TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2023

Feb 22, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2023-02-20

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-02-20	Common	M	34966	—	Acquired	98711	Direct
2023-02-20	Common	F	11333	$13.70	Disposed	87378	Direct

Footnotes

F1: On May 21, 2020, the reporting person was granted financial-based performance share units that would be measured over a three year time period. The payout could be increased to 200% of target or reduced to 0% based on achievement of the key metrics. The performance share units have been accumulating quarterly dividend equivalents. Based on company performance over the three period ending on December 31, 2022, the Compensation Committee certified on February 20, 2023 that the reporting person was entitled to 103.6% of his target opportunity.

F2: Shares withheld to pay taxes

F3: The market was closed on February 20, 2023, therefore the previous trading day's close, February 17, 2023 was used to value the transaction.