Director in Shenandoah Telecom (SHEN) receives stock in lieu of fees

Rhea-AI Filing Summary

Shenandoah Telecommunications (SHEN) director Leigh Ann Schultz received 56.1643 shares of common stock on February 2, 2026, reported as an acquisition coded "A". The shares were received in lieu of director fees at a price of $11.87 per share.

After this grant, Schultz beneficially owns 26,189.1328 shares of common stock directly and 38 shares indirectly through a spouse. The filing reflects routine equity-based director compensation rather than an open-market purchase or sale.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider SCHULTZ LEIGH ANN

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	56.164	$11.87	$666.67
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 26,189.133 shares (Direct); Common Stock — 38 shares (Indirect, Spouse)

Footnotes (1)

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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 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)
02/02/2026

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	02/02/2026		A(1)		56.1643	A	$11.87	26,189.1328	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	02/03/2026
	** 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.

FAQ

What insider transaction did SHEN director Leigh Ann Schultz report?

Leigh Ann Schultz reported receiving 56.1643 SHEN shares of common stock on February 2, 2026. The shares were granted as compensation in lieu of director fees, rather than bought or sold in the open market, and are coded as an acquisition.

At what price were the SHEN shares granted to director Leigh Ann Schultz?

The 56.1643 Shenandoah Telecommunications (SHEN) shares granted to director Leigh Ann Schultz were valued at $11.87 per share. This stock was issued as a form of director compensation instead of cash fees for board service.

How many SHEN shares does Leigh Ann Schultz own after this Form 4 transaction?

Following the reported grant, Leigh Ann Schultz beneficially owns 26,189.1328 SHEN shares directly. The Form 4 also shows indirect beneficial ownership of 38 additional shares of common stock held through a spouse relationship.

Was the SHEN Form 4 transaction an open-market trade or director compensation?

The SHEN Form 4 reflects director compensation, not an open-market trade. A footnote explains that the 56.1643 shares of common stock were received in lieu of director fees, meaning stock was issued instead of cash payment.

How is spouse ownership reported for SHEN director Leigh Ann Schultz?

The filing shows 38 SHEN common shares held indirectly by Leigh Ann Schultz through a spouse. These shares are reported as indirect beneficial ownership, separate from her directly held 26,189.1328 shares of Shenandoah Telecommunications stock.