Shenandoah (SHEN) director takes stock in lieu of fees in Form 4

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 small stock award and updated her holdings. She received 41.7975 shares of common stock at a reference price of $15.95 per share, taken in lieu of cash director fees. After this grant, she directly owns 34,258.4585 common shares. The filing also shows an additional 38 shares of common stock held indirectly through her spouse, reflecting a separate indirect ownership position. These transactions represent routine, compensation-related equity awards rather than open-market buying or selling.

Insights

Equity compensation analyst

Routine equity grant for director compensation; no open-market trading.

Director Leigh Ann Schultz received 41.7975 shares of Shenandoah Telecommunications common stock as compensation, in lieu of director fees, at a reference price of $15.95 per share. This is classified as a grant or award acquisition, not a market purchase.

The filing shows she now directly holds 34,258.4585 common shares and 38 additional shares indirectly through her spouse. With no buys or sells reported and no derivative activity, this looks like standard, ongoing board compensation rather than a signal-driven insider trade.

Because the award size is small relative to her existing holdings and no sales occurred, the informational value for shareholders is limited. It mainly documents how the director is paid and how much equity exposure she currently maintains in the company.

Insider Trade Summary 10b5-1

2 transactions reported

Mixed 2 txns

Insider SCHULTZ LEIGH ANN

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	41.798	$15.95	$666.67
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 34,258.459 shares (Direct, null); Common Stock — 38 shares (Indirect, Spouse)

Footnotes (1)

1. [object Object]

Key Figures

Stock award shares: 41.7975 shares Award reference price: $15.95 per share Direct holdings after grant: 34,258.4585 shares +2 more

5 metrics

Stock award shares 41.7975 shares Common Stock grant in lieu of director fees

Award reference price $15.95 per share Reference price for the 41.7975-share grant

Direct holdings after grant 34,258.4585 shares Common Stock directly owned after transaction

Indirect spouse holdings 38 shares Common Stock held indirectly through spouse

Award transaction code Code A Grant, award, or other acquisition

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

"Shares received in lieu of director fees."

indirect ownership financial

""ownership_type": "indirect""

Common Stock financial

""security_title": "Common Stock""

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.

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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)
06/01/2026

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	06/01/2026		A(1)		41.7975	A	$15.95	34,258.4585	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	06/02/2026
	** 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 on this Form 4?

Leigh Ann Schultz reported receiving 41.7975 shares of Shenandoah Telecommunications common stock as a grant in lieu of director fees. This award is recorded at a reference price of $15.95 per share and represents compensation, not an open-market stock purchase or sale.

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

After the grant, Leigh Ann Schultz directly holds 34,258.4585 shares of Shenandoah Telecommunications common stock. The filing also notes 38 additional common shares held indirectly through her spouse, reflecting a separate indirect ownership interest associated with her household.

Was the SHEN Form 4 transaction a stock purchase or sale by the director?

No, the Form 4 does not show an open-market purchase or sale. It reports an “A” code grant of 41.7975 shares received as compensation in lieu of director fees, plus a holding entry for 38 shares indirectly owned through her spouse, with no buy or sell codes.

What does the footnote on the SHEN Form 4 filing say about the stock award?

The footnote explains that the shares were “received in lieu of director fees.” This means the director chose to take part of her board compensation as stock rather than cash, documenting a routine equity-based payment instead of a discretionary market transaction.

How significant is the reported SHEN stock award relative to Schultz’s existing holdings?

The 41.7975-share award is small compared with her 34,258.4585 directly owned shares. This suggests the filing mainly updates compensation and ownership records, rather than indicating a major change in her investment exposure to Shenandoah Telecommunications stock.