[Form 4] SHENANDOAH TELECOMMUNICATIONS CO/VA/ Insider Trading Activity

Rhea-AI Filing Summary

Michael Anthony Rhymes, a director of Shenandoah Telecommunications Co. (SHEN), reported a transaction on 10/01/2025 showing he received 37.2578 shares of the issuer's common stock at a price of $13.42 per share as payment in lieu of director fees. After the reported transaction, the filing shows 3,016.405 shares beneficially owned. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Rhymes and lists the transaction as an acquisition via director compensation.

Positive

• Transaction disclosed transparently: filing includes transaction date, share amount, price, and explanatory note.
• Director compensated in equity: 37.2578 shares received in lieu of director fees, aligning director incentives with shareholders.

Negative

• None.

Insights

Financial Analyst

Routine insider acquisition tied to director compensation; limited market impact given small share count.

The Form 4 documents a non-derivative acquisition of 37.2578 common shares at $13.42 each, received in lieu of director fees. This is a compensatory issuance rather than an open-market purchase or sale, and the reporting person’s total beneficial ownership after the transaction is 3,016.405 shares. For analysts, this transaction mainly indicates standard board compensation mechanics; it does not by itself provide information about company performance or material corporate actions.

Corporate Governance Expert

Compensatory share issuance to a director; governance disclosure appears complete and timely.

The filing clearly identifies the reporting person, relationship (Director), transaction date, number of shares issued, and the explanatory note that shares were issued in lieu of director fees. The form is signed by an attorney-in-fact, which is permissible when properly authorized. This is a routine disclosure consistent with directors receiving equity-based compensation for services.

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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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Rhymes Michael Anthony

(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)
10/01/2025

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	10/01/2025		A(1)		37.2578	A	$13.42	3,016.405	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 Michael Anthony Rhymes	10/01/2025
	** 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 transaction did Michael Anthony Rhymes report on the Form 4 for SHEN?

He reported an acquisition of 37.2578 common shares on 10/01/2025, received in lieu of director fees at a price of $13.42 per share.

How many SHEN shares does the reporting person beneficially own after the transaction?

The filing shows 3,016.405 shares beneficially owned following the reported transaction.

What was the stated reason for the share issuance in the Form 4?

The Explanation of Responses states: 'Shares received in lieu of director fees.'

Who signed the Form 4 on behalf of the reporting person?

The form was signed by Christopher E French, Attorney in Fact for Michael Anthony Rhymes on 10/01/2025.

Was the transaction a market purchase or compensation?

The filing explicitly describes the shares as received in lieu of director fees, indicating a compensatory issuance rather than an open-market trade.