Raymond B. Ostroski - 17 Feb 2022 Form 4 Insider Report for SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)

Role: VP Legal & General Counsel
Signature: Raymond B Ostroski
Issuer symbol: SHEN
Transactions as of: 17 Feb 2022
Net transactions value: -$19,298
Form type: 4
Filing time: 22 Feb 2022, 05:54:31 UTC
Previous filing: 04 Feb 2022
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	$0	+2,351	+27%	$0.000000	11,046	17 Feb 2022	Direct
transaction	SHEN	Common Stock	Tax liability	$19,298	-852	-7.7%	$22.65	10,194	17 Feb 2022	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	Restricted Stock Unit	Options Exercise	$0	-940	-21%	$0.000000	3,536	17 Feb 2022	Common Stock	940		Direct	F1, F2
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-699	-20%	$0.000000	2,837	17 Feb 2022	Common Stock	699		Direct	F1, F2
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-712	-25%	$0.000000	2,125	17 Feb 2022	Common Stock	712		Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents a contingent right to receive one share of common stock.
F2	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.