TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2012

Jan 26, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2012-01-24

Reporting Person: HERBERT C THEODORE (VP Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-24	Special Common Shares	J	38712	—	Disposed	0	Direct
2012-01-24	Common Shares	J	38712	—	Acquired	38712	Direct
2012-01-24	Common Shares	J	41364	—	Disposed	0	Direct
2012-01-24	Common Shares	J	44962	—	Acquired	83674	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-24	Stock Option (Right to buy)	$59.00	J	8855	Disposed	2012-07-05	Common and Special Common Shares (8855)	Direct
2012-01-24	Stock Option (Right to buy)	$28.27	J	18480.385	Acquired	2012-07-05	Common Shares (18480.385)	Direct
2012-01-24	Stock Option (Right to buy)	$52.92	J	9085	Disposed	2013-07-03	Common and Special Common Shares (9085)	Direct
2012-01-24	Stock Option (Right to buy)	$25.36	J	18960.395	Acquired	2013-07-03	Common Shares (18960.395)	Direct
2012-01-24	Stock Option (Right to buy)	$66.00	J	8545	Disposed	2014-05-08	Common and Special Common Shares (8545)	Direct
2012-01-24	Stock Option (Right to buy)	$31.62	J	17833.42	Acquired	2014-05-08	Common Shares (17833.42)	Direct
2012-01-24	Stock Option (Right to buy)	$77.36	J	13435	Disposed	2015-04-20	Common and Special Common Shares (13435)	Direct
2012-01-24	Stock Option (Right to buy)	$37.07	J	28038.85	Acquired	2015-04-20	Common Shares (28038.85)	Direct
2012-01-24	Stock Option (Right to buy)	$38.00	J	37437	Disposed	2016-06-19	Special Common Shares (37437)	Direct
2012-01-24	Stock Option (Right to buy)	$38.00	J	37437	Acquired	2016-06-19	Common Shares (37437)	Direct
2012-01-24	Stock Option (Right to buy)	$59.45	J	25737	Disposed	2017-07-02	Special Common Shares (25737)	Direct
2012-01-24	Stock Option (Right to buy)	$59.45	J	25737	Acquired	2017-07-02	Common Shares (25737)	Direct
2012-01-24	Stock Option (Right to buy)	$35.35	J	31500	Disposed	2018-08-26	Special Common Shares (31500)	Direct
2012-01-24	Stock Option (Right to buy)	$35.35	J	31500	Acquired	2018-08-26	Common Shares (31500)	Direct
2012-01-24	Stock Option (Right to buy)	$26.95	J	38600	Disposed	2019-05-20	Special Common Shares (38600)	Direct
2012-01-24	Stock Option (Right to buy)	$26.95	J	38600	Acquired	2019-05-20	Common Shares (38600)	Direct
2012-01-24	Stock Option (Right to buy)	$26.66	J	37800	Disposed	2020-05-25	Special Common Shares (37800)	Direct
2012-01-24	Stock Option (Right to buy)	$26.66	J	37800	Acquired	2020-05-25	Common Shares (37800)	Direct
2012-01-24	Stock Option (Right to buy)	$29.94	J	32900	Disposed	2021-05-13	Special Common Shares (32900)	Direct
2012-01-24	Stock Option (Right to buy)	$29.94	J	32900	Acquired	2021-05-13	Common Shares (32900)	Direct
2012-01-24	Restricted Stock Units	$	J	5100	Disposed	2012-12-15	Special Common Shares (5100)	Direct
2012-01-24	Restricted Stock Units	$	J	5100	Acquired	2012-12-15	Common Shares (5100)	Direct
2012-01-24	Restricted Stock Units	$	J	5000	Disposed	2013-12-02	Special Common Shares (5000)	Direct
2012-01-24	Restricted Stock Units	$	J	5000	Acquired	2013-12-02	Common Shares (5000)	Direct

Footnotes

F1: Pursuant to a reclassification exempt under Rule 16b-3 and Rule 16b-7, each Special Common Share was reclassified into one Common Share, each Common Share was reclassified into 1.087 Common Shares, and each Series A Common Share was reclassified into 1.087 Series A Common Shares, and each stock award relating to such shares was appropriately adjusted.

F2: Granted under the 2004 Long Term Incentive Plan. Option vests over a 3 year period with one-third vesting on the first annual anniversary, one-third on the second annual anniversary and one-third on the third annual anniversary.

F3: Restricted stock that vests on Dec. 15, 2012.

F4: Restricted stock that vests on Dec. 2, 2013.