[Form 4] SHENANDOAH TELECOMMUNICATIONS CO/VA/ Insider Trading Activity

Rhea-AI Filing Summary

Insider acquisition of Shenandoah Telecommunications (SHEN) common stock by director Richard L. Koontz Jr. The filing reports a transaction dated 10/01/2025 in which 37.2578 shares of common stock were acquired at a price of $13.42 per share. The filing states the shares were received in lieu of director fees, and it lists 59,921.4053 as the amount of securities beneficially owned following the reported transaction. The Form 4 was signed by Christopher E. French as attorney-in-fact for Richard L. Koontz Jr.

The report is a routine Section 16 disclosure documenting compensation-paid-in-stock to a director. It does not include other transactions, changes in control, or derivative activity beyond this non-derivative share acquisition noted on the form.

Insights

Financial Analyst

TL;DR: Director received a small equity payment as compensation; this is a routine disclosure with limited market impact.

The Form 4 documents a non-derivative acquisition of 37.2578 common shares at $13.42 on 10/01/2025, described as shares received in lieu of director fees. The post-transaction beneficial ownership is reported as 59,921.4053 shares. This type of in-kind compensation is common for board members and typically has minimal effect on company capitalization or investor valuation given the modest size of the issuance relative to total outstanding shares (total shares outstanding not provided in the filing).

Corporate Governance Expert

TL;DR: Routine governance disclosure showing director compensation settled in equity; regulatory filing appears complete and properly signed.

The filing clearly identifies the reporting person as a director and discloses the nature of the transaction as shares received in lieu of director fees. The Form 4 is executed by an attorney-in-fact, which is permissible when properly authorized. There are no indications of unusual compensation arrangements or related-party transactions beyond standard director fee conversion.

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Koontz Richard L Jr

(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)
10/01/2025

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	10/01/2025		A(1)		37.2578	A	$13.42	59,921.4053	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 Richard L Koontz Jr	10/01/2025
	** 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.
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