly, the Board considers Adjusted EBITDA as the best measure to track Company performance, as well as to align executive compensation with such performance.

  52. DIRECTOR COMPENSATION

    DIRECTOR COMPENSATION Our Compensation Committee has the responsibility of reviewing and making recommendations to the Board regarding director compensation. We use a combination of cash and equity compensation to attract and retain qualified directors. In setting director compensation, we consider the time demand and the requisite knowledge and expertise required for our directors to effectively fulfill their duties and responsibilities to us and our stockholders. We also consider the director compensation of our peer companies in our determination of director compensation.

  53. 2025 Director Compensation Table

    2025 Director Compensation Table The table below summarizes the compensation paid to, or earned by, our non-employee directors for the fiscal year ended December 31, 2025. Mr. Michael Prior, our Executive Chairman, and Mr. Brad Martin, our Chief Executive Officer, do not receive any compensation for Board service beyond the compensation each receives as Executive Chairman and CEO, respectively.

  54. 2025 Director Compensation Table

    | Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | Total ($) | | Bernard J. Bulkin | 139,000(2) | 132,590 | 271,590 | | Derek G. Hudson | 67,500 | 132,590 | 200,090 | | April V. Henry | 65,000 | 132,590 | 197,590 | | Pamela F. Lenehan | 107,000 | 132,590 | 239,590 | | Patricia A. Jacobs | 77,500 | 132,590 | 210,090 |

  55. 2025 Director Compensation Table

    (1) The amounts in this column reflect the grant date fair value calculated in accordance with FASB ASC Topic 718, of awards granted pursuant to our Non-Employee Directors Compensation Policy and our 2023 Equity Plan. Actual shares issued based on the average closing price for the Company’s common stock for the 20 trading days up to and including June 17, 2025. This had the effect of making the dollar value of the stock award higher than the $130,000 retainer as described below. None of the directors listed above had any stock awards or stock options outstanding as of December 31, 2025. (2) Includes amounts paid for Dr. Bulkin’s service as stockholder director of the Company’s minority investment in a renewable energy business operating under the “Vibrant” name in India in addition to other fees earned for services as director of the Company.