Christopher E. French - Feb 16, 2023 Form 4 Insider Report for SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)

Role: President
Signature: Christopher E French
Stock symbol: SHEN
Transactions as of: Feb 16, 2023
Transactions value $: -$128,568
Form type: 4
Date filed: 2/21/2023, 08:53 AM
Previous filing: Feb 3, 2023
Next filing: Feb 23, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SHEN	Common Stock	Options Exercise		+24K	+8.84%		296K	Feb 16, 2023	Direct	F2
transaction	SHEN	Common Stock	Tax liability	-$129K	-6.67K	-2.25%	$19.29	289K	Feb 16, 2023	Direct
holding	SHEN	Common Stock						64.3K	Feb 16, 2023	By Spouse
holding	SHEN	Common Stock						37.8K	Feb 16, 2023	By Son
holding	SHEN	Common Stock						161K	Feb 16, 2023	TTEE French Grandchildren Trust	F1
holding	SHEN	Common Stock						217K	Feb 16, 2023	TTEE U/A WBF fbo Grandchildren	F1
holding	SHEN	Common Stock						345K	Feb 16, 2023	By Son as TTEE of French Family Trust	F1
holding	SHEN	Common Stock						137K	Feb 16, 2023	TTEE WBF fbo Cynthia	F1
holding	SHEN	Common Stock						340K	Feb 16, 2023	TTEE WBF fbo Anne	F1
holding	SHEN	Common Stock						340K	Feb 16, 2023	TTEE WBF fbo Christopher	F1

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	-4.88K	-7.48%	$0.00	60.3K	Feb 16, 2023	Common Stock	4.88K		Direct	F2, F3
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-4.88K	-8.08%	$0.00	55.5K	Feb 16, 2023	Common Stock	4.88K		Direct	F2, F3
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-6.48K	-11.68%	$0.00	49K	Feb 16, 2023	Common Stock	6.48K		Direct	F2, F4
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-7.79K	-15.9%	$0.00	41.2K	Feb 16, 2023	Common Stock	7.79K		Direct	F2, F3

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

Explanation of Responses:

Id	Content
F1	These shares are held in trust for the benefit of certain relatives of Mr. French. Mr. French disclaims beneficial ownership of the shares as to which he has no pecuniary interest and this filing is not an admission that Mr. French is the beneficial owner of such shares.
F2	Each restricted stock unit represents a contingent right to receive one share of common stock.
F3	The restricted stock unit award vests one-fourth on each the first, second, third and fourth anniversary. The restricted stock unit award (and shares issuable upon exercise of the restricted stock unit award) are subject to cancellation and forfeiture in accordance with the Company's executive compensation recovery policy.
F4	The restricted stock unit award vests 10% in February 2022; and then 30% each in February 2023, February 2024, and February 2025. The restricted stock unit award (and shares issuable upon exercise of the restricted stock unit award) are subject to cancellation and forfeiture in accordance with the Company's executive compensation recovery policy.