Shenandoah Telecommunications (SHEN) director paid in stock for board fees

Q: What insider transaction did SHEN director Michael Rhymes report?

Director Michael Anthony Rhymes reported acquiring 43.2526 shares of Shenandoah Telecommunications common stock on 01/05/2026 , as disclosed in a Form 4.

Q: At what price were the SHEN shares credited to Michael Rhymes?

The Form 4 states that the 43.2526 shares of common stock were valued at $11.56 per share for this transaction.

Q: Why did Michael Rhymes receive 43.2526 SHEN shares?

The footnote explains that the 43.2526 shares were received in lieu of director fees , meaning they were compensation for board service instead of cash.

Q: Is Michael Rhymes a director or officer of Shenandoah Telecommunications (SHEN)?

The filing identifies Michael Anthony Rhymes as a director of Shenandoah Telecommunications and indicates he is not listed as an officer or 10% owner.

Q: Was this SHEN insider transaction a market purchase or compensation?

Based on the explanation of responses, the shares were received in lieu of director fees , indicating they were compensation rather than an open-market purchase.

Filing Impact

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Filing Sentiment

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Form Type

Rhea-AI Filing Summary

Shenandoah Telecommunications director Michael Anthony Rhymes reported receiving additional company stock as part of his board compensation. On 01/05/2026, he acquired 43.2526 shares of common stock at a price of $11.56 per share.

According to the filing, these shares were received in lieu of director fees rather than bought on the open market. Following this transaction, Rhymes directly beneficially owned a total of 3,145.9877 shares of Shenandoah Telecommunications common stock.

Insider Trade Summary

Net Buyer: 43.2526 shares

Net Buy 1 txn

Insider Rhymes Michael Anthony

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	43.2526	$11.56	$500.00

Holdings After Transaction: Common Stock — 3,145.9877 shares (Direct)

Footnotes (1)

F1. Shares received in lieu of director fees.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 01/06/2026 - 02:28 PM

FAQ

What insider transaction did SHEN director Michael Rhymes report?

Director Michael Anthony Rhymes reported acquiring 43.2526 shares of Shenandoah Telecommunications common stock on 01/05/2026, as disclosed in a Form 4.

At what price were the SHEN shares credited to Michael Rhymes?

The Form 4 states that the 43.2526 shares of common stock were valued at $11.56 per share for this transaction.

Why did Michael Rhymes receive 43.2526 SHEN shares?

The footnote explains that the 43.2526 shares were received in lieu of director fees, meaning they were compensation for board service instead of cash.

How many SHEN shares does Michael Rhymes own after this transaction?

After the reported acquisition, Michael Rhymes beneficially owned 3,145.9877 shares of Shenandoah Telecommunications common stock directly.

Is Michael Rhymes a director or officer of Shenandoah Telecommunications (SHEN)?

The filing identifies Michael Anthony Rhymes as a director of Shenandoah Telecommunications and indicates he is not listed as an officer or 10% owner.

Was this SHEN insider transaction a market purchase or compensation?

Based on the explanation of responses, the shares were received in lieu of director fees, indicating they were compensation rather than an open-market purchase.

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).

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^*

Rhymes Michael Anthony

(Last)

(First)

(Middle)

PO BOX 459

(Street)

EDINBURG

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)
01/05/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	01/05/2026		A⁽¹⁾		43.2526	A	$11.56	3,145.9877	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Shares received in lieu of director fees.

	/s/ Christopher E French Attorney in Fact for Michael Anthony Rhymes	01/06/2026
	** 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.

Source: View Original Filing on SEC EDGAR