Shenandoah Telecom Director Granted 50.31 Shares as Fees (Form 4)

Rhea-AI Filing Summary

Leigh Ann Schultz, a director of Shenandoah Telecommunications Co. (SHEN), reported acquiring 50.3147 shares of the issuer's common stock on 09/02/2025 at a price of $13.25 per share. The filing shows those shares were received in lieu of director fees under a written plan. After the transaction, Ms. Schultz beneficially owned 25,910.5135 shares directly. The Form 4 was signed by an attorney-in-fact, Christopher E. French. No options, derivatives, sales, or other changes were reported.

Positive

• Director increased direct ownership by 50.3147 shares, bringing total direct beneficial ownership to 25,910.5135 shares.
• Shares were issued in lieu of director fees, aligning director compensation with shareholder interests without an open-market purchase.

Negative

• None.

Insights

Securities Analyst

TL;DR: Director received ~50.31 shares as compensation, increasing direct holdings to 25,910.5135 shares; transaction appears routine and non-dilutive.

The Form 4 documents a routine acquisition executed pursuant to a director compensation arrangement rather than an open-market purchase. The per-share amount reported ($13.25) represents the price attributed to the shares delivered in lieu of fees. Because the disclosure shows an increase in direct beneficial ownership and no derivative activity or sales, this is a governance/compensation-related update with limited immediate market impact. The filing is administrative and signed by an attorney-in-fact.

Corporate Governance Expert

TL;DR: This is a standard director compensation disclosure; it confirms use of equity to settle fees and updates beneficial ownership.

The explanatory note explicitly states the shares were received in lieu of director fees, indicating a common practice of equity compensation for board members. The report clarifies direct ownership post-transaction (25,910.5135 shares) and records a small, single-date issuance of 50.3147 shares. There is no indication of a new plan adoption, amendment, or any transaction that would suggest unusual governance activity.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SCHULTZ LEIGH ANN

(Last) (First) (Middle)

PO BOX 459

(Street)

EDINBURG VA 22824

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SHENANDOAH TELECOMMUNICATIONS CO/VA/ [ SHEN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/02/2025		A(1)		50.3147	A	$13.25	25,910.5135	D
Common Stock								38	I	Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares received in lieu of director fees.

	/s/ Christopher E French Attorney in Fact for Leigh Ann Schultz	09/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Leigh Ann Schultz report on Form 4 for SHEN?

She acquired 50.3147 shares of Shenandoah Telecommunications Co. common stock on 09/02/2025, received in lieu of director fees.

At what price were the SHEN shares reported on the Form 4?

$13.25 per share is the price listed for the shares issued in lieu of fees.

How many SHEN shares does Leigh Ann Schultz beneficially own after the transaction?

25,910.5135 shares are reported as beneficially owned following the transaction.

Was the Form 4 signed by the reporting person?

The form was signed by Christopher E. French as attorney-in-fact for Leigh Ann Schultz on 09/02/2025.

Does the filing report any option or derivative transactions for SHEN?

No. The filing shows only a non-derivative acquisition of common stock; no derivatives or sales are reported.