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

Aug 22, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2025-08-20

Reporting Person: Kroll Anita J (VP, Controller & CAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-08-20	Common Shares	M	3771	$19.15	Acquired	23263	Direct
2025-08-20	Common Shares	M	2432	$25.36	Acquired	25695	Direct
2025-08-20	Common Shares	S	8608	$39.0912	Disposed	17087	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-08-20	Option (Right to Buy)	$19.15	M	3771	Disposed	2030-05-21	Common (3771)	Direct
2025-08-20	Option (Right to Buy)	$25.36	M	2432	Disposed	2031-05-19	Common (2432)	Direct

Footnotes

F1: Reporting person sold Common Shares at an average price of $39.0912 of which the Common Shares were sold in multiple transactions at prices ranging from $39.00 and $39.22. The reporting person undertakes to provide to the SEC, the Issuer and any security holder, the full information regarding the number of shares and the prices at which the shares were sold.

F2: Granted under the Long-Term Incentive Plan. Option was exercisable.