Edward H. McKay - Jul 7, 2021 Form 4 Insider Report for SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)

Role: Executive VP & COO
Signature: Edward H McKay
Stock symbol: SHEN
Transactions as of: Jul 7, 2021
Transactions value $: -$55,873
Form type: 4
Date filed: 7/8/2021, 05:01 PM
Next filing: Sep 23, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SHEN	Common Stock	Award	$55.9K	+8.08K	+27.83%	$6.92	37.1K	Jul 7, 2021	Direct
transaction	SHEN	Common Stock	Tax liability	-$55.9K	-914	-2.46%	$61.13	36.2K	Jul 7, 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	-$55.9K	-8.08K	-70.3%	$6.92	3.41K	Jul 7, 2021	Common Stock	8.08K	$6.92	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-fourth on each the first, second, third and fourth anniversary. 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.