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

Jan 6, 2021

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2020-12-31

Reporting Person: CARLSON WALTER CD (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1978499	Indirect
Common Shares	60088	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series A Common Shares	$		Common Shares (1266.0)	1266	Direct
Series A Common Shares	$		Common Shares (2295234.0)	2295234	Indirect

Footnotes

F1: Reporting person is one of four trustees which is record owner of these shares and while files its holdings on forms 4. Of these shares, 135,237 are held for the benefit of children, 7,770 are held by wife, and 689,904 are held by family partnership of which reporting person is a general partner. Includes 27,455 shares that reporting person is trustee of trusts which his children beneficially own the shares in the trusts. Reporting person disclaims beneficial ownership of shares held for benefit of persons other than the reporting person. The remaining shares include 217,096 in GRAT's name and 901,037 in the individual reporting person's name.

F2: On April 14, 2020, the reporting person transferred voting trust certificates representing 68,313 Common Shares from reporting person's GRAT to reporting person individually. The reporting person previously reported all securities held in his name and through GRAT. Accordingly, the transfer of voting trust certificates did not result in any change in the number of securities reported as beneficially owned by the reporting person.

F3: Series A Common shares are convertible, on a share-for-share basis, into common shares.

F4: Reporting person is one of four trustees which is record owner of these shares and while files its holdings on forms 4. Of these shares, 156,062 are held for the benefit of children, 729,065 are held by a family limited partnership, and 751,789 are held by family partnership of which reporting person is a general partner. Includes 29,645 that reporting person is trustee of trusts which his children beneficially own the shares in the trusts. Reporting person disclaims beneficial ownership of the shares held for the benefit of persons other than the reporting person. The remaining shares include 350,000 owned by GRAT and 278,673 shares in the individuals reporting person's name.