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

Aug 14, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2025-08-12

Reporting Person: Chambers Douglas W (President of a Subsidiary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-08-12	Common Shares	M	6634	$30.72	Acquired	19785	Direct
2025-08-12	Common Shares	M	10592	$29.45	Acquired	30377	Direct
2025-08-12	Common Shares	M	11601	$27.79	Acquired	41978	Direct
2025-08-12	Common Shares	S	41992.377	$38.6293	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-08-12	Option (Rigft to Buy)	$30.72	M	6634	Disposed	2029-05-22	Common Shares (6634)	Direct
2025-08-12	Option (Right to Buy)	$27.79	M	11601	Disposed	2027-05-24	Common Shares (11601)	Direct
2025-08-12	Option (Right to Buy)	$29.45	M	10592	Disposed	2026-08-15	Common Shares (10592)	Direct

Footnotes

F1: There was 12,475.377 Common Shares sold at an average price of $38.50. Additionally, there was 29,517 Common Shares sold at an average price of $38.684 of which the shares were sold in multiple transactions at prices ranging from $38.595 and $38.96. 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. The total number of shares sold includes 14 shares acquired through dividend reinvestment.

F2: Granted under the Telephone and Data Systems, Inc. Long-Term Equity Plan. Option is currently exercisable.