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

Jan 16, 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: CARLSON LEROY T (Director, Chairman Emeritus)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-31	Deferred Compensation	$	J	2955	Acquired		Common Shares (145971)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	103551	Direct
Common Shares	9564	Indirect
Common Shares	222987	Indirect
Common Shares	10332	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option (Right to buy)	$37.07	2015-04-20	Common Shares (55370.197)	55370.197	Direct
Option (Right to buy)	$38.00	2016-06-19	Common Shares (61127)	61127	Direct
Option (Right to buy)	$59.45	2017-07-02	Common Shares (36116)	36116	Direct
Option (Right to buy)	$35.35	2018-08-26	Common Shares (41500)	41500	Direct
Option (Right to buy)	$26.95	2019-05-20	Common Shares (42200)	42200	Direct
Option (Right to buy)	$26.66	2020-05-25	Common Shares (39900)	39900	Direct
Option (Right to buy)	$29.94	2021-05-13	Common Shares (31400)	31400	Direct
Option (Right to buy)	$20.79	2022-05-15	Common Shares (51400)	51400	Direct
Option (Right to buy)	$22.60	2023-05-10	Common Shares (39382)	39382	Direct
Option (Right to buy)	$26.83	2024-05-16	Common Shares (20142)	20142	Direct
Restricted Stock Units	$	2016-05-10	Common Shares (10628)	10628	Direct
Restricted Stock Units	$	2017-05-16	Common Shares (5561)	5561	Direct
Series A Common Shares	$		Common Shares (65602)	65602	Indirect
Series A Common shares	$		Common Shares (248056)	248056	Indirect

Footnotes

F1: Series A Common shares are convertible, on a share-for-share basis, into common shares.

F2: Beneficial ownership of shares held in Voting Trust. Reporting person disclaims ownership of 211,201 shares acquired by wife.

F3: 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.

F4: Reporting person has deferrred 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. Common share units vested at 12/31/14 were 144,106.

F5: Beneficial ownership of shares held in Voting Trust. Reporting person disclaims ownership of 193,378 shares acquired by wife.

F6: 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 Aug. 26, 2009, one-third on Aug. 26, 2010 and one-third on Aug. 26, 2011.

F7: 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.

F8: Granted under the 2011 Long-Term Incentive Plan. Options vest over a 3 year period with one-third of the number of share becoming exercisable on the first anniversary, one-third on the second anniversary and one-third on the third anniversary.

F9: Granted under the 2011 Long-Term Incentive Plan. Options vest on the third annual anniversary

F10: Restricted Stock unit award pursuant to the Long Term Incentive Plan. Stock units will become vested on the third annual anniversary.