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

May 23, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2025-05-21

Reporting Person: CARLSON WALTER CD (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-22	Common Shares	A	2479	$33.83	Acquired	220626	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-21	Restricted Stock Units	$	A	35715	Acquired		Common Shares (35715)	Direct
2025-05-21	Performance Share Units	$	A	12736	Acquired		Common Shares (12736)	Direct

Footnotes

F1: Shares acquired pursuant to a compensation plant for non-employee directors. Reporting person was a non-employee director through January 31, 2025.

F2: Restricted stock units awarded 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.

F3: On May 21, 2025, the reporting person was granted financial-based performance share units based on the performance of three key metrics. One of the three performance metrics, representing 32% of the total award, is based on UScellular performance and has a 75% floor, which can be increased to 100% if the announced UScellular transaction with T-Mobile closes in 2025. Accordingly, this Form 4 reports the number of performance share units issuable under the 75% floor, which is 24% of the target award. Another Form 4 would be filed to reflect an increase in the floor to the extent the UScellular transaction with T-Mobile closes in 2025. Performance share units accumulate dividend equivalents (in the form of additional performance share units) which are forfeitable if the performance metrics are not achieved.