TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2021

May 25, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2021-05-23

Reporting Person: THAUS KURT B (Senior VP - CIO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-23	Common Shares	M	8243	—	Acquired	35822	Direct
2021-05-23	Common	F	2415	$25.50	Disposed	33407	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-23	Restricted Stock Units	$	M	8243	Disposed		Common Shares (8243.0)	Direct

Footnotes

F1: Restricted stock units awarded pursuant to the 2011 Long Term Incentive Plan. Restricted Stock units became vested on May 23, 2021.

F2: Shares withheld to pay taxes on restricted stock units that vested on May 23, 2021.

F3: The market was closed on vest date therefore the previous trading day's close, May 21, 2021, was used to value the transaction.