Shenandoah Telecommunications (NASDAQ: SHEN) director takes fees in stock grant

Rhea-AI Filing Summary

Rhymes Michael Anthony reported acquisition or exercise transactions in this Form 4 filing.

Shenandoah Telecommunications director Michael Anthony Rhymes received a grant of 32.4254 shares of common stock on April 2, 2026. The shares were received in lieu of director fees, meaning they represent compensation rather than an open-market purchase. After this award, his direct holdings total 11,778.2199 shares of common stock.

Insider Trade Summary 10b5-1

1 transaction reported

Mixed 1 txn

Insider Rhymes Michael Anthony

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	32.425	$15.42	$500.00

Holdings After Transaction: Common Stock — 11,778.22 shares (Direct)

Footnotes (1)

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Key Figures

Shares granted: 32.4254 shares Reported price per share: $15.42 per share Total shares after transaction: 11,778.2199 shares +1 more

4 metrics

Shares granted 32.4254 shares Common stock grant in lieu of director fees on April 2, 2026

Reported price per share $15.42 per share Value used for the common stock grant

Total shares after transaction 11,778.2199 shares Director’s direct SHEN common stock holdings after the grant

Transaction type Grant, award, or other acquisition Form 4 transaction code A for common stock

Key Terms

in lieu of director fees, Grant, award, or other acquisition, Common Stock

3 terms

in lieu of director fees financial

"Shares received in lieu of director fees."

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

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.

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)
04/02/2026

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	04/02/2026		A(1)		32.4254	A	$15.42	11,778.2199	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	04/02/2026
	** 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 32.4254 shares of SHEN common stock as a grant. The shares were issued in lieu of director fees, so this is equity compensation rather than an open-market trade, increasing his directly held position in the company.

Was the SHEN Form 4 transaction a stock purchase or compensation grant?

The SHEN Form 4 shows a compensation grant, not a market purchase. The transaction code is a grant, award, or other acquisition, and a footnote states the 32.4254 common shares were received in lieu of director fees as part of director compensation.

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

After this reported grant, Michael Anthony Rhymes directly holds 11,778.2199 shares of SHEN common stock. This total reflects the addition of 32.4254 shares received as equity compensation in lieu of director fees on the reported transaction date.

What price per share is reported for the SHEN director stock grant?

The Form 4 lists a price of $15.42 per share for the grant of 32.4254 SHEN common shares. This figure reflects the value used for reporting the equity compensation received in lieu of director fees on the transaction date.

Does the SHEN Form 4 indicate any stock sales by Michael Anthony Rhymes?

The SHEN Form 4 does not report any stock sales by Michael Anthony Rhymes. It discloses only one transaction, a grant of 32.4254 common shares received as compensation in lieu of director fees, which increased his direct ownership position.