(SHEN)

Role: SVP & Chief Info Officer
Signature: /s/ Christopher E French Attorney in Fact for Elaine Cheng
Issuer symbol: SHEN
Transactions as of: 20 Feb 2025
Net transactions value: -$43,899
Form type: 4
Filing time: 24 Feb 2025, 16:29:18 UTC
Previous filing: 20 Feb 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SHEN	Common Stock	Options Exercise		+9,280	+52%		27,046	20 Feb 2025	Direct	F1
transaction	SHEN	Common Stock	Tax liability	$43,899	-3,714	-13%	$11.82	23,872	20 Feb 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Ownership	Footnotes
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-1,788	-4.2%	$0.000000	40,600	20 Feb 2025	Common Stock	1,788	Direct	F1, F2
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-2,282	-5.6%	$0.000000	38,318	15 Feb 2024	Common Stock	2,282	Direct	F1, F3
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-2,684	-7%	$0.000000	35,634	15 Feb 2024	Common Stock	2,684	Direct	F1, F3
transaction	SHEN	Restricted Stock Unit	Options Exercise	$0	-2,526	-7.1%	$0.000000	33,108	20 Feb 2025	Common Stock	2,526	Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents a contingent right to receive one share of common stock.
F2	The restricted stock unit award vests 10% in February 2022; and then 30% each in February 2023, February 2024, and February 2025. The restricted stock unit award (and shares issuable upon exercise of the restricted stock unit award) are subject to cancellation and forfeiture in accordance with the Company's executive compensation recovery policy.
F3	The restricted stock unit award vests one-fourth on each the first, second, third and fourth anniversary. The restricted stock unit award (and shares issuable upon exercise of the restricted stock unit award) are subject to cancellation and forfeiture in accordance with the Company's executive compensation recovery policy.