Shenandoah (NASDAQ: SHEN) director granted shares in lieu of cash fees

Rhea-AI Filing Summary

Shenandoah Telecommunications Company director Victor Christopher Barnes reported receiving additional Common Stock as part of his board compensation. On the reported date, he acquired 51.2019 shares at a reference price of $15.95 per share, issued in lieu of cash director fees. Following this grant, his directly held Common Stock position increased to 24,541.5701 shares. This reflects a routine, non-open-market stock award rather than a market purchase.

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	51.202	$15.95	$816.67

Holdings After Transaction: Common Stock — 24,541.57 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares granted: 51.2019 shares Grant reference price: $15.95 per share Shares held after transaction: 24,541.5701 shares

3 metrics

Shares granted 51.2019 shares Common Stock award received in lieu of director fees

Grant reference price $15.95 per share Price used for director stock award

Shares held after transaction 24,541.5701 shares Director’s direct Common Stock holdings following the grant

Key Terms

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

3 terms

director fees financial

"Shares received in lieu of director fees."

Common Stock financial

"security_title: "Common Stock" in the reported transaction"

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: "Grant, award, or other acquisition""

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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^*

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)
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)		51.2019	A	$15.95	24,541.5701	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	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 did SHEN director Victor Christopher Barnes report in this Form 4?

Director Victor Christopher Barnes reported receiving 51.2019 SHEN common shares as a grant in lieu of cash director fees. These shares were awarded at a reference price of $15.95 per share and represent routine equity compensation, not an open-market stock purchase or sale.

Is the SHEN Form 4 transaction a stock purchase or compensation grant?

The SHEN Form 4 shows a compensation grant, not a market trade. Barnes received 51.2019 common shares as payment for director fees, coded as an acquisition award, rather than buying shares on the open market with personal funds.

How many SHEN shares does Victor Christopher Barnes hold after this grant?

After the reported grant, Victor Christopher Barnes directly holds 24,541.5701 SHEN common shares. The 51.2019-share award modestly increased his position and reflects ongoing equity-based compensation for his service on the company’s board of directors.

What price is associated with the SHEN shares granted to the director?

The grant to the SHEN director is reported at $15.95 per share for 51.2019 common shares. This figure represents the reference price used for the stock award calculation tied to his director fees, rather than an executed market trade price.

Does the SHEN Form 4 indicate any stock sales by the director?

The SHEN Form 4 does not report any stock sales by the director. It only records an acquisition of 51.2019 common shares as a grant in lieu of director fees, leaving his direct holdings at 24,541.5701 shares after the transaction.