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

May 20, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2021-05-19

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-03-20	Common Shares	G	3307	—	Disposed	74610	Direct
2021-03-26	Common Shares	G	11500	—	Disposed	63110	Direct
2021-04-13	Common Shares	G	12000	—	Disposed	51110	Direct
2021-05-15	Common Shares	G	11000	—	Disposed	40110	Direct
2021-03-08	Common Shares	G	251993	—	Disposed	1874514	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-19	Option (Right to Buy)	$25.36	A	104390	Acquired	2031-05-19	Common Shares (104390.0)	Direct
2021-05-19	Restricted Stock Units	$	A	136827	Acquired		Common Shares (136827.0)	Direct
2021-03-08	Series A Common Shares	$	G	9218	Disposed		Common Shares (9218.0)	Indirect

Footnotes

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

F2: On March 8, 2021 the reporting person's spouse individually transferred 162,314 Common Shares and 89,679 Common Shares from her Marital Trust to a trust, the trustee of which is a family member. The reporting person previous reported all securities held by spouse and spouse's Marital Trust. Accordingly, the transfer did not result in the change in the number of securities reported as beneficially owned by reporting person.

F3: Reporting person is one of four trustees which is record owner of these shares and files its holdings on forms 4. Of these Common shares, shares are held by respective reporting person and his family members.

F4: Options granted pursuant to the 2020 Long-Term Incentive Plan. Options become exercisable on May 19, 2024.

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

F6: Series A Common shares are convertible, on a share-for-share basis, into common shares.

F7: Reporting person is one of four trustees which is record owner of these shares and files its holdings on forms 4. Of these Series A Common Shares, shares are held by respective reporting person and his family members.

F8: On March 8, 2021, the reporting person's spouse individually transferred 9,218 Series A common Shares to a trust, the trustee of which is a family member. The reporting person previously reported all securities held by spouse. Accordingly, the transfer did not result in the change in the number of securities reported as beneficially owned by reporting person.