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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-05-17	Common Shares	M	163146	—	Acquired	385902	Direct
2024-05-17	Common Shares	F	72274	$20.80	Disposed	313628	Direct
2024-05-19	Common Shares	M	136827	—	Acquired	450455	Direct
2024-05-19	Common Shares	F	57399	$20.80	Disposed	393056	Direct
2024-04-16	Common Shares	W	78756.3674	—	Acquired	471812.3674	Direct
2024-04-16	Common Shares	W	47993.9516	—	Acquired	1811445.9516	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-05-17	Restricted Stock Units	$	M	163146	Disposed		Common Shares (163146)	Direct
2024-05-19	Restricted Stock Units	$	M	136827	Disposed		Common Shares (136827)	Direct
2024-04-16	Series A Common Shares	$	W	18064.7053	Acquired		Common Shares (18064.7053)	Direct
2024-04-16	Series A Common Shares	$	W	53730.2128	Acquired		Common Shares (53730.2128)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	105521	Indirect
Common Shares	211758	Indirect
Common	78943	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series A Common Shares	$		Common Shares (297)	297	Indirect
Series A Common Shares	$		Common Shares (12548)	12548	Indirect
Series A Common Shares	$		Common Shares (11424)	11424	Indirect

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, 2022, was used to value the transaction.

F6: Reporting person is one of four trustees of a trust which separately files on Form 4 for the issuer. The Common Shares reported are held by reporting person and his family members that have a pecuniary interest in such securities. Includes 693,204 Common Shares held by a family partnership of which reporting person is a general partner.

F7: Voluntary report of shares held in trust, the trustee of which is a third party and beneficiaries of which include the spouse and descendants

F8: Voluntary report of shares held in trust, the trustee of which is a third party and beneficiaries of which the descendants of the reporting person and his spouse

F9: Series A Common Shares are convertible, on a share-for-share basis, into Common Shares.

F10: Reporting person is one of four trustees of a trust which which separately files on Form 4 for the issuer. The Series A Common Shares reported are held by reporting person and his family members that have a pecuniary interest in such securities. Includes 755,686 Series A Common Shares held by a family partnership of which reporting person is a general partner.