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

May 22, 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: Villacrez Vicki L (Director, Executive Vice President & CFO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-21	Restricted Stock Units	$	A	16434	Acquired		Common Shares (16434)	Direct
2025-05-21	Performance Share Units	$	A	3907	Acquired		Common Shares (3907)	Direct

Footnotes

F1: 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.

F2: 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.