TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2025

Nov 20, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2025-11-18

Reporting Person: CARLSON LEROY T JR (Director, Vice Chair)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-18	Common Shares	G	4016	—	Disposed	365357	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	311364	Indirect
Common Shares	40978.32	Indirect
Common Shares	37543	Indirect
Common	78943	Indirect
Common Shares	211758	Indirect

Footnotes

F1: By gift