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

Role: President
Signature: Christopher E French
Issuer symbol: SHEN
Transactions as of: 16 Feb 2023
Net transactions value: -$128,568
Form type: 4
Filing time: 21 Feb 2023, 08:53:49 UTC
Previous filing: 03 Feb 2023
Next filing: 23 Feb 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SHEN	Common Stock	Options Exercise		+24,022	+8.8%		295,666	16 Feb 2023	Direct	F2
transaction	SHEN	Common Stock	Tax liability	$128,568	-6,665	-2.3%	$19.29	289,001	16 Feb 2023	Direct
holding	SHEN	Common Stock						64,296	16 Feb 2023	By Spouse
holding	SHEN	Common Stock						37,796	16 Feb 2023	By Son
holding	SHEN	Common Stock						160,706	16 Feb 2023	TTEE French Grandchildren Trust	F1
holding	SHEN	Common Stock						217,004	16 Feb 2023	TTEE U/A WBF fbo Grandchildren	F1
holding	SHEN	Common Stock						345,000	16 Feb 2023	By Son as TTEE of French Family Trust	F1
holding	SHEN	Common Stock						137,269	16 Feb 2023	TTEE WBF fbo Cynthia	F1
holding	SHEN	Common Stock						339,966	16 Feb 2023	TTEE WBF fbo Anne	F1
holding	SHEN	Common Stock						339,966	16 Feb 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	-4,880	-7.5%	$0.000000	60,336	16 Feb 2023	Common Stock	4,880		Direct	F2, F3
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-4,876	-8.1%	$0.000000	55,460	16 Feb 2023	Common Stock	4,876		Direct	F2, F3
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-6,480	-12%	$0.000000	48,980	16 Feb 2023	Common Stock	6,480		Direct	F2, F4
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-7,786	-16%	$0.000000	41,194	16 Feb 2023	Common Stock	7,786		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.