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

May 8, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2025-05-06

Reporting Person: Villacrez Vicki L (Director, Executive Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-06	Common Shares	M	11403	$29.26	Acquired	74021	Direct
2025-05-06	Common Shares	F	10556	$34.03	Disposed	63465	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-06	Option (Right to Buy)	$29.26	M	11403	Disposed	2025-05-11	Common Shares (11403)	Direct

Footnotes

F1: Shares withheld to pay for strike price (9,804 Common Shares) and taxes (752 Common Shares).

F2: Granted on May 11, 2015, under the 2011 Long-Term Incentive Plan. Stock options vested on the third annual anniversary of the grant date.