Director Michael Anthony Rhymes receives SHEN (NASDAQ: SHEN) stock grant in lieu of fees

Rhea-AI Filing Summary

Shenandoah Telecommunications director Michael Anthony Rhymes reported an equity grant of company stock. On March 2, 2026, he acquired 36.6838 shares of Common Stock at a stated price of $13.63 per share, received in lieu of director fees. After this grant, his directly held ownership increased to 11,745.7945 shares of Shenandoah Telecommunications common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Rhymes Michael Anthony

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	36.684	$13.63	$500.00

Holdings After Transaction: Common Stock — 11,745.795 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

X

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^*

Rhymes Michael Anthony

(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)		36.6838	A	$13.63	11,745.7945	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 Michael Anthony Rhymes	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 Michael Anthony Rhymes report?

Director Michael Anthony Rhymes reported acquiring 36.6838 shares of Shenandoah Telecommunications common stock. The Form 4 states the shares were granted on March 2, 2026, received in lieu of director fees rather than through an open-market purchase.

At what price per share were Michael Anthony Rhymes’ SHEN shares recorded?

The acquired Shenandoah Telecommunications shares were recorded at $13.63 per share. This price is shown as the transaction price per share for the 36.6838 common shares granted in lieu of director fees on March 2, 2026.

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

Following this equity grant, Michael Anthony Rhymes directly owns 11,745.7945 shares of Shenandoah Telecommunications common stock. The Form 4 identifies this figure as the total number of shares beneficially owned after the reported March 2, 2026 transaction.

Was Michael Anthony Rhymes’ SHEN transaction an open-market buy or a grant?

The transaction was a grant, not an open-market purchase. The Form 4 uses transaction code “A” for a grant or award, and a footnote explains the 36.6838 shares were received in lieu of director fees, indicating compensation in stock.

Does the SHEN Form 4 show Michael Anthony Rhymes selling any shares?

The Form 4 does not show any share sales by Michael Anthony Rhymes. It reports a single acquisition transaction coded as a grant of 36.6838 common shares, increasing his directly held position to 11,745.7945 shares after the transaction.

How is Michael Anthony Rhymes’ ownership in SHEN categorized after the grant?

His ownership is categorized as direct ownership of Shenandoah Telecommunications common stock. The Form 4 lists his ownership type and code as direct, with 11,745.7945 shares held following the March 2, 2026 grant in lieu of director fees.