Shenandoah (SHEN) legal chief awarded 10,854 RSUs, exercises 1,252 shares

Rhea-AI Filing Summary

Shenandoah Telecommunications’ VP Legal, General Counsel and Secretary Angela M. Olsen reported several equity transactions in company stock. On February 19, 2026, she acquired 1,252 shares of common stock through the exercise of restricted stock units and received a new grant of 10,854 restricted stock units, each representing a right to one future share.

The new restricted stock unit award vests in four equal installments on each of the first, second, third and fourth anniversaries of the grant date and is subject to the company’s executive compensation recovery policy. To cover tax obligations, 443 common shares were disposed of at $13.18 per share, leaving her with 809 common shares held directly after these transactions.

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

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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^*

Olsen Angela M

(Last) (First) (Middle)

SHENANDOAH TELECOMMUNICATIONS COMPANY

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)
	VP Legal/Gen Counsel & Sec

3. Date of Earliest Transaction (Month/Day/Year)
02/19/2026

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	02/19/2026		M		1,252	A	(1)	1,252	D
Common Stock	02/19/2026		F		443	D	$13.18	809	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
Restricted Stock Unit	(1)	02/19/2026		M			1,252	(2)	02/15/2029	Common Stock	1,252	$0	3,756	D
Restricted Stock Unit	(1)	02/19/2026		A		10,854		(2)	02/21/2030	Common Stock	10,854	$0	14,610	D

Explanation of Responses:

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

2. The restricted stock unit award vests one-fourth on each the first, second, third and fourth anniversary. The restricted stock unit award (and shares issuable upon exercise of the restricted stock unit award) are subject to cancellation and forfeiture in accordance with the Company's executive compensation recovery policy.

	/s/ Angela M Olsen	02/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did SHEN’s Angela M. Olsen report on February 19, 2026?

Angela M. Olsen reported exercising 1,252 restricted stock units into common stock, receiving a new grant of 10,854 restricted stock units, and a tax-related disposition of 443 common shares, all dated February 19, 2026, and held under direct ownership.

How many restricted stock units did SHEN grant to Angela M. Olsen?

Angela M. Olsen received a grant of 10,854 restricted stock units. Each restricted stock unit represents a contingent right to receive one share of Shenandoah Telecommunications common stock, providing additional equity-based compensation tied to future vesting conditions and potential share delivery.

What are the vesting terms of Angela M. Olsen’s SHEN restricted stock unit award?

The restricted stock unit award vests one-fourth on each of the first, second, third and fourth anniversaries of the grant date. The award, and any shares issued upon settlement, are also subject to the company’s executive compensation recovery (clawback) policy.

How many SHEN common shares were used to satisfy Angela M. Olsen’s tax obligations?

A total of 443 SHEN common shares were disposed of at a price of $13.18 per share to satisfy tax liabilities. This disposition was reported under transaction code F, which covers payment of exercise price or tax liability by delivering securities.

What are Angela M. Olsen’s direct SHEN common share holdings after these transactions?

Following the reported February 19, 2026 transactions, Angela M. Olsen directly holds 809 shares of Shenandoah Telecommunications common stock. This figure reflects the exercise of 1,252 restricted stock units into common stock and the tax-related disposition of 443 shares.

Are Angela M. Olsen’s SHEN restricted stock units subject to a clawback policy?

Yes. The restricted stock unit award, and any shares issuable upon exercise or settlement, are subject to cancellation and forfeiture under Shenandoah Telecommunications’ executive compensation recovery policy, which allows the company to recoup awards under specified circumstances.