SHEN Insider Filing: Director Awarded 37.7358 Shares for Fees

Rhea-AI Filing Summary

Michael Anthony Rhymes, a director of Shenandoah Telecommunications Co (SHEN), received 37.7358 shares of the company's common stock on 09/02/2025 at an effective price of $13.25 per share. The transaction is reported as shares issued in lieu of director fees. Following the grant, Mr. Rhymes is shown as beneficially owning 2,979.1472 shares directly. The filing was submitted on the same date and executed by an attorney-in-fact on his behalf.

Insights

Financial Analyst

TL;DR: Routine director compensation paid in stock; small ownership change with limited investor impact.

The Form 4 documents a standard equity-based director compensation event: 37.7358 shares issued in lieu of cash fees at $13.25 per share, resulting in about 2,979.15 shares beneficially owned by the director. For a public company, this level of issuance appears immaterial to capitalization and should not affect near-term financial metrics or shareholder dilution materially. The filing is procedurally complete and includes an attorney-in-fact signature.

Corporate Governance Expert

TL;DR: Governance practice aligns director and shareholder interests; transaction is routine and disclosed properly.

Issuing shares in lieu of director fees is a common governance practice to align management and directors with shareholders. The Form 4 clearly states the nature of the grant and the director relationship. The disclosed beneficial ownership post-transaction is modest. There are no indications of unusual timing, related-party conflicts, or material changes to board composition in this filing.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Rhymes Michael Anthony

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	37.736	$13.25	$500.00

Holdings After Transaction: Common Stock — 2,979.147 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

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^*

Rhymes Michael Anthony

(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)		37.7358	A	$13.25	2,979.1472	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 Michael Anthony Rhymes	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 did SHEN director Michael Anthony Rhymes receive on 09/02/2025?

He received 37.7358 shares of SHEN common stock in lieu of director fees on 09/02/2025.

At what price were the SHEN shares issued to the director?

The shares are reported at an effective price of $13.25 per share.

How many SHEN shares does Michael Anthony Rhymes beneficially own after the transaction?

Following the reported transaction he beneficially owns 2,979.1472 shares (direct ownership).

Was the Form 4 filed by one reporting person and who signed it?

Yes, the form was filed by one reporting person and it was signed by Christopher E French as attorney-in-fact for Michael Anthony Rhymes on 09/02/2025.

Why were the shares issued to the director according to the filing?

The filing states the shares were issued in lieu of director fees as the explanation for the transaction.