Shenandoah Telecom director granted stock at $12.37

Director Victor Christopher Barnes received a small stock grant from SHEN in lieu of director fees, modestly increasing his direct holdings.

Rhea-AI Filing Summary

Shenandoah Telecommunications Co (SHEN) reported that director Victor Christopher Barnes received a grant of common stock as compensation. On September 2, 2026, he acquired 66.0202 shares of common stock at $12.37 per share in lieu of director fees, bringing his directly held stake to 24,729.8587 shares. No Rule 10b5-1 trading plan is reported for this award.

Insider Trade Summary

Grant/Award: 66.0202 shares

Grant/Award 1 txn

Insider BARNES VICTOR CHRISTOPHER

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	66.0202	$12.37	$816.67

Holdings After Transaction: Common Stock — 24,729.8587 shares (Direct)

Footnotes (1)

1. F1. Shares received in lieu of director fees.

Key Figures

Shares granted: 66.0202 shares Grant valuation price: $12.37 per share Holdings after transaction: 24,729.8587 shares

3 metrics

Shares granted 66.0202 shares Common stock grant to director on September 2, 2026

Grant valuation price $12.37 per share Value per share for the September 2, 2026 stock grant

Holdings after transaction 24,729.8587 shares Director’s directly held SHEN common stock following the grant

Key Terms

Grant, award, or other acquisition, in lieu of director fees, Rule 10b5-1

3 terms

Grant, award, or other acquisition financial

"Transaction is classified as a grant, award, or other acquisition of shares"

in lieu of director fees financial

"Footnote states shares were received in lieu of director fees"

Rule 10b5-1 regulatory

"The filing indicates no Rule 10b5-1 trading plan is reported"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

FAQ

What insider transaction did SHEN director Victor Christopher Barnes report?

He reported a grant of 66.0202 shares of Shenandoah Telecommunications Co common stock on September 2, 2026, received in lieu of director fees. This was a compensation-related award, not an open-market purchase.

At what price was the SHEN stock grant to Victor Christopher Barnes valued?

The stock grant to Victor Christopher Barnes was valued at $12.37 per share. The shares were received as a compensation grant in lieu of director fees rather than bought in the market.

How many SHEN shares does Victor Christopher Barnes hold after this grant?

After the September 2, 2026 grant, Victor Christopher Barnes directly holds 24,729.8587 shares of Shenandoah Telecommunications Co common stock, according to the Form 4 disclosure.

Was the SHEN stock grant to Victor Christopher Barnes made under a Rule 10b5-1 plan?

No. The filing’s Rule 10b5-1 checkbox is unchecked, and there is no footnote indicating the grant was made under a Rule 10b5-1 or other pre-arranged trading plan.

Why did Victor Christopher Barnes receive SHEN shares instead of cash?

A footnote explains that the 66.0202 shares of SHEN common stock were “received in lieu of director fees”, meaning the grant represents payment of board compensation in stock rather than cash.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/03/2026 - 08:01 PM Accepted by SEC EDGAR 09/03/2026 - 08:00 PM Learn about SEC filing dates

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^*

BARNES VICTOR CHRISTOPHER

(Last) (First) (Middle)

PO BOX 459

(Street)

EDINBURG VIRGINIA 22824

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	09/02/2026		A(1)		66.0202	A	$12.37	24,729.8587	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 C Barnes	09/03/2026
	** 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.
* Form 4: SEC 1474 (03-26)