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

Rhea-AI Filing Summary

Victor Christopher Barnes, a director of Shenandoah Telecommunications Co. (SHEN), received 60.8547 shares of Common Stock on 10/01/2025 at a reported price of $13.42. Following the transaction the filing shows total beneficial ownership of 16,091.1177 shares. The form notes the shares were received in lieu of director fees. The Form 4 was filed as a single reporting person filing and signed on behalf of Mr. Barnes by an attorney-in-fact.

Positive

• Shares issued in lieu of director fees are explicitly disclosed, providing clarity on compensation method
• Post-transaction beneficial ownership is reported as 16,091.1177 shares, updating insider holdings

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received a small equity payment of 60.8547 shares as fees, increasing disclosed ownership to 16,091.1177 shares.

The Form 4 documents a routine non-derivative acquisition: 60.8547 common shares acquired on 10/01/2025 at $13.42 per share, expressly described as shares issued in lieu of director fees. This is a discrete insider compensation event rather than a market purchase or sale. The reported post-transaction beneficial ownership is 16,091.1177 shares. The filing was submitted by one reporting person and executed via attorney-in-fact.

Corporate Governance Expert

TL;DR: Filing records customary equity-based director compensation; disclosure updates beneficial ownership but shows no sale or unusual transaction.

The document is a standard Section 16 Form 4 reporting an acquisition of 60.8547 shares on 10/01/2025 at a stated price of $13.42, with an explicit explanation that the shares were issued in lieu of director fees. The form indicates direct beneficial ownership and was filed by one reporting person. The signature block shows the form was signed by an attorney-in-fact for the reporting person.

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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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^*

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)
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)		60.8547	A	$13.42	16,091.1177	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	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 Victor Barnes report on Form 4 for SHEN?

He reported acquiring 60.8547 shares of Common Stock on 10/01/2025 at a reported price of $13.42.

Why were the shares issued to the reporting person?

The Form 4 states the shares were received in lieu of director fees.

What is the reported beneficial ownership after the transaction?

The filing shows total beneficial ownership of 16,091.1177 shares following the reported transaction.

Who signed the Form 4 filing for Victor Barnes?

The form was signed on 10/01/2025 by Christopher E French, Attorney-in-Fact for Victor Barnes.

Was this Form 4 filed jointly or by a single reporting person?

The Form indicates it was filed by one reporting person.