TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2019

May 24, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2019-05-22

Reporting Person: SEREDA PETER L (Senior VP-Finance)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-22	Option (Right to buy)	$30.72	A	13899	Acquired	2029-05-22	Common Shares (13899)	Direct
2019-05-22	Restricted Stock Units	$	A	16151	Acquired		Common Shares (16151)	Direct

Footnotes

F1: Granted under the 2011 Long-Term Incentive Plan. Options become exercisable on May 22, 2022.

F2: Restricted stock units award pursuant to the long term incentive plan. Stock units will vest on May 22, 2022.