TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2015

Nov 4, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2015-11-03

Reporting Person: THAUS KURT B (Senior VP - CIO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-11-03	Common Shares	M	37800	$20.79	Acquired	41454	Direct
2015-11-03	Common Shares	S	37800	$29.89	Disposed	3654	Direct
2015-11-03	Common Shares	S	3654	$29.89	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-11-03	Option (Right to buy)	$20.79	M	37800	Disposed	2022-05-16	Common Shares (37800)	Direct

Footnotes

F1: Granted under the 2011 Long Term Incentive Plan. Options vest over a 3 year period with one-third of the number of shares becoming exercisable on the first annual anniversary, one-third on the second annual anniversary, and one-third on the third annual anniversary.