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

May 26, 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: Butman James W (Director, President & CEO of subsidiary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-24	Common	M	15531	—	Acquired	31116	Direct
2020-05-24	Common	F	4969	$19.64	Disposed	26147	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-05-21	Option (Right to Buy)	$19.15	A	40962	Acquired	2030-05-21	Common Shares (40962.0)	Direct
2020-05-21	Restricted Stock Units	$	A	41356	Acquired		Common Shares (41356.0)	Direct
2020-05-24	Restricted Stock Units	$	M	15531	Disposed	2020-05-24	Common Shares (15531.0)	Direct

Footnotes

F1: Restricted stock units awarded pursuant to the 2011 Long Term Incentive Plan. Restricted 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 awarded pursuant to the 2020 Long-Term Incentive Plan. Restricted Stock units will become vested on May 21, 2023.