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

Jan 7, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2015-01-05

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-01-05	Common Shares	M	10544	—	Acquired	80241	Direct
2015-01-05	Common Shares	F	3163	$23.95	Disposed	77078	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-01-05	Deferred Compensation	$	M	10544	Disposed		Common shares (10544)	Direct

Footnotes

F1: Withholding of common shares as settlement for taxes due in consideration for settlement of the deferred compensation payout.

F2: Reporting person deferred a portion of his 2008 and 2011 bonus pursuant to the TDS Long Term Incentive Plan. The deferred bonus has been invested in phantom stock now representing 10,544 common shares, including dividend reinvestment. January 5, 2015 was the payout date for the deferred bonus shares.

F3: Includes 3768 shares owned by children