Shenandoah Telecom (SHEN) director gets stock grant in lieu of fees

Rhea-AI Filing Summary

Shenandoah Telecommunications director Victor Christopher Barnes reported a grant/award acquisition of 68.1126 shares of common stock on 2026-08-03 at $11.99 per share, received in lieu of director fees. Following this equity compensation, he directly holds 24,663.8385 shares of common stock.

Insider Trade Summary

Net Buyer: 68.1126 shares

Net Buy 1 txn

Insider BARNES VICTOR CHRISTOPHER

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	68.1126	$11.99	$816.67

Holdings After Transaction: Common Stock — 24,663.8385 shares (Direct)

Footnotes (1)

1. F1. Shares received in lieu of director fees.

Key Figures

Equity award shares: 68.1126 shares Implied value per share: $11.9900 per share Shares held after transaction: 24,663.8385 shares +1 more

4 metrics

Equity award shares 68.1126 shares Common stock grant received in lieu of director fees on 2026-08-03

Implied value per share $11.9900 per share Valuation used for the common stock grant received as director fees

Shares held after transaction 24,663.8385 shares Director’s direct common stock holdings following the award

Transaction date 2026-08-03 Date the common stock grant in lieu of director fees was effective

Key Terms

Grant, award, or other acquisition, in lieu of director fees, Rule 10b5-1 trading plan

3 terms

Grant, award, or other acquisition regulatory

"Transaction code description: Grant, award, or other acquisition of common stock"

in lieu of director fees financial

"Footnote states shares were received in lieu of director fees"

Rule 10b5-1 trading plan regulatory

"Document-level Rule 10b5-1 trading plan checkbox is unchecked"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/04/2026 - 04:32 PM Accepted by SEC EDGAR 08/04/2026 - 04:31 PM Learn about SEC filing dates

FAQ

What insider transaction did Victor Christopher Barnes report for SHEN?

Victor Christopher Barnes reported a grant of 68.1126 SHEN common shares as equity compensation. The shares were received in lieu of director fees on 2026-08-03, rather than purchased on the open market.

How many Shenandoah Telecommunications (SHEN) shares were granted and at what price?

He received 68.1126 SHEN common shares valued at $11.99 per share. This reflects the share-equivalent value of his director fees, treated as a stock award instead of a cash payment.

Is the SHEN Form 4 transaction a market purchase of shares?

No. The Form 4 shows a grant/award acquisition, not an open-market buy. The 68.1126 shares were received in lieu of director fees, characterizing the transaction as equity compensation rather than a discretionary share purchase.

How many SHEN shares does Victor Christopher Barnes own after this award?

After the reported award, Victor Christopher Barnes directly holds 24,663.8385 SHEN common shares. This total reflects his post-transaction ownership reported in the Form 4 for his direct holdings only.

Was the SHEN insider stock grant made under a Rule 10b5-1 trading plan?

No. The Form 4’s Rule 10b5-1 trading plan checkbox is unchecked, indicating the reported equity grant in lieu of director fees was not made pursuant to a Rule 10b5-1 plan.

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^*

BARNES VICTOR CHRISTOPHER

(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)
08/03/2026

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	08/03/2026		A(1)		68.1126	A	$11.99	24,663.8385	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 Victor Barnes	08/04/2026
	** 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)