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

Jan 9, 2020

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2019-12-31

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-04-18	Common Shares	G	1000	—	Disposed	206809	Direct
2019-05-20	Common Shares	G	500	—	Disposed	206309	Direct
2019-07-09	Common Shares	G	5000	—	Disposed	201309	Direct
2019-07-12	Common Shares	G	3800	—	Disposed	197509	Direct
2019-07-26	Common Shares	G	400	—	Disposed	197109	Direct
2019-09-30	Common Shares	G	300	—	Disposed	196809	Direct
2019-12-17	Common Shares	G	1231	—	Disposed	195578	Direct
2019-12-20	Common Shares	G	9000	—	Disposed	186578	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	518	Indirect
Common Shares	20704	Indirect
Common Shares	1868068	Indirect
Common Shares	78943	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option (Right to Buy)	$29.94	2021-05-13	Common Shares (230000.0)	230000	Direct
Option (Right to Buy)	$20.79	2022-05-16	Common Shares (309200.0)	309200	Direct
Option (Right to Buy)	$22.6	2023-05-10	Common Shares (186000.0)	186000	Direct
Option (Right to Buy)	$26.83	2024-05-16	Common Shares (225000.0)	225000	Direct
Option (Right to Buy)	$29.26	2025-05-11	Common Shares (236100.0)	236100	Direct
Option (Right to Buy)	$29.45	2026-08-15	Common Shares (53800.0)	53800	Direct
Option (Right to Buy)	$27.79	2027-05-24	Common Shares (39700.0)	39700	Direct
Option (Right to Buy)	$25.7	2028-05-22	Common Shares (18320.0)	18320	Direct
Option (Rigft to Buy)	$30.72	2029-05-22	Common Shares (33624.0)	33624	Direct
Restricted Stock Units	$	2020-05-24	Common Shares (60619.0)	60619	Direct
Restricted Stock Units	$	2021-05-23	Common Shares (57261.0)	57261	Direct
Restricted Stock Units	$	2022-05-22	Common Shares (60630.0)	60630	Direct
Series A Common Shares	$		Common Shares (2035638.0)	2035638	Indirect
Deferred Compensation	$		Common Shares (57722.0)	57722	Direct
Series A Common Shares	$		Common Shares (10359.0)	10359	Direct
Series A Common Shares	$		Common Shares (297.0)	297	Indirect
Series A Common Shares	$		Common Shares (11424.0)	11424	Indirect

Footnotes

F1: By gift

F2: Includes 3768 shares owned by children. Reporting person disclaims beneficial ownership of shares owned by children.

F3: Balance includes additional shares to correct for the over withholding of shares for payment of payroll taxes on 5/11/19.

F4: Voluntary reporting of shares in the TDS 401K. The information is based on a plan statement dated 12/31/19. The number of shares fluctuates and is attributable to the price of the shares on 12/31/19.

F5: Reporting person is one of four trustees which is record owner of these shares which files its holdings on forms 4. Of these Common shares, 115,170 shares are held as custodian for children, 114,943 are held by spouse, 374,126 are held by a family limited partnership, 89,679 shares through a marital trust, 105,942 are held in a LLC of which the reporting person is the sole voting member, 689,156 shares are held by a family partnership of which reporting person is a general partner, and 29,198 shares that reporting person is trustee of trusts which his children beneficially own shares in the trusts. Also includes 60,321 shares in a trust, the trustee of which is a third party & the beneficiaries include the descendents of the reporting person & his spouse. 63,841 shares are owned by individual reporting person. Reporting person's wife's GRAT owns 225,692. Reporting person disclaims beneficial ownership of shares held for the benefit of persons other than the reporting person.

F6: On August 22, 2019 the reporting person's spouse's GRAT transferred voting trust certificates representing 32,296 shares to the spouse individually. The reporting person previous reported all securities held by spouse and spouse's GRAT. Accordingly, the transfer did not result in the change in the number of securities reported as beneficially owned by reporting person.

F7: Voluntary report of shares held in trust, the trustee of which is a third party and beneficiaries of which include the descendants of the reporting person and his spouse. Reporting person disclaims beneficial ownership of such shares.

F8: Granted under the 2004 Long-Term Incentive Plan. Options vest over a 3 year period with one-third becoming exercisable on the first anniversary, one-third on the second anniversary and one-third becoming exercisable on the third anniversary.

F9: Granted under the 2011 Long Term Incentive Plan. Options vest over a 3 year period with one-third becoming exercisable on the first anniversary, one-third on the second anniversary and one-third becoming exercisable on the third anniversary.

F10: Vests on the third anniversary

F11: Restricted stock unit award pursuant to the 2011 Long Term Incentive Plan. Stock units will become vested on third anniversary.

F12: Series A Common shares are convertible, on a share-for-share basis, into common shares.

F13: Reporting person is one of four trustees which is record owner of these shares which files its holdings on forms 4. Of these Series A Common shares, 124,922 are held as custodian for children and 10,917 are held by spouse, and 750,906 shares are held by a family partnership of which reporting person is a general partner and 31,547 that reporting person is trustee of trusts which his children beneficially own the shares in the trusts. Of the remaining shares, 3,725 are owned in individual reporting person's name. In addition, 1,113,621 Series A common Shares owned by family limited partnerships. Reporting person disclaims beneficial ownership of shares held for the benefit of persons other than the reporting person.

F14: Reporting person deferred bonuses pursuant to the TDS Long Term Incentive Plans. Employer matches vest ratably at a rate of 33%, 33%, 34% over three years. A total of 56,070 common shares units were vested at 12/31/19.