Shenandoah Telecommunications (SHEN) director takes stock instead of fees

Rhea-AI Filing Summary

Shenandoah Telecommunications Company director Victor Christopher Barnes received additional common stock as part of his board compensation. On 02/02/2026, he was awarded 68.8012 shares of common stock in a transaction coded "A" at a value of $11.87 per share.

These shares were received in lieu of director fees, meaning he took stock instead of cash. Following this award, Barnes directly beneficially owns 16,371.5714 shares of Shenandoah Telecommunications common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider BARNES VICTOR CHRISTOPHER

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	68.801	$11.87	$816.67

Holdings After Transaction: Common Stock — 16,371.571 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/03/2026 - 04:41 PM 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 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)		68.8012	A	$11.87	16,371.5714	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	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 Victor Barnes report?

Director Victor Christopher Barnes reported receiving additional SHEN common stock as compensation. On 02/02/2026, he acquired 68.8012 shares coded as an "A" transaction, reflecting an award rather than an open-market purchase or sale.

How many Shenandoah Telecommunications (SHEN) shares did the director receive and at what value?

Victor Barnes received 68.8012 SHEN common shares valued at $11.87 per share. This stock was granted as compensation, rather than bought or sold in the open market, and is classified as an acquisition transaction.

How many SHEN shares does director Victor Barnes own after this Form 4 transaction?

After the reported transaction, Victor Barnes beneficially owns 16,371.5714 Shenandoah Telecommunications common shares directly. This total reflects his holdings following receipt of 68.8012 shares awarded in lieu of traditional cash director fees.

Was the SHEN director stock transaction a purchase, sale, or compensation award?

The SHEN transaction was a compensation award, not a market trade. The filing notes the shares were "received in lieu of director fees," meaning Barnes accepted 68.8012 shares instead of cash for his board service.

What does "shares received in lieu of director fees" mean for SHEN?

It means the director chose or was granted stock instead of cash for board compensation. For SHEN, Victor Barnes received 68.8012 common shares at $11.87 each as payment for his director fees, increasing his direct share ownership.