Shenandoah Telecom (SHEN) Director Paid in Stock—30.1887 Shares Issued

Rhea-AI Filing Summary

Thomas Beckett, a director of Shenandoah Telecommunications Co. (SHEN), received 30.1887 shares of common stock on 09/02/2025 in lieu of director fees at a price of $13.25 per share. After the transaction, Mr. Beckett beneficially owned 22,709.759 shares, held directly. The Form 4 was signed by Christopher E. French as attorney-in-fact for Mr. Beckett on 09/02/2025.

This filing documents a routine compensation-related equity grant to a director rather than a purchase or sale in the open market; the disclosure itemizes the transaction date, price per share used for the in-lieu issuance, and the resulting direct ownership stake.

Positive

• Director alignment: Director received equity in lieu of cash, which can align interests with shareholders.
• Transparent reporting: Form 4 discloses transaction date, price, amount received, and resulting beneficial ownership.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received equity as fee payment; routine governance disclosure with no stated unusual terms.

The Form 4 reports a standard issuance of 30.1887 common shares to a director in lieu of cash director fees at $13.25 per share, increasing direct beneficial ownership to 22,709.759 shares. This is a routine compensation mechanism used to conserve cash and align director interests with shareholders. The report is properly executed by an attorney-in-fact, satisfying Section 16 reporting protocol. No derivative transactions, option grants, or contingent consideration are disclosed.

Securities Compliance Analyst

TL;DR: Compliance filing appears complete and timely, showing a single non-derivative issuance tied to director compensation.

The disclosure specifies transaction code A(1) indicating acquisition, transaction date 09/02/2025, and price per share $13.25 for shares received in lieu of director fees. The Form indicates individual filing by one reporting person and lists direct ownership form. Signature by attorney-in-fact is included. No amendments or additional transactions are shown.

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).

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^*

Beckett Thomas

(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	09/02/2025		A(1)		30.1887	A	$13.25	22,709.759	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 Thomas Beckett	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 Thomas Beckett report on the SHEN Form 4?

He reported receiving 30.1887 shares of Shenandoah Telecommunications Co. common stock on 09/02/2025 in lieu of director fees at $13.25 per share.

How many SHEN shares does Thomas Beckett own after the transaction?

22,709.759 shares beneficially owned following the reported transaction, held directly.

What does the transaction code on the Form 4 indicate?

Transaction code A(1) indicates an acquisition of securities, consistent here with shares issued in lieu of director fees.

Was the Form 4 signed and by whom?

Yes. The Form 4 was signed by Christopher E. French as attorney-in-fact for Thomas Beckett on 09/02/2025.

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

No. Table II (derivative securities) shows no entries; only a non-derivative common stock issuance is reported.