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

Mar 13, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2015-03-13

Reporting Person: CARLSON LEROY T JR (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-01-09	Common Shares	G	2298	—	Disposed	74780	Direct
2015-02-06	Common shares	G	3300	—	Disposed	71480	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-13	Deferred Compensation	$	A	6654	Acquired		Common Shares (6654)	Direct

Footnotes

F1: Reporting person deferred bonuses pursuant to the Long Term Incentive Plan, the employer match vests ratably at 33%, 33%, and 34% per year over a 3 year period. A total of 59,697 common shares are vested.

F2: By gift

F3: Includes 3768 shares owned by children. Reporting person disclaims beneficial ownership of shares owned by children.