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

Jan 20, 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: MEYERS KENNETH R (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-31	Deferred Compensation	$	J	677	Acquired		Common Shares (35877)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	5264	Indirect
Common Shares	63291	Direct
Common Shares	1043	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option (Right to buy)	$59.45	2017-07-02	Common Shares (52942)	52942	Direct
Option (Right to buy)	$35.35	2018-08-26	Common Shares (93000)	93000	Direct
Option (Right to buy)	$26.95	2019-05-20	Common Shares (129400)	129400	Direct
Option (Right to buy)	$26.66	2020-05-25	Common Shares (132500)	132500	Direct
Option (Right to buy)	$29.94	2021-05-13	Common Shares (121200)	121200	Direct
Option (Right to buy)	$20.79	2022-05-16	Common Shares (225300)	225300	Direct
Option (Right to buy)	$22.60	2023-05-10	Common Shares (177319)	177319	Direct
Restricted Stock Units	$	2016-05-10	Common Shares (29909)	29909	Direct

Footnotes

F1: 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 Aug. 26, 2009, one-third becoming exercisable on Aug. 26, 2010 and one-third becoming exercisable on Aug. 26, 2011.

F2: Reporting person deferred bonuses pursuant to the Long Term Incentive Plans. The employer match vests ratably 33%, 33% and 34% per year over a 3 year period, a total of 34,120 shares are vested.

F3: 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 anniversary, one-third on the second anniversary and one-third on the third anniversary.

F4: Voluntary reporting of shares acquired in the TDS 401K plan. 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.

F5: 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 anniversary, one-third on the second anniversary and one-third on the third anniversary.

F6: Granted under the 2011 Long-Term Incentive Plan. Options vest on the third annual anniversary.

F7: Restricted stock unit award pursuant to the 2011 Long Term Incentive Plan. Stock units will become vested on the third annual anniversary.