VOLK JAMES J (SR VP FINANCE & CFO) exercised options at SHENANDOAH TELECOMMUNICATIONS CO/VA/

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 1 exercise

VOLK JAMES J

Filed: 2/23/2026ACC: 0000354963-26-000108

InsiderVOLK JAMES JCIK 1241581

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IssuerSHENANDOAH TELECOMMUNICATIONS CO/VA/CIK 354963

Officer· SR VP FINANCE & CFO

Since Jun 2019

+26.13K

Net shares

Net buyer

$76.7K

Total sold

Open market trades

0B · 0S

Total transactions

53.19K acquired · 27.06K disposed

Non-Derivative Transactions2

Common Stock

Direct

M · Option Exercise

+21.24K

Price / share

—

Trade value

—

% of position

29.1%

2/19/2026

72.97K→94.21K

Common Stock

Direct

F · Tax Withholding

−5.82K

Price / share

$13.18

Trade value

$76.73K

% of position

6.2%

2/19/2026

94.21K→88.39K

Total

Net shares

+15.41K

Net value

-$76.73K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	2/19/2026	M · Option Exercise	+21.24K	—	—	29.1%	72.97K	94.21K
Common Stock Direct	2/19/2026	F · Tax Withholding	−5.82K	$13.18	$76.73K	6.2%	94.21K	88.39K
Total			+15.41K		-$76.73K

Derivative Transactions5

Restricted Stock Unit

Direct

M · Option Exercise

Converts to

Common Stock

3.84K shares

−3.84K

Strike price

Held after

55.52K

Exercisable

—

2/19/2026

Restricted Stock Unit

Direct

M · Option Exercise

Converts to

Common Stock

4.78K shares

−4.78K

Strike price

Held after

50.74K

Exercisable

—

2/19/2026

Restricted Stock Unit

Direct

M · Option Exercise

Converts to

Common Stock

4.51K shares

−4.51K

Strike price

Held after

46.23K

Exercisable

—

2/19/2026

Restricted Stock Unit

Direct

M · Option Exercise

Converts to

Common Stock

8.11K shares

−8.11K

Strike price

Held after

38.12K

Exercisable

—

2/19/2026

Restricted Stock Unit

Direct

A · Award

Converts to

Common Stock

31.95K shares

+31.95K

Strike price

Held after

70.07K

Exercisable

—

2/19/2026

Security	Converts To	Date	Type	Shares	Exercisable	Held After
Restricted Stock Unit Direct	Common Stock3.84K shares	2/19/2026	M · Option Exercise	−3.84K	—	55.52K
Restricted Stock Unit Direct	Common Stock4.78K shares	2/19/2026	M · Option Exercise	−4.78K	—	50.74K
Restricted Stock Unit Direct	Common Stock4.51K shares	2/19/2026	M · Option Exercise	−4.51K	—	46.23K
Restricted Stock Unit Direct	Common Stock8.11K shares	2/19/2026	M · Option Exercise	−8.11K	—	38.12K
Restricted Stock Unit Direct	Common Stock31.95K shares	2/19/2026	A · Award	+31.95K	—	70.07K

Non-Derivative Holdings (Post-Transaction)1

Common Stock

Indirect

Shares owned5.50K

Total

5.50K indirect5.50K

Security Title	Shares Owned	Ownership Type
Common Stock	5.50K	Indirect
Total	5.50K	5.50K indirect

Derivative Holdings (Post-Transaction)0

No derivative holdings reported