David L. Heimbach - 02 Jul 2021 Form 4 Insider Report for SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)

Role: Executive VP & COO
Signature: Raymond B Ostroski Attorney in Fact for David L Heimbach
Issuer symbol: SHEN
Transactions as of: 02 Jul 2021
Net transactions value: $0
Form type: 4
Filing time: 02 Jul 2021, 21:21:15 UTC
Previous filing: 11 Jun 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SHEN	Common Stock	Award	$42,601	+1,372		$31.05	1,372	02 Jul 2021	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SHEN	Incentive Stock Opiton	Exercise of in-the-money or at-the-money derivative security	$42,601	-1,372	-8.5%	$31.05	14,724	02 Jul 2021	Common Stock	1,372	$31.05	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The option vests one-fifth on each the third, fourth, fifth, sixth and seventh anniversaries. The options (and shares issuable upon exercise of the option) are subject to cancellation and forfeiture in accordance with the Company's executive compensation recovery policy.