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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-19	Option (Right to Buy)	$25.36	A	26470	Acquired	2031-05-19	Common Shares (26470.0)	Direct
2021-05-19	Restricted Stock Units	$	A	32961	Acquired		Common Shares (32961.0)	Direct

Footnotes

F1: Granted under the 2020 Long-Term Incentive Plan. Options become exercisable on May 19, 2024.

F2: Restricted stock units awarded pursuant to the 2020 Long-Term Incentive Plan. Restricted Stock units will become vested on May 19, 2024.