TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2024

May 21, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2024-05-17

Reporting Person: Villacrez Vicki L (Executive Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-05-17	Common	M	29833	—	Acquired	53175	Direct
2024-05-17	Common	F	9932	$20.80	Disposed	43243	Direct
2024-05-19	Common	M	5462	—	Acquired	48705	Direct
2024-05-19	Common	F	2568	$20.80	Disposed	46137	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-05-17	Restricted Stock Units	$	M	29833	Disposed		Common Shares (29833)	Direct
2024-05-19	Restricted Stock Units	$	M	5462	Disposed		Common Shares (5462)	Direct

Footnotes

F1: Restricted stock units were awarded on May 17, 2023, pursuant to the 2022 Long Term Incentive Plan. One-third of the restricted stock units will vest on the first, second and third annual anniversaries of the Grant Date. This transaction represents settlement of the first vesting. Each restricted stock unit ("RSU") represents the right to receive one common share of the Issuer upon vesting of such RSU.

F2: Shares withheld to pay taxes on restricted stock units that vested on May 17, 2024.

F3: Restricted stock units awarded pursuant to the 2020 Long Term Incentive Plan. Restricted stock units that became vested on May 19, 2024. Each restricted stock unit ("RSU") represents the right to receive one common share of the Issuer upon vesting of such RSU.

F4: Shares withheld to pay taxes on restricted stock units that vested on May 19, 2024.

F5: The market was closed on vest date therefore the previous trading day's close, May 17, 2024, was used to value the transaction.