SHENANDOAH TELECOMMUNICATIONS CO/VA/ — Director's Dealing 2018

Dec 3, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)
CIK: 0000354963
Period of Report: 2018-11-29

Reporting Person: FRENCH CHRISTOPHER E (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-11-29	Common Stock	A	10504	$8.29	Acquired	177308	Direct
2018-11-29	Common Stock	A	48429	$6.92	Acquired	225737	Direct
2018-11-29	Common Stock	F	29734	$50.79	Disposed	196003	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-11-29	Non-Qualified Stock Option	$8.29	X	10504	Disposed	2021-02-20	Common Stock (10504)	Direct
2018-11-29	Incentive Stock Option	$6.92	X	3613	Disposed	2023-02-17	Common Stock (3613)	Direct
2018-11-29	Non-Qualified Stock Option	$6.92	X	44816	Disposed	2023-02-17	Common Stock (44816)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	64296	Indirect
Common Stock	13668	Indirect
Common Stock	137984	Indirect
Common Stock	316484	Indirect
Common Stock	345000	Indirect
Common Stock	339966	Indirect
Common Stock	146249	Indirect
Common Stock	339966	Indirect
Common Stock	6480	Indirect

Footnotes

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: The option vests 1/4 on each the first, second, third and fourth anniversary. The option (and shares issuable upon exercise of the option) are subject to cancellation and forfeiture in accordance with the Company's executive compensation recovery policy.