Dara Leslie - 16 Feb 2023 Form 4 Insider Report for SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)

Role: SVP Sales & Marketing
Signature: Christopher E French Attorney in Fact for Dara Leslie
Issuer symbol: SHEN
Transactions as of: 16 Feb 2023
Net transactions value: -$5,150
Form type: 4
Filing time: 21 Feb 2023, 09:38:35 UTC
Previous filing: 27 Jul 2022
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	Discretionary transaction in accordance with Rule 16b-3(f) resulting in acquisition or disposition of issuer securities		+755			755	16 Feb 2023	Direct	F1
transaction	SHEN	Common Stock	Tax liability	$5,150	-267	-35%	$19.29	488	16 Feb 2023	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	-755	-25%	$0.000000	2,268	16 Feb 2023	Common Stock	755		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 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.