TELEPHONE & DATA SYSTEMS INC /DE/ - Director's Dealing 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2020-05-21

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

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-24	Common Shares	M	12731	—	Acquired	33118	Direct
2020-05-24	Common Shares	F	3730	$19.64	Disposed	29388	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-05-21	Option (Right to Buy)	$19.15	A	28307	Acquired	2030-05-21	Common Shares (28307.0)	Direct
2020-05-21	Restricted Stock Units	$	A	24894	Acquired	2023-05-21	Common Shares (24894.0)	Direct
2020-05-24	Restricted Stock Units	$	M	12731	Disposed	2020-05-24	Common Shares (12731.0)	Direct

F1: Restricted stock unit award pursuant to the 2011 Long Term Incentive Plan. Stock units became vested on May 24, 2020.

F2: Shares withheld to pay taxes on restricted stock units that vested on May 24, 2020.

F3: Granted under the 2020 Long-Term Incentive Plan. Options become exercisable on May 21, 2023.

F4: Restricted stock units award pursuant to the 2020 Long Term Incentive Plan. Restricted Stock units will vest on May 21, 2023.