Shenandoah Telecommunications (SHEN) director receives share grant

Rhea-AI Filing Summary

SCHULTZ LEIGH ANN reported acquisition or exercise transactions in this Form 4 filing.

Shenandoah Telecommunications director Leigh Ann Schultz received additional common shares as compensation. She was granted 43.2341 shares of common stock at $15.42 per share, received in lieu of director fees. After this award, she directly holds 34,174.2829 common shares, and an additional 38 shares are reported as indirectly owned through her spouse.

Insider Trade Summary 10b5-1

2 transactions reported

Mixed 2 txns

Insider SCHULTZ LEIGH ANN

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	43.234	$15.42	$666.67
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 34,174.283 shares (Direct); Common Stock — 38 shares (Indirect, Spouse)

Footnotes (1)

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Key Figures

Share grant size: 43.2341 shares Grant price: $15.42 per share Direct holdings after grant: 34,174.2829 shares +1 more

4 metrics

Share grant size 43.2341 shares Common stock granted in lieu of director fees

Grant price $15.42 per share Valuation for the 43.2341-share compensation grant

Direct holdings after grant 34,174.2829 shares Common stock directly owned by Leigh Ann Schultz after transaction

Indirect spouse holdings 38.0000 shares Common stock reported as indirectly owned through spouse

Key Terms

Grant, award, or other acquisition, in lieu of director fees, indirect ownership, Common Stock

4 terms

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

in lieu of director fees financial

"Footnote states: Shares received in lieu of director fees."

indirect ownership financial

"Indirect holding of 38.0000 shares with nature_of_ownership: Spouse"

Common Stock financial

"security_title: Common Stock for the reported transactions"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

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 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)
04/02/2026

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	04/02/2026		A(1)		43.2341	A	$15.42	34,174.2829	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

Explanation of Responses:

1. Shares received in lieu of director fees.

	/s/ Christopher E French Attorney in Fact for Leigh Ann Schultz	04/02/2026
	** 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)

FAQ

What insider transaction did SHEN director Leigh Ann Schultz report?

Leigh Ann Schultz reported receiving 43.2341 shares of Shenandoah Telecommunications common stock. The shares were granted as compensation in lieu of director fees, rather than bought on the open market, and are recorded as a direct ownership position.

At what price were the SHEN shares granted to the director?

The grant to director Leigh Ann Schultz was valued at $15.42 per share. This price is used to calculate the value of the 43.2341 common shares she received as compensation instead of taking cash director fees.

How many SHEN shares does Leigh Ann Schultz hold after this transaction?

Following the award, Leigh Ann Schultz directly holds 34,174.2829 shares of Shenandoah Telecommunications common stock. The filing also reports 38 additional shares as indirectly owned through her spouse, reflecting a separate indirect ownership position.

Is the SHEN director’s share grant a market purchase or compensation?

The SHEN director’s new shares represent compensation, not a market purchase. A footnote explains that the 43.2341 common shares were received in lieu of director fees, meaning they replace cash compensation for board service.

Does the SHEN filing show any insider sales by Leigh Ann Schultz?

The reported activity for Leigh Ann Schultz is an acquisition of shares via a grant, not a sale. The filing shows a grant of 43.2341 common shares as director compensation and updated direct and indirect holdings, with no sale transactions listed.