[Form 4] Shenandoah Telecom Co Insider Trading Activity

Rhea-AI Filing Summary

ZoomInfo Technologies Inc. (ZI) Form 4: CFO Michael Graham O’Brien reported several equity transactions dated 07/31-08/01/2025. He received a new grant of 276,924 restricted stock units (RSUs) on 07/31/2025; 33 % vests 08/01/2026 and the balance vests quarterly over the following 24 months. On 08/01/2025 he exercised 1,542 HSKB phantom units and 3,469 previously granted RSUs (both convert 1-for-1 into common shares). To cover taxes, the company withheld 514 and 1,156 shares, respectively, leaving a net addition of 3,341 shares.

After the transactions O’Brien directly owns 53,114 common shares (up from 51,?***) and holds derivative rights to 276,924 RSUs, 7,708 unexercised phantom units and 31,219 other RSUs. No open-market purchases or sales occurred; all activity stems from vesting and tax withholding. The filing signals ongoing equity-based compensation and modest incremental insider ownership but has no immediate balance-sheet or earnings impact.

Insights

Securities Analyst

TL;DR Routine vesting and new RSU award; CFO’s net share count rises slightly, neutral for valuation.

The 276.9 k RSU grant represents ~0.04 % of ZI’s diluted share count and is standard C-suite retention. Net common shares added (3.3 k) are immaterial. No cash outlay or market transaction occurred, so liquidity and EPS are unaffected. Insider alignment edges higher but does not change the investment thesis. Overall market impact: neutral.

Corporate Governance Expert

TL;DR Equity-heavy pay package reinforces retention; governance implications minimal.

The sizeable RSU award vests over three years, tying compensation to long-term performance. Tax-withholding sales are mechanical and do not indicate sentiment. Grant size is within peer norms for a CFO at ZI’s market cap. No red flags on disclosure quality or Section 16 compliance. Impact on shareholders: neutral-positive alignment, but financially de minimis.

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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hours per response:			0.5

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

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^*

Koontz Richard L Jr

(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)
08/04/2025

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	08/04/2025		A(1)		34.0599	A	$14.69	59,846.4117	D

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

Explanation of Responses:

1. Shares received in lieu of director fees.

	/s/ Christopher E French Attorney in Fact for Richard L Koontz Jr	08/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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