AG˹ٷ

STOCK TITAN

[Form 4] Shenandoah Telecom Co Insider Trading Activity

Filing Impact
(Neutral)
Filing Sentiment
(Positive)
Form Type
4
Rhea-AI Filing Summary

Paychex Inc. (PAYX) � Form 5 Annual Statement of Changes in Beneficial Ownership

The filing reports the end-of-fiscal-year (31 May 2025) equity holdings of Mark Anthony Bottini, Senior Vice President of Sales. No new insider transactions are listed for the period; the document only updates cumulative ownership.

  • Direct common-stock holding: 79,360 shares
  • Indirect holding: 1,772 shares through the company 401(k) plan
  • Employee Stock Purchase Plan (ESPP): 36 shares
  • Outstanding stock options: 383,887 options across ten grants with strike prices ranging from $57.24 to $121.63 and expiration dates from July 2026 to July 2034

The absence of reported acquisitions or dispositions suggests that Mr. Bottini neither bought nor sold PAYX shares during FY 2025 under Section 16 reporting rules. His sizable equity and option position continues to align management incentives with shareholder interests, but the filing itself does not signal an operational or financial change for the company.

Paychex Inc. (PAYX) � Modulo 5 Dichiarazione Annuale delle Variazioni nella Proprietà Beneficiaria

Il documento riporta le partecipazioni azionarie al termine dell'esercizio fiscale (31 maggio 2025) di Mark Anthony Bottini, Vicepresidente Senior delle Vendite. Non sono indicate nuove transazioni interne per il periodo; il documento aggiorna solo la proprietà cumulativa.

  • Possesso diretto di azioni ordinarie: 79.360 azioni
  • Possesso indiretto: 1.772 azioni tramite il piano 401(k) aziendale
  • Piano di Acquisto Azionario per Dipendenti (ESPP): 36 azioni
  • Opzioni azionarie in essere: 383.887 opzioni distribuite su dieci assegnazioni con prezzi di esercizio da $57,24 a $121,63 e scadenze da luglio 2026 a luglio 2034

L'assenza di acquisizioni o cessioni segnalate indica che il Sig. Bottini non ha né acquistato né venduto azioni PAYX durante l'anno fiscale 2025 secondo le regole di segnalazione della Sezione 16. La sua consistente posizione azionaria e di opzioni continua ad allineare gli incentivi della dirigenza con gli interessi degli azionisti, ma la dichiarazione stessa non indica cambiamenti operativi o finanziari per la società.

Paychex Inc. (PAYX) � Formulario 5 Declaración Anual de Cambios en la Propiedad Beneficiaria

El informe detalla las participaciones accionarias al cierre del año fiscal (31 de mayo de 2025) de Mark Anthony Bottini, Vicepresidente Senior de Ventas. No se registran nuevas transacciones internas durante el periodo; el documento solo actualiza la propiedad acumulada.

  • Tenencia directa de acciones comunes: 79,360 acciones
  • Tenencia indirecta: 1,772 acciones a través del plan 401(k) de la empresa
  • Plan de Compra de Acciones para Empleados (ESPP): 36 acciones
  • Opciones sobre acciones vigentes: 383,887 opciones repartidas en diez concesiones con precios de ejercicio entre $57.24 y $121.63 y fechas de vencimiento entre julio de 2026 y julio de 2034

La ausencia de adquisiciones o disposiciones reportadas sugiere que el Sr. Bottini no compró ni vendió acciones de PAYX durante el año fiscal 2025 según las normas de reporte de la Sección 16. Su considerable posición en acciones y opciones sigue alineando los incentivos de la gerencia con los intereses de los accionistas, pero el informe en sí no indica cambios operativos o financieros para la compañía.

Paychex Inc. (PAYX) � 양식 5 연간 수익 소유� 변� 보고�

� 제출 서류� 2025� 5� 31� 회계연도 � 기준으로 영업부 수석 부사장� Mark Anthony Bottini� 주식 보유 현황� 보고합니�. 해당 기간 동안 새로� 내부� 거래� 없으�, 문서� 누적 보유 현황� 업데이트합니�.

  • 직접 보유 보통�: 79,360�
  • 간접 보유: 회사 401(k) 플랜� 통한 1,772�
  • 직원 주식 구매 계획(ESPP): 36�
  • 미결� 주식 옵션: 행사 가격이 $57.24에서 $121.63 사이이고 만료일이 2026� 7월부� 2034� 7월까지� 10건의 부여를 포함� 383,887 옵션

보고� 취득 또는 처분� 없다� 점은 Bottini 씨가 2025 회계연도 동안 섹션 16 보고 규정� 따라 PAYX 주식� 매수하거� 매도하지 않았음을 시사합니�. 그의 상당� 주식 � 옵션 보유� 경영진의 인센티브� 주주 이익� 계속 일치시키지�, � 보고서는 회사� 운영 또는 재무 변� 신호� 아닙니다.

Paychex Inc. (PAYX) � Formulaire 5 Déclaration Annuelle des Modifications dans la Propriété Bénéficiaire

Le dépôt rapporte les avoirs en actions au 31 mai 2025, fin de l'exercice fiscal, de Mark Anthony Bottini, Vice-Président Senior des Ventes. Aucune nouvelle transaction d'initié n'est mentionnée pour la période ; le document met uniquement à jour la propriété cumulative.

  • Détention directe d'actions ordinaires : 79 360 actions
  • Détention indirecte : 1 772 actions via le plan 401(k) de l'entreprise
  • Plan d'Achat d'Actions des Employés (ESPP) : 36 actions
  • Options d'achat d'actions en cours : 383 887 options réparties sur dix attributions avec des prix d'exercice allant de 57,24 $ à 121,63 $ et des dates d'expiration de juillet 2026 à juillet 2034

L'absence d'acquisitions ou de cessions signalées suggère que M. Bottini n'a ni acheté ni vendu d'actions PAYX durant l'exercice 2025 selon les règles de déclaration de la Section 16. Sa position importante en actions et options continue d'aligner les incitations de la direction avec les intérêts des actionnaires, mais le dépôt lui-même ne signale aucun changement opérationnel ou financier pour la société.

Paychex Inc. (PAYX) � Formular 5 Jahresbericht über Änderungen des wirtschaftlichen Eigentums

Die Einreichung berichtet über die Aktienbestände von Mark Anthony Bottini, Senior Vice President Sales, zum Ende des Geschäftsjahres (31. Mai 2025). Für den Zeitraum sind keine neuen Insider-Transaktionen aufgeführt; das Dokument aktualisiert lediglich den kumulativen Besitz.

  • Direkter Besitz von Stammaktien: 79.360 Aktien
  • Indirekter Besitz: 1.772 Aktien über den betrieblichen 401(k)-Plan
  • Mitarbeiter-Aktienkaufplan (ESPP): 36 Aktien
  • Ausstehende Aktienoptionen: 383.887 Optionen aus zehn Zuteilungen mit Ausübungspreisen von $57,24 bis $121,63 und Ablaufdaten von Juli 2026 bis Juli 2034

Das Fehlen gemeldeter Erwerbe oder Veräußerungen deutet darauf hin, dass Herr Bottini im Geschäftsjahr 2025 keine PAYX-Aktien gemäß den Berichtspflichten nach Abschnitt 16 gekauft oder verkauft hat. Seine umfangreiche Aktien- und Optionsposition sorgt weiterhin dafür, dass die Interessen des Managements mit denen der Aktionäre übereinstimmen, doch die Einreichung selbst signalisiert keine operativen oder finanziellen Veränderungen für das Unternehmen.

Positive
  • None.
Negative
  • None.

Insights

TL;DR: Routine Form 5; confirms sizeable insider alignment, no trading activity, minimal market impact.

This annual Form 5 discloses only Mr. Bottini’s cumulative holdings. The direct stake of ~79k shares (�$9 million at $115/share) plus 384k options provides meaningful economic exposure, reinforcing incentive alignment. However, without purchase or sale transactions, it conveys no new sentiment signal. Investors typically view static year-end reports as administrative, with little predictive value for price movement.

TL;DR: Neutral filing; positions unchanged, no liquidity events, not trade-worthy.

The document confirms Mr. Bottini’s long-dated option portfolio and share ownership but introduces no catalysts. Strike prices on newer grants (> $112) imply confidence in long-term appreciation, yet such grants are standard practice. With no Form 4 trades, I consider the filing non-impactful for portfolio decisions.

Paychex Inc. (PAYX) � Modulo 5 Dichiarazione Annuale delle Variazioni nella Proprietà Beneficiaria

Il documento riporta le partecipazioni azionarie al termine dell'esercizio fiscale (31 maggio 2025) di Mark Anthony Bottini, Vicepresidente Senior delle Vendite. Non sono indicate nuove transazioni interne per il periodo; il documento aggiorna solo la proprietà cumulativa.

  • Possesso diretto di azioni ordinarie: 79.360 azioni
  • Possesso indiretto: 1.772 azioni tramite il piano 401(k) aziendale
  • Piano di Acquisto Azionario per Dipendenti (ESPP): 36 azioni
  • Opzioni azionarie in essere: 383.887 opzioni distribuite su dieci assegnazioni con prezzi di esercizio da $57,24 a $121,63 e scadenze da luglio 2026 a luglio 2034

L'assenza di acquisizioni o cessioni segnalate indica che il Sig. Bottini non ha né acquistato né venduto azioni PAYX durante l'anno fiscale 2025 secondo le regole di segnalazione della Sezione 16. La sua consistente posizione azionaria e di opzioni continua ad allineare gli incentivi della dirigenza con gli interessi degli azionisti, ma la dichiarazione stessa non indica cambiamenti operativi o finanziari per la società.

Paychex Inc. (PAYX) � Formulario 5 Declaración Anual de Cambios en la Propiedad Beneficiaria

El informe detalla las participaciones accionarias al cierre del año fiscal (31 de mayo de 2025) de Mark Anthony Bottini, Vicepresidente Senior de Ventas. No se registran nuevas transacciones internas durante el periodo; el documento solo actualiza la propiedad acumulada.

  • Tenencia directa de acciones comunes: 79,360 acciones
  • Tenencia indirecta: 1,772 acciones a través del plan 401(k) de la empresa
  • Plan de Compra de Acciones para Empleados (ESPP): 36 acciones
  • Opciones sobre acciones vigentes: 383,887 opciones repartidas en diez concesiones con precios de ejercicio entre $57.24 y $121.63 y fechas de vencimiento entre julio de 2026 y julio de 2034

La ausencia de adquisiciones o disposiciones reportadas sugiere que el Sr. Bottini no compró ni vendió acciones de PAYX durante el año fiscal 2025 según las normas de reporte de la Sección 16. Su considerable posición en acciones y opciones sigue alineando los incentivos de la gerencia con los intereses de los accionistas, pero el informe en sí no indica cambios operativos o financieros para la compañía.

Paychex Inc. (PAYX) � 양식 5 연간 수익 소유� 변� 보고�

� 제출 서류� 2025� 5� 31� 회계연도 � 기준으로 영업부 수석 부사장� Mark Anthony Bottini� 주식 보유 현황� 보고합니�. 해당 기간 동안 새로� 내부� 거래� 없으�, 문서� 누적 보유 현황� 업데이트합니�.

  • 직접 보유 보통�: 79,360�
  • 간접 보유: 회사 401(k) 플랜� 통한 1,772�
  • 직원 주식 구매 계획(ESPP): 36�
  • 미결� 주식 옵션: 행사 가격이 $57.24에서 $121.63 사이이고 만료일이 2026� 7월부� 2034� 7월까지� 10건의 부여를 포함� 383,887 옵션

보고� 취득 또는 처분� 없다� 점은 Bottini 씨가 2025 회계연도 동안 섹션 16 보고 규정� 따라 PAYX 주식� 매수하거� 매도하지 않았음을 시사합니�. 그의 상당� 주식 � 옵션 보유� 경영진의 인센티브� 주주 이익� 계속 일치시키지�, � 보고서는 회사� 운영 또는 재무 변� 신호� 아닙니다.

Paychex Inc. (PAYX) � Formulaire 5 Déclaration Annuelle des Modifications dans la Propriété Bénéficiaire

Le dépôt rapporte les avoirs en actions au 31 mai 2025, fin de l'exercice fiscal, de Mark Anthony Bottini, Vice-Président Senior des Ventes. Aucune nouvelle transaction d'initié n'est mentionnée pour la période ; le document met uniquement à jour la propriété cumulative.

  • Détention directe d'actions ordinaires : 79 360 actions
  • Détention indirecte : 1 772 actions via le plan 401(k) de l'entreprise
  • Plan d'Achat d'Actions des Employés (ESPP) : 36 actions
  • Options d'achat d'actions en cours : 383 887 options réparties sur dix attributions avec des prix d'exercice allant de 57,24 $ à 121,63 $ et des dates d'expiration de juillet 2026 à juillet 2034

L'absence d'acquisitions ou de cessions signalées suggère que M. Bottini n'a ni acheté ni vendu d'actions PAYX durant l'exercice 2025 selon les règles de déclaration de la Section 16. Sa position importante en actions et options continue d'aligner les incitations de la direction avec les intérêts des actionnaires, mais le dépôt lui-même ne signale aucun changement opérationnel ou financier pour la société.

Paychex Inc. (PAYX) � Formular 5 Jahresbericht über Änderungen des wirtschaftlichen Eigentums

Die Einreichung berichtet über die Aktienbestände von Mark Anthony Bottini, Senior Vice President Sales, zum Ende des Geschäftsjahres (31. Mai 2025). Für den Zeitraum sind keine neuen Insider-Transaktionen aufgeführt; das Dokument aktualisiert lediglich den kumulativen Besitz.

  • Direkter Besitz von Stammaktien: 79.360 Aktien
  • Indirekter Besitz: 1.772 Aktien über den betrieblichen 401(k)-Plan
  • Mitarbeiter-Aktienkaufplan (ESPP): 36 Aktien
  • Ausstehende Aktienoptionen: 383.887 Optionen aus zehn Zuteilungen mit Ausübungspreisen von $57,24 bis $121,63 und Ablaufdaten von Juli 2026 bis Juli 2034

Das Fehlen gemeldeter Erwerbe oder Veräußerungen deutet darauf hin, dass Herr Bottini im Geschäftsjahr 2025 keine PAYX-Aktien gemäß den Berichtspflichten nach Abschnitt 16 gekauft oder verkauft hat. Seine umfangreiche Aktien- und Optionsposition sorgt weiterhin dafür, dass die Interessen des Managements mit denen der Aktionäre übereinstimmen, doch die Einreichung selbst signalisiert keine operativen oder finanziellen Veränderungen für das Unternehmen.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
ECP Fiber Holdings GP, LLC

(Last) (First) (Middle)
40 BEECHWOOD ROAD

(Street)
SUMMIT NJ 07901

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SHENANDOAH TELECOMMUNICATIONS CO/VA/ [ SHEN ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/11/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/11/2025 P(1) 8,000 A $14.76(2) 2,801,015 I See Footnotes(3)(4)
Common Stock 07/14/2025 P(1) 21,137 A $15.2777(5) 2,822,152 I See Footnotes(3)(4)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
ECP Fiber Holdings GP, LLC

(Last) (First) (Middle)
40 BEECHWOOD ROAD

(Street)
SUMMIT NJ 07901

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
ECP Fiber Holdings, LP

(Last) (First) (Middle)
40 BEECHWOOD ROAD

(Street)
SUMMIT NJ 07901

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Hill City Holdings GP, LLC

(Last) (First) (Middle)
40 BEECHWOOD ROAD

(Street)
SUMMIT NJ 07901

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Hill City Holdings, LP

(Last) (First) (Middle)
40 BEECHWOOD ROAD

(Street)
SUMMIT NJ 07901

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. The purchases reported herein were effected pursuant to a Rule 10b5-1 plan adopted by Hill City Holdings, LP ("Hill City") on June 5, 2025.
2. The price reported in Column 4 is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.57 to $14.815. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
3. The securities are held of record by Hill City. ECP ControlCo, LLC is the managing member of Energy Capital Partners IV, LLC, which is the general partner of Energy Capital Partners GP IV, LP, which is the general partner of each of (i) Energy Capital Partners IV-A, LP, (ii) Energy Capital Partners IV-B, LP, (iii) Energy Capital Partners IV-C, LP, and (iv) Energy Capital Partners IV-D, LP (the "Funds"). Energy Capital Partners GP IV, LP is also the general partner of Energy Capital Partners IV-B (Hill City IP), LP ("Hill City IP"). Each of (i) Energy Capital Partners IV-A, LP, (ii) Hill City IP, (iii) Energy Capital Partners IV-C, LP, and (iv) Energy Capital Partners IV-D, LP are the members of Hill City Holdings GP, LLC, which is the general partner of Hill City.
4. ECP ControlCo, LLC is controlled by its board of managers, which consists of Douglas Kimmelman, Peter Labbat, Tyler Reeder, Rahman D'Argenio, Raoul Hughes and Xavier Robert, all of whom collectively share the power to vote and dispose of the securities beneficially owned by ECP ControlCo, LLC. As a result of these relationships, each of the foregoing entities and individuals may be deemed to share beneficial ownership of the securities held of record by Hill City. Each such entity and individual disclaims beneficial ownership of these securities except to the extent of their pecuniary interest therein.
5. The price reported in Column 4 is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $14.98 to $15.835. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
Remarks:
Due to filing limitations of the electronic filing system, each of ECP ControlCo, LLC, Energy Capital Partners IV, LLC, Energy Capital Partners GP IV, LP, Energy Capital Partners IV-A, LP, Energy Capital Partners IV-B, LP, Energy Capital Partners IV-C, LP, Energy Capital Partners IV-D, LP and Energy Capital Partners IV-B (Hill City IP), LP are filing a separate Form 4.
ECP Fiber Holdings GP, LLC, By: /s/ Matthew DeNichilo, Chief Executive Officer 07/15/2025
ECP Fiber Holdings, LP, By: ECP Fiber Holdings GP, LLC, its general partner, By: /s/ Matthew DeNichilo, Chief Executive Officer 07/15/2025
Hill City Holdings GP, LLC, By: /s/ Jennifer Gray, Executive Vice President and Secretary 07/15/2025
Hill City Holdings, LP, By: Hill City Holdings GP, LLC, its general partner, By: /s/ Jennifer Gray, Executive Vice President and Secretary 07/15/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Paychex (PAYX) shares does Mark Anthony Bottini directly own?

He directly owns 79,360 shares of Paychex common stock.

What is the total number of Paychex stock options held by Mr. Bottini?

He holds 383,887 stock options across ten separate grants.

Were any Paychex shares bought or sold by Mr. Bottini during fiscal 2025?

No. The Form 5 lists holdings only; it reports no acquisitions or dispositions for the year.

What is the highest strike price among Mr. Bottini’s outstanding options?

The highest strike price is $121.63 on options expiring 14 July 2034.

Does this Form 5 filing affect Paychex’s financial outlook?

No. The filing is an administrative disclosure of insider holdings and contains no operational or financial guidance for the company.
Shenandoah Telecommunications

NASDAQ:SHEN

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Telecom Services
Telephone Communications (no Radiotelephone)
United States
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