Director at Shenandoah Telecommunications (SHEN) receives stock in lieu of fees

Rhea-AI Filing Summary

BARNES VICTOR CHRISTOPHER reported acquisition or exercise transactions in this Form 4 filing.

Shenandoah Telecommunications director Victor Christopher Barnes received a stock grant of 54.1558 shares of Common Stock, valued at $15.08 per share, in lieu of director fees. After this compensation award, he directly holds a total of 24,595.7259 shares of the company’s common stock.

Insider Trade Summary 10b5-1

1 transaction reported

Mixed 1 txn

Insider BARNES VICTOR CHRISTOPHER

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	54.156	$15.08	$816.67

Holdings After Transaction: Common Stock — 24,595.726 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Stock grant: 54.1558 shares Grant value per share: $15.08 per share Total holdings after grant: 24,595.7259 shares

3 metrics

Stock grant 54.1558 shares Common Stock received in lieu of director fees

Grant value per share $15.08 per share Transaction price per share for the stock award

Total holdings after grant 24,595.7259 shares Director’s direct common stock ownership after transaction

Key Terms

Common Stock, Grant, award, or other acquisition, director fees

3 terms

Common Stock financial

"54.1558 shares of Common Stock, valued at $15.08 per share"

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.

Grant, award, or other acquisition financial

"transaction code description is Grant, award, or other acquisition"

director fees financial

"Shares received in lieu of director fees."

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 10:01 AM Accepted by SEC EDGAR 07/02/2026 - 10:01 AM 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^*

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)
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)		54.1558	A	$15.08	24,595.7259	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 Barnes	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)

FAQ

What insider transaction did SHEN director Victor Christopher Barnes report?

Director Victor Christopher Barnes reported receiving 54.1558 shares of Shenandoah Telecommunications common stock. The shares were granted as compensation in lieu of director fees, rather than purchased on the open market, according to the Form 4 disclosure and accompanying footnote.

How many SHEN shares did Victor Christopher Barnes receive as a grant?

Victor Christopher Barnes received a grant of 54.1558 shares of Shenandoah Telecommunications common stock. This stock award was provided in lieu of cash director fees at a reported value of $15.08 per share under the company’s director compensation arrangements.

What is Victor Christopher Barnes’s total SHEN shareholding after this grant?

After the reported grant, Victor Christopher Barnes directly holds 24,595.7259 shares of Shenandoah Telecommunications common stock. This total reflects his updated ownership position following the 54.1558-share award received in lieu of director fees on the transaction date.

Was the SHEN stock transaction by Victor Christopher Barnes a market purchase or compensation?

The SHEN stock transaction was compensation, not a market purchase. The Form 4 identifies the code as an award (A), and a footnote explains the 54.1558 shares of common stock were received in lieu of director fees, indicating a non-market, compensation-related acquisition.

At what price per share was the SHEN stock award to Victor Christopher Barnes valued?

The SHEN stock award to Victor Christopher Barnes was valued at $15.08 per share. This price is listed as the transaction price per share for the 54.1558 shares of common stock granted to him in lieu of director fees, according to the Form 4 details.