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

Aug 18, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2025-08-18

Reporting Person: Hanley Joseph R (SVP-Strategy & Corp Dev)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-08-18	Common Shares	M	7256	$29.45	Acquired	107346	Direct
2025-08-18	Common Shares	M	7201	$27.79	Acquired	114547	Direct
2025-08-18	Common Shares	M	7540	$25.70	Acquired	122087	Direct
2025-08-18	Common Shares	M	7145	$30.72	Acquired	129232	Direct
2025-08-18	Common Shares	S	68759	$38.1576	Disposed	60473	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-08-18	Option (Right to Buy)	$27.79	M	7201	Disposed	2027-05-24	Common Shares (7201)	Direct
2025-08-18	Option (Right to Buy)	$25.70	M	7540	Disposed	2028-05-22	Common Shares (7540)	Direct
2025-08-18	Option (Right to Buy)	$30.72	M	7145	Disposed	2029-05-22	Common Shares (7145)	Direct
2025-08-18	Option (Right to Buy)	$29.45	M	7256	Disposed	2026-08-15	Common Shares (7256)	Direct

Footnotes

F1: Reporting person sold Common Shares at an average price of $38.1576 of which the Common Shares were sold in multiple transactions at prices ranging from $37.7799 and $38.67. 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. Stock options are exercisable.