Director Victor Barnes takes SHEN (NASDAQ: SHEN) fees in stock grant

Rhea-AI Filing Summary

Shenandoah Telecommunications director Victor Christopher Barnes received a stock award instead of cash fees. On May 4, 2026, he acquired 51.918 shares of common stock valued at $15.73 per share as compensation for director services, bringing his direct holdings to 24,490.3682 shares.

Insider Trade Summary 10b5-1

1 transaction reported

Mixed 1 txn

Insider BARNES VICTOR CHRISTOPHER

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	51.918	$15.73	$816.67

Holdings After Transaction: Common Stock — 24,490.368 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares granted: 51.918 shares Grant price: $15.73 per share Shares owned after grant: 24,490.3682 shares +1 more

4 metrics

Shares granted 51.918 shares Common Stock award on May 4, 2026

Grant price $15.73 per share Value used for director stock award

Shares owned after grant 24,490.3682 shares Total direct holdings after transaction

Transaction code A (grant or award acquisition) Indicates non-market compensation grant

Key Terms

Form 4, Common Stock, director fees, grant or award acquisition

4 terms

Form 4 regulatory

"as reported in a Form 4 insider 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.

Common Stock financial

"51.918 shares of Shenandoah Telecommunications 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.

director fees financial

"shares were received in lieu of director fees"

grant or award acquisition regulatory

"Transaction code A means a grant or award acquisition"

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^*

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)
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)		51.918	A	$15.73	24,490.3682	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	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 insider transaction did SHEN director Victor Christopher Barnes report?

Victor Christopher Barnes reported receiving a stock award as director compensation. He was granted 51.918 shares of Shenandoah Telecommunications common stock in lieu of director fees, reflecting a routine, non-market acquisition under the company’s equity compensation practices.

How many SHEN shares were granted to Victor Christopher Barnes and at what price?

Barnes received 51.918 shares of Shenandoah Telecommunications common stock at a value of $15.73 per share. This award represents equity compensation rather than an open-market purchase, aligning his interests more closely with shareholders through stock-based director fees.

What are Victor Christopher Barnes’ SHEN holdings after this Form 4 transaction?

After the stock award, Barnes directly holds 24,490.3682 shares of Shenandoah Telecommunications common stock. This total includes the 51.918 shares granted as director fees, as disclosed in the Form 4 filing detailing his updated ownership position.

Was the SHEN stock award to Victor Christopher Barnes a market purchase or compensation grant?

The SHEN stock award was compensation, not a market purchase. The filing labels the transaction with code A, meaning a grant or award, and the footnote explains the shares were received in lieu of director fees for his board service.

Why did Shenandoah Telecommunications compensate its director with SHEN shares?

The filing notes the shares were received in lieu of director fees, meaning the company paid part of Victor Christopher Barnes’ board compensation in stock instead of cash. This common practice can align director incentives with long-term shareholder value.