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

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-02-25	Common Shares	G	708	—	Disposed	211232	Direct
2020-05-24	Common Shares	M	60619	—	Acquired	271851	Direct
2020-05-24	Common Shares	F	25429	$19.64	Disposed	246422	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-05-21	Option (Right to Buy)	$19.15	A	77100	Acquired	2030-05-21	Common Shares (77100.0)	Direct
2020-05-21	Restricted Stock Units	$	A	82507	Acquired		Common Shares (82507.0)	Direct
2020-05-24	Restricted Stock Units	$	M	60619	Disposed	2020-05-24	Common Shares (60619.0)	Direct

F1: Includes 3768 shares owned by children. Reporting person disclaims beneficial ownership of shares owned by children.

F2: Restricted stock units awarded pursuant to the 2011 Long Term Incentive Plan. Restricted stock units that became vested on May 24, 2020.

F3: Shares withheld to pay taxes on restricted stock units that vested on May 24, 2020.

F4: Options granted pursuant to the 2020 Long-Term Incentive Plan. Options become exercisable on May 21, 2023.

F5: Restricted stock unit award pursuant to the 2020 Long Term Incentive Plan. Stock units will become vested on third anniversary.