Shenandoah Telecom (SHEN) director logs RSU grant and tax share sale

Rhea-AI Filing Summary

Shenandoah Telecommunications director Leigh Ann Schultz reported equity transactions in company stock. She received a grant of 9,863 restricted stock units, each representing one share of common stock. She also exercised 10,924 restricted stock units into common shares and had 3,031 shares disposed at $13.01 to cover tax obligations, leaving 34,082 common shares held directly and 38 common shares held indirectly through her spouse.

Insider Trade Summary

10,924 shares exercised/converted

Mixed 5 txns

Insider SCHULTZ LEIGH ANN

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	9,863	$0.00	--
Exercise	Restricted Stock Unit	10,924	$0.00	--
Exercise	Common Stock	10,924	$0.00	--
Tax Withholding	Common Stock	3,031	$13.01	$39K
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Unit — 9,863 shares (Direct); Common Stock — 37,113.133 shares (Direct); Common Stock — 38 shares (Indirect, Spouse)

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

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)
02/18/2026

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	02/18/2026		M		10,924	A	(1)	37,113.1328	D
Common Stock	02/18/2026		F		3,031	D	$13.01	34,082.1328	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
Restricted Stock Unit	(1)	02/18/2026		M			10,924	02/18/2026	02/18/2026	Common Stock	10,924	$0	0	D
Restricted Stock Unit	(1)	02/19/2026		A		9,863		02/19/2027	02/19/2027	Common Stock	9,863	$0	9,863	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of common stock.

	/s/ Christopher E French Attorney in Fact for Leigh Ann Schultz	02/20/2026
	** 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 insider transactions did SHEN director Leigh Ann Schultz report?

Leigh Ann Schultz reported a grant of 9,863 restricted stock units, the exercise of 10,924 restricted stock units into common stock, and a tax-withholding disposition of 3,031 common shares at $13.01, along with updated direct and indirect share holdings.

How many SHEN restricted stock units were granted to Leigh Ann Schultz?

Leigh Ann Schultz received 9,863 restricted stock units. Each unit represents a contingent right to receive one share of Shenandoah Telecommunications common stock, increasing her potential future ownership if and when those units vest and are settled in shares.

What stock did Leigh Ann Schultz acquire through derivative exercises at SHEN?

Leigh Ann Schultz exercised 10,924 restricted stock units, converting them into 10,924 shares of Shenandoah Telecommunications common stock. The exercise price per share was reported as $0.00, reflecting the nature of restricted stock unit settlement.

Why were 3,031 SHEN shares disposed of by Leigh Ann Schultz?

The 3,031 Shenandoah Telecommunications common shares were disposed of in a tax-withholding transaction at $13.01 per share. These shares satisfied tax obligations related to the equity award, rather than representing an open-market sale decision.

What is Leigh Ann Schultz’s SHEN share ownership after these transactions?

After the reported transactions, Leigh Ann Schultz directly holds 34,082 shares of Shenandoah Telecommunications common stock. She also has indirect ownership of 38 additional common shares held through her spouse, as reported in the filing.

How do restricted stock units work in the SHEN director’s filing?

Each restricted stock unit in the Shenandoah Telecommunications filing represents a contingent right to receive one share of common stock. Units typically convert into shares upon vesting, as shown by the exercise of 10,924 units into common shares.