SHEN director gets stock grant as director fees

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

Rhea-AI Filing Summary

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

Shenandoah Telecommunications director Leigh Ann Schultz reported a routine equity grant rather than an open-market trade. She received 44.2089 shares of Common Stock at $15.08 per share, taken in lieu of director fees. Following this grant, her direct holdings increased to 34,302.6674 shares of Common Stock. A separate line notes 38 shares held indirectly through her spouse, reflecting spouse-related ownership rather than a new transaction.

Insider Trade Summary 10b5-1

Grant/Award: 44.2089 shares

Grant/Award 2 txns

Insider SCHULTZ LEIGH ANN

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	44.2089	$15.08	$666.67
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 34,302.6674 shares (Direct); Common Stock — 38 shares (Indirect, Spouse)

Footnotes (1)

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

Key Figures

Shares granted: 44.2089 shares Grant price: $15.08 per share Direct holdings after grant: 34,302.6674 shares +1 more

4 metrics

Shares granted 44.2089 shares Common Stock grant in lieu of director fees

Grant price $15.08 per share Value used for the director stock grant

Direct holdings after grant 34,302.6674 shares Total SHEN common shares directly owned post-transaction

Indirect spouse holdings 38 shares Common Stock reported as indirectly owned via spouse

Key Terms

Grant, award, or other acquisition, Common Stock, Spouse, indirect

4 terms

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Common Stock financial

"security_title: Common Stock for both reported holdings"

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.

Spouse financial

"nature_of_ownership: Spouse for indirect ownership entry"

indirect financial

"ownership_type: indirect for spouse-related holdings"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did SHEN director Leigh Ann Schultz report in this Form 4 filing?

Leigh Ann Schultz reported receiving 44.2089 SHEN common shares as a grant in lieu of director fees. This is compensation, not an open-market purchase, and modestly increases her direct equity stake in the company.

How many SHEN shares did Leigh Ann Schultz receive and at what price?

She received 44.2089 shares of Shenandoah Telecommunications common stock valued at $15.08 per share. The Form 4 classifies this as a grant or award acquisition rather than a discretionary stock market transaction.

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

After the grant, her direct ownership totals 34,302.6674 SHEN common shares. The filing also references 38 additional shares held indirectly through her spouse, which are reported separately as indirect ownership.

Was this SHEN Form 4 transaction an open-market buy or sale?

No, the filing shows a grant or award acquisition of SHEN shares received instead of cash director fees. The transaction code “A” indicates compensation-related stock, not an open-market purchase or sale on an exchange.

What does the spouse entry mean in this SHEN insider filing?

The Form 4 lists 38 SHEN common shares as indirectly owned through Schultz’s spouse. This line is categorized as indirect “Spouse” ownership and reflects how those shares are held, rather than a new trade or grant.

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

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Accepted by SEC EDGAR 07/02/2026 - 10:15 AM EDT 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).

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)
07/01/2026

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	07/01/2026		A(1)		44.2089	A	$15.08	34,302.6674	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	07/01/2026
	** 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)