Shenandoah Telecommunications (SHEN) director granted shares in lieu of fees

Rhea-AI Filing Summary

Shenandoah Telecommunications director Michael Anthony Rhymes reported a stock grant as part of his board compensation. On 2026-06-01, he acquired 31.348 shares of common stock at an indicated value of $15.95 per share, received in lieu of director fees. After this grant, his directly held position increased to 11,841.3543 shares of common stock. This was a compensation-related award, not an open-market purchase or sale.

Insider Trade Summary 10b5-1

1 transaction reported

Mixed 1 txn

Insider Rhymes Michael Anthony

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	31.348	$15.95	$500.00

Holdings After Transaction: Common Stock — 11,841.354 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares granted: 31.348 shares Grant value per share: $15.95 per share Post-transaction holdings: 11,841.3543 shares

3 metrics

Shares granted 31.348 shares Common stock grant in lieu of director fees on 2026-06-01

Grant value per share $15.95 per share Indicated value for the director stock award

Post-transaction holdings 11,841.3543 shares Total SHEN common shares held directly after the grant

Key Terms

Form 4, Common Stock, Grant, award, or other acquisition, director fees

4 terms

Form 4 regulatory

"Please analyze the following financial content according to the instructions above. INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Common Stock financial

""security_title": "Common Stock","

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","

director fees financial

"Shares received in lieu of director fees."

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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 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)		31.348	A	$15.95	11,841.3543	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	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 insider transaction did SHEN director Michael Anthony Rhymes report?

Director Michael Anthony Rhymes reported receiving 31.348 SHEN common shares as a grant. The shares were awarded at an indicated value of $15.95 per share and represent compensation rather than an open-market trade, according to the Form 4 disclosure.

Was the SHEN Form 4 transaction an open-market purchase or sale?

The SHEN Form 4 transaction was not an open-market trade. It is coded as an “A” transaction, a grant or award, and the footnote explains the 31.348 shares were received in lieu of director fees as part of board compensation.

How many SHEN shares does Michael Anthony Rhymes hold after this Form 4?

Following the reported grant, Michael Anthony Rhymes directly holds 11,841.3543 SHEN common shares. This total reflects the addition of 31.348 shares received as compensation, as disclosed in the Form 4 filing’s post-transaction ownership figure.

What is the significance of the $15.95 price in the SHEN Form 4 filing?

The Form 4 lists an indicated value of $15.95 per SHEN share for the 31.348-share grant. This figure is used to value the director stock award that was received in lieu of cash director fees, rather than representing a market trade price.

How is the SHEN director stock grant described in the footnote?

The footnote states the shares were “received in lieu of director fees.” This clarifies that the 31.348 SHEN common shares reported on the Form 4 are a compensation grant, substituting equity for cash fees, instead of a discretionary market purchase.