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

Jun 12, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2025-06-11

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-06-11	Common Shares	M	6062	$34.17	Acquired	102776	Direct
2025-06-11	Common Shares	F	2686	$34.17	Disposed	100090	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-06-11	Restricted Stock Units	$	M	6062	Disposed		Common Shares (6062)	Direct

Footnotes

F1: Restricted stock units were awarded on June 11, 2024, 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 vest on June 11, 2025.