Insider Purchase: SHEN CEO adds 16,800 shares; direct holdings 410,517

Rhea-AI Filing Summary

Shenandoah Telecommunications Co (SHEN) insider filing shows President & CEO Christopher E. French purchased 16,800 shares of the company's common stock on 08/11/2025 at a weighted average price of $11.826 per share (trades ranged from $11.7550 to $11.88). After the reported purchase, Mr. French holds 410,517 shares directly. The filing includes a statement that the reported price is a weighted average and the reporting person can provide detailed per-trade prices on request.

The form also details numerous indirect holdings held in trust for family members: 86,485 shares by spouse; 37,796 by son; 361,500 by son as trustee of the French Family Trust; 127,636 TTEE WBF fbo Cynthia; 339,966 TTEE WBF fbo Anne; 339,966 TTEE WBF fbo Christopher; 102,855 TTEE FGCT fbo Rebecca; 101,640 TTEE FGCT fbo Warren; and 99,537 TTEE FGCT fbo Stuart. Mr. French disclaims beneficial ownership for shares as to which he has no pecuniary interest.

Insights

Securities Analyst

TL;DR: CEO purchased 16,800 shares at ~$11.83, raising direct holdings to 410,517 shares; multiple family trusts hold additional indirect stakes.

The filing documents a purchase transaction coded as a purchase (P) executed on 08/11/2025 for 16,800 shares at a weighted average price of $11.826, with a disclosed trade-price range of $11.7550 to $11.88. The report is explicit about direct ownership (410,517 shares) and itemizes sizeable indirect holdings held in trust for family members. From a reporting and disclosure perspective, the filing is complete: it provides the weighted average price, the price range footnote, and the standard disclaimer regarding disclaimed beneficial ownership for trust-held shares. This is informative for understanding the insider's direct and indirect exposure without asserting market impact.

Corporate Governance Expert

TL;DR: Transaction is a routine insider purchase with clear disclosure of trust holdings and the customary disclaimer of non-pecuniary interests.

The statement of changes in beneficial ownership identifies Mr. French as President & CEO and shows both direct and detailed indirect holdings by family trusts and relatives. The explanatory footnotes clarify the weighted average price and the trust relationships, and Mr. French explicitly disclaims beneficial ownership where appropriate. For governance review, the filing demonstrates transparency about familial and trust arrangements that affect reported beneficial ownership. The record contains no amendments or derivative transactions; it is limited to a single non-derivative purchase and accompanying disclosures.

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).

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^*

FRENCH CHRISTOPHER E

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

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	08/11/2025		P		16,800	A	$11.826(1)	410,517	D
Common Stock								86,485	I	By Spouse
Common Stock								37,796	I	By Son
Common Stock								361,500	I	By Son as TTEE of French Family Trust(2)
Common Stock								127,636	I	TTEE WBF fbo Cynthia(2)
Common Stock								339,966	I	TTEE WBF fbo Anne(2)
Common Stock								339,966	I	TTEE WBF fbo Christopher(2)
Common Stock								102,855	I	TTEE FGCT fbo Rebecca(2)
Common Stock								101,640	I	TTEE FGCT fbo Warren(2)
Common Stock								99,537	I	TTEE FGCT fbo Stuart(2)

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. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $11.7550 to $11.88, inclusive. The reporting person undertakes to provide Shenandoah Telecommunications Company, any security holder of Shenandoah Telecommunications Company or the staff of the Securities Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

2. These shares are held in trust for the benefit of certain relatives of Mr. French. Mr. French disclaims beneficial ownership of the shares as to which he has no pecuniary interest and this filing is not an admission that Mr. French is the beneficial owner of such shares.

	Christopher E French	08/12/2025
	** 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 transaction did SHEN CEO Christopher French report on Form 4?

The filing reports a purchase of 16,800 common shares on 08/11/2025 coded as a purchase (P).

At what price were the SHEN shares purchased by Christopher French?

The shares were acquired at a weighted average price of $11.826, with individual trades ranging from $11.7550 to $11.88.

How many SHEN shares does Christopher French own directly after the reported transaction?

The filing shows 410,517 shares held directly by Mr. French following the reported purchase.

Does the Form 4 disclose indirect or trust holdings for the reporting person?

Yes. The filing lists indirect holdings including 86,485 shares by spouse, 361,500 by son as trustee of the French Family Trust, and additional trust holdings for multiple family members as detailed in the form.

Does Mr. French claim beneficial ownership of all shares listed in the filing?

No. The filing includes a footnote where Mr. French disclaims beneficial ownership of shares he has no pecuniary interest in, particularly those held in trusts for relatives.