[Form 4] Shenandoah Telecom Co Insider Trading Activity

Rhea-AI Filing Summary

On 31 July 2025, PAMT CORP’s Board promoted current CFO Lance K. Stewart (56) to President & Chief Executive Officer and director, effective 4 Aug 2025, concluding Chairman Matthew T. Moroun’s interim CEO role begun 27 Jun 2025.

Stewart’s compensation will rise to a $505,440 base salary plus 100,000 restricted stock units that vest evenly over four years starting 9 Feb 2026; he remains eligible for annual incentives.

The Board simultaneously elevated Daniel C. Kleine (36) to Senior Vice President & Treasurer and designated him principal financial and accounting officer until a permanent CFO is hired. Kleine’s base salary is $221,000 with incentive-plan eligibility.

A press release detailing the leadership changes was issued 4 Aug 2025 (Exhibit 99.1). The 8-K contains no additional financial results or guidance.

Positive

• Experienced insider Lance K. Stewart promoted to CEO, ensuring operational continuity.
• 100,000 RSU grant ties new CEO’s rewards directly to long-term shareholder value.

Negative

• No permanent Chief Financial Officer named, leaving finance oversight in interim status.
• Leadership changes introduce short-term uncertainty until CFO position is permanently filled.

Insights

Corporate Governance Expert

TL;DR: Board installs seasoned insider as CEO; CFO seat still vacant.

The appointment of Stewart, a 35-year company veteran with prior finance and operations oversight, offers continuity and lowers transition risk. A four-year RSU schedule aligns his incentives with shareholders. Governance caution persists because financial stewardship is interim until a permanent CFO is chosen, concentrating authority and potentially stressing internal controls. Swift CFO recruitment would fully stabilize the C-suite.

Portfolio Manager

TL;DR: Internal promotion removes leadership overhang; limited valuation swing.

Moving from an interim to a permanent CEO eliminates uncertainty created in June and signals strategic consistency, a mild positive for multiples. Compensation appears market-normal for a mid-cap truckload carrier, while the multiyear RSU grant supports long-term value creation. Absence of new guidance and the temporary CFO gap temper the event’s market impact, resulting in a modestly positive yet non-catalytic outlook.

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^*

BARNES VICTOR CHRISTOPHER

(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)		55.6315	A	$14.69	15,968.6275	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 Victor Barnes	08/04/2025
	** 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

When will Lance K. Stewart assume the CEO role at PAMT?

He becomes President & CEO on August 4, 2025.

What compensation package was awarded to the new CEO?

Stewart’s base salary rises to $505,440 and he receives 100,000 RSUs vesting over four years.

Who is handling CFO duties after the promotion?

Daniel C. Kleine will act as principal financial and accounting officer until a permanent CFO is appointed.

What is Daniel C. Kleine’s salary in his new role?

His annual base salary is set at $221,000.

Did the 8-K include any financial results or guidance?

No, the filing focuses solely on management changes; no financial data or outlook was provided.