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SHENANDOAH TELECOMMUNICATIONS COVA

For the period ended Dec 31, 2024. Filed Mar 10, 2025.

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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

Dec 31, 2024 · Filed Mar 10, 2025

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SHEN$9.65-0.7%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

Filed by the Registrantx

Filed by a party other than the Registranto

Check the appropriate box:

o Preliminary Proxy Statement

o Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

x Definitive Proxy Statement

o Definitive Additional Materials

o Soliciting Material Pursuant to §240.14a-12

Shenandoah Telecommunications Company

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

x No fee required.

o Fee paid previously with preliminary materials.

o Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

SHENANDOAH TELECOMMUNICATIONS COMPANY

500 Shentel Way

Edinburg, Virginia 22824

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

April 22, 2025

To our shareholders:

Notice is hereby given that the 2025 annual meeting of shareholders of Shenandoah Telecommunications Company will be held in the auditorium of the Company's offices at 500 Shentel Way, Edinburg, Virginia 22824 on Tuesday, April 22, 2025, at 11:00 a.m., Eastern Time, for the following purposes:

  1. to consider and vote upon a proposal to elect the following directors of the Company to the Board of Directors of the Company (the “Board”): Victor C. Barnes, James F. DiMola and Christopher E. French as Class 3 directors for a term expiring at the annual meeting of shareholders in the year 2028; Matthew S. DeNichilo as a Class 1 director for a term expiring at the annual meeting of shareholders in the year 2026; and Michael A. Rhymes as a Class 2 director for a term expiring at the annual meeting of shareholders in 2027 (collectively, the “Nominees”);

  2. to ratify the Audit Committee’s selection of RSM US LLP as the Company’s independent registered public accounting firm for 2025;

  3. to consider and approve, in a non-binding vote, the Company’s named executive officer compensation; and

  4. to consider and act upon any other business as may properly come before the meeting or any adjournment or postponement thereof.

Only shareholders of record at the close of business on February 21, 2025 will be entitled to notice of, and to vote at, the annual meeting or any adjournment or postponement thereof. All shareholders are cordially invited to attend this meeting. A light lunch will be provided.

Shareholders who wish to submit questions may do so in writing in advance of the Annual Meeting on our pre-meeting forum at www.proxyvote.com using their control number.

We have elected to furnish certain proxy materials to our shareholders electronically, so that we can provide our shareholders with the information they need while also reducing our costs of printing and delivery and the environmental impact of our annual meeting.

Your vote is very important to us. Whether or not you plan to attend the meeting in-person, your shares should be represented and voted. Please promptly vote your proxy. You may vote online at www.proxyvote.com where you will need to enter the control number provided in the proxy materials, and then follow the instructions provided. Submitting your proxy online, by telephone or by mail before the annual meeting will not preclude you from voting in-person during the annual meeting if you should decide to attend.

By Order of the Board of Directors,

Derek C. Rieger

Secretary

Dated: March 10, 2025

Important notice regarding the availability of proxy materials for the 2025 annual meeting of shareholders to be held on April 22, 2025: The Company’s Proxy Statement and Annual Report on Form 10-K for the fiscal year ended December 31, 2024 are available electronically at www.proxyvote.com.

TABLE OF CONTENTS

PROXY STATEMENT SUMMARY1
GENERAL INFORMATION4
SECURITY OWNERSHIP7
PROPOSAL NO. 110
BOARD AND BOARD COMMITTEE MATTERS11
Information About Nominees and Continuing Directors11
Director Independence14
Shareholder Communications with the Board of Directors14
Meetings of the Board of Directors14
Committees of the Board of Directors14
Leadership Structure of the Board of Directors15
Board Size and Diversity16
Board and Committee Self-Evaluations17
Role of the Board of Directors in Risk Oversight17
Director Compensation18
CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY20
EXECUTIVE COMPENSATION22
Compensation Discussion and Analysis22
Base Salaries24
Annual Incentive Bonuses24
Long-Term Equity-Based Compensation27
Stock Ownership Guidelines and Anti-Hedging Policy29
Retirement Compensation29
Summary Compensation Table29
Grants of Plan-Based Awards31
Outstanding Equity Awards at Fiscal Year-End32
Option Exercises and Stock Vested34
Nonqualified Deferred Compensation34
Severance Arrangements with our Named Executive Officers35
Potential Payments Upon Termination or Change in Control36
Pay Ratio Disclosure39
Compensation Committee Report39
Pay Versus Performance40
COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION44
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS44
PROPOSAL NO. 245
REPORT OF THE AUDIT COMMITTEE46
PROPOSAL NO. 348
SHAREHOLDER PROPOSALS FOR THE ANNUAL MEETING IN 202649
OTHER MATTERS50

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