SHENANDOAH TELECOMMUNICATIONS CO/VA/ — Director's Dealing 2012

Sep 18, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)
CIK: 0000354963
Period of Report: 2012-09-17

Reporting Person: MACKENZIE EARLE A (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-09-17	Common Stock	S	7000	$16.50	Disposed	17108	Direct
2012-09-18	Common Stock	M	10000	$7.33	Acquired	27108	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-09-18	Incentive Stock Option	$7.33	X	10000	Disposed	2013-06-01	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	687	Indirect
Common Stock	142080	Indirect
Common Stock	146040	Indirect

Footnotes

F1: These shares are held in trust for the benefit of certain relatives of Mr. McKenzie. Mr. McKenzie disclaims beneficial ownership of the shares as to which he has no pecuniary interest.

F2: Option vests in five equal annual installments beginning 6-3-2006.