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

May 20, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2025-05-17

Reporting Person: Butman James W (Director, President & CEO of subsidiary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-17	Common Shares	M	57362	—	Acquired	291528	Direct
2025-05-17	Common Shares	F	25613	$34.93	Disposed	265915	Direct
2025-05-18	Common Shares	M	45498	—	Acquired	311413	Direct
2025-05-18	Common Shares	F	20315	$34.93	Disposed	291098	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-17	Restricted Stock Units	$	M	57362	Disposed		Common Shares (57362)	Direct
2025-05-18	Restricted Stock Units	$	M	45498	Disposed		Common Shares (45498)	Direct

Footnotes

F1: Restricted stock units were awarded on May 17, 2023, 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 second 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 vested on May 17, 2025.

F3: The market was closed on vest date therefore the previous trading day's close, May 16, 2025, was used to value the transaction.

F4: Restricted stock units awarded pursuant to the 2020 Long Term Incentive Plan. Restricted stock units became vested on May 18, 2025. Each restricted stock unit ("RSU") represents the right to receive one common share of the Issuer upon vesting of such RSU.

F5: Shares withheld to pay taxes on restricted stock units that vested on May 18, 2025.