Shenandoah (SHEN) director takes board fees in 59.9-share stock grant

Rhea-AI Filing Summary

Shenandoah Telecommunications director Victor Christopher Barnes received a stock award instead of cash fees. On March 2, 2026, he acquired 59.9171 shares of common stock at $13.63 per share as compensation in lieu of director fees. After this grant, his directly owned stake increased to 24,385.4885 shares of 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	59.917	$13.63	$816.67

Holdings After Transaction: Common Stock — 24,385.489 shares (Direct)

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^*

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)
03/02/2026

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	03/02/2026		A(1)		59.9171	A	$13.63	24,385.4885	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	03/03/2026
	** 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 Christopher Barnes report?

Victor Christopher Barnes reported receiving a grant of 59.9171 SHEN common shares. The award was made on March 2, 2026 as part of his director compensation, increasing his directly owned holdings to 24,385.4885 shares after the transaction.

Was the SHEN insider transaction a stock purchase or a compensation grant?

The SHEN insider transaction was a compensation grant, not an open-market purchase. Barnes received 59.9171 common shares in lieu of director fees, reflecting stock-based payment rather than paying cash to buy additional shares.

At what price were the SHEN shares granted to director Victor Christopher Barnes?

The shares were valued at $13.63 per SHEN common share for this grant. This price is used to measure the value of the 59.9171-share award he received as director compensation instead of taking his fees in cash.

How many SHEN shares does Victor Christopher Barnes own after this transaction?

After the March 2, 2026 award, Barnes directly owns 24,385.4885 SHEN common shares. This total reflects his prior holdings plus the 59.9171-share grant he accepted as payment for his services on the company’s board.

Is the SHEN insider transaction categorized as an acquisition or a sale?

The SHEN insider transaction is categorized as an acquisition. It is coded as a grant or award, meaning Barnes received 59.9171 additional common shares as compensation, increasing his overall ownership position in the company.