Shenandoah Telecom Form 4: Director Schultz Receives Stock Compensation

Rhea-AI Filing Summary

The Form 4 filing discloses a routine insider acquisition by Shenandoah Telecommunications (SHEN) director Leigh Ann Schultz on 01 July 2025. Ms. Schultz received 48.8045 shares of SHEN common stock at a reference price of $13.66 per share, valued at roughly $667, as compensation in lieu of director fees. After the transaction, her direct ownership stands at 25,814.7853 shares; an additional 38 shares are reported as indirectly held by her spouse.

No derivative securities were involved, and the filing contains no broader strategic, operational, or financial disclosures. The transaction was coded “A” (acquisition) and filed individually, indicating standard compensation rather than an open-market purchase. Given the small size relative to SHEN’s average daily volume and market capitalization, the event is unlikely to influence valuation or trading dynamics.

Insights

Securities Analyst

TL;DR—Minor director stock grant; negligible market impact.

The Form 4 reflects payment of director fees in stock rather than cash—only 49 shares worth under $700. Such grants are customary and meant to align directors with shareholders, but the percentage change in Ms. Schultz’s holdings (<0.2%) and the de minimis dollar value do not alter insider-sentiment signals or the company’s governance profile. No derivatives, no 10b5-1 plan indicated, and no sales occurred, so dilution and supply effects are immaterial. Overall, this is a routine administrative disclosure with neutral investment significance.

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

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)
07/01/2025

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	07/01/2025		A(1)		48.8045	A	$13.66	25,814.7853	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	07/01/2025
	** 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

How many SHEN shares did director Leigh Ann Schultz acquire on July 1 2025?

She received 48.8045 shares of common stock as payment for director fees.

What is Leigh Ann Schultz’s total direct SHEN shareholding after the transaction?

Her direct ownership increased to 25,814.7853 shares.

Was the transaction a purchase on the open market?

No. It was an A-coded acquisition representing stock compensation, not an open-market buy.

Did the filing report any derivative securities activity?

No derivative securities were acquired or disposed of in this Form 4.

Is this insider transaction likely to impact SHEN’s stock price?

Given its very small size relative to trading volume, the market impact is expected to be negligible.