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

Jan 21, 2015

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2014-12-31

Reporting Person: SEREDA PETER L (Sr VP & Treasurer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	23736	Direct
Common Shares	573	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option (Right to buy)	$59.45	2017-07-02	Common Shares (22349)	22349	Direct
Option (Right to buy)	$35.35	2018-08-26	Common Shares (33180)	33180	Direct
Option (Right to buy)	$26.95	2019-05-20	Common Shares (31970)	31970	Direct
Option (Right to buy)	$26.66	2020-05-25	Common Shares (33500)	33500	Direct
Option (Right to Buy)	$29.94	2021-05-13	Common Shares (31700)	31700	Direct
Option (Right to Buy)	$20.79	2022-05-15	Common Shares (54700)	54700	Direct
Option (Right to Buy)	$22.60	2023-05-10	Common Shares (38109)	38109	Direct
Option (Right to Buy)	$26.83	2024-05-16	Common Shares (33927)	33927	Direct
Restricted Stock Units	$	2016-05-10	Common Shares (7682)	7682	Direct
Restricted Stock Units	$	2017-05-16	Common Shares (7527)	7527	Direct

Footnotes

F1: Voluntary reporting of shares in the TDS 401K. The information is based on a plan statement dated 12/31/14. The number of shares fluctuates and is attributable to the price of the shares on 12/31/14.

F2: Granted under the 2004 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.

F3: Granted under the 2011 Long Term Incentive Plan. Stock options vest on the third annual anniversary.

F4: Restricted stock unit award pursuant to the 2011 Long Term Incentive Plan. Stock units will become vested on third annual anniversary.