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

Feb 8, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)
CIK: 0000354963
Period of Report: 2021-02-04

Reporting Person: FRENCH CHRISTOPHER E (President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-04	Common Stock	A	15807	—	Acquired	174450	Direct
2021-02-04	Common Stock	F	4856	$43.21	Disposed	169594	Direct
2021-02-08	Common Stock	J	6180	—	Disposed	137269	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	37272	Indirect
Common Stock	64296	Indirect
Common Stock	160706	Indirect
Common Stock	217004	Indirect
Common Stock	345000	Indirect
Common Stock	339966	Indirect
Common Stock	339966	Indirect

Footnotes

F1: Represents the vesting of performance-based Restricted Stock Units granted February 20, 2018. Performance for this award was measured based on the Issuer's relative total shareholder return (TSR) compared to the TSR of a group of companies in the NASDAQ Telecom Index with a Market Cap within a factor of 3 of the Issuer's Market cap.

F2: Distribution from trust to beneficiary.

F3: 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.