SHENANDOAH TELECOMMUNICATIONS CO/VA/ — Director's Dealing 2021

May 17, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)
CIK: 0000354963
Period of Report: 2021-05-17

Reporting Person: Heimbach David L (Executive VP & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-17	Common Stock	A	1006	—	Acquired	5633	Direct
2021-05-17	Common Stock	F	302	$50.96	Disposed	5331	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-17	Restricted Stock Unit	$	D	1006	Disposed	2022-05-15	Common Stock (1006)	Direct

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one share of common stock.

F2: The restricted stock units vest one-fourth on each the first through fourth anniversaries of the grant subject to the continuous employment by the Company or one of its affiliates until the date of vesting. The restricted stock units are subject to forfeiture in accordance with the Company's executive compensation policy.