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

Rhea-AI Filing Summary

SCHULTZ LEIGH ANN reported acquisition or exercise transactions in this Form 4 filing.

Shenandoah Telecommunications director Leigh Ann Schultz reported updated share holdings. She received 42.3821 shares of Common Stock at $15.73 per share as stock compensation in lieu of director fees, increasing her direct ownership to 34,216.661 shares of common stock. The filing also reflects 38 shares held indirectly through her spouse.

Insider Trade Summary 10b5-1

2 transactions reported

Mixed 2 txns

Insider SCHULTZ LEIGH ANN

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	42.382	$15.73	$666.67
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 34,216.661 shares (Direct, null); Common Stock — 38 shares (Indirect, Spouse)

Footnotes (1)

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Key Figures

Share award size: 42.3821 shares Implied award price: $15.73 per share Direct holdings after award: 34,216.661 shares +1 more

4 metrics

Share award size 42.3821 shares Common Stock received in lieu of director fees

Implied award price $15.73 per share Value used for the 42.3821-share director fee grant

Direct holdings after award 34,216.661 shares Common Stock directly owned by Schultz following the grant

Indirect spouse holdings 38 shares Common Stock held indirectly through spouse

Key Terms

Form 4, grant/award acquisition, indirect ownership, director fees

4 terms

Form 4 regulatory

"What did SHEN director Leigh Ann Schultz report in this Form 4 filing?"

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.

grant/award acquisition financial

"The Form 4 shows a grant/award acquisition, not an open-market trade."

indirect ownership financial

"These are classified as indirect ownership, separate from her directly held 34,216.661 shares"

director fees financial

"She received 42.3821 shares of Shenandoah Telecommunications Common Stock at this price as compensation in lieu of cash director fees."

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^*

SCHULTZ LEIGH ANN

(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)
05/04/2026

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	05/04/2026		A(1)		42.3821	A	$15.73	34,216.661	D
Common Stock								38	I	Spouse

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 Leigh Ann Schultz	05/04/2026
	** 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 did SHEN director Leigh Ann Schultz report in this Form 4 filing?

Leigh Ann Schultz reported receiving 42.3821 SHEN shares of Common Stock as compensation in lieu of director fees. The Form 4 also updates her total direct and indirect share holdings after this non-market transaction.

Was the SHEN Form 4 transaction an open-market buy or sell?

The Form 4 shows a grant/award acquisition, not an open-market trade. Schultz received 42.3821 shares as stock compensation for director fees, so no open-market buying or selling is reported in this filing.

How many SHEN shares does Leigh Ann Schultz hold after the reported grant?

After the grant, Schultz directly holds 34,216.661 shares of Shenandoah Telecommunications Common Stock. The filing also notes an additional 38 shares held indirectly through her spouse, reflecting total reported positions.

What price per share is associated with the SHEN director share award?

The reported share award to Schultz is valued at $15.73 per share. She received 42.3821 shares of Shenandoah Telecommunications Common Stock at this price as compensation in lieu of cash director fees.

How are spouse-held SHEN shares reported in Leigh Ann Schultz’s Form 4?

The Form 4 identifies 38 SHEN shares of Common Stock held indirectly through Schultz’s spouse. These are classified as indirect ownership, separate from her directly held 34,216.661 shares after the reported grant.