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

Aug 14, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2025-08-12

Reporting Person: CARLSON LEROY T JR (Director, Vice Chair)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-08-12	Common Shares	M	18320	$25.70	Acquired	387693	Direct
2025-08-12	Common Shares	M	53800	$29.45	Acquired	441493	Direct
2025-08-12	Common Shares	M	39700	$27.79	Acquired	481193	Direct
2025-08-12	Common Shares	S	111820	$38.1511	Disposed	369373	Direct
2025-08-13	Common Shares	I	23299	$38.81	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-08-12	Option (Right to Buy)	$25.70	M	18320	Disposed	2028-05-22	Common Shares (18320)	Direct
2025-08-12	Option (Right to Buy)	$29.45	M	53800	Disposed	2026-08-15	Common Shares (53800)	Direct
2025-08-12	Option (Right to Buy)	$27.79	M	39700	Disposed	2027-05-24	Common Shares (39700)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	473113	Indirect
Common	78943	Indirect
Common Shares	211758	Indirect
Common Shares	105521.32	Indirect

Footnotes

F1: Reporting person sold Common Shares at an average price of $38.1511 of which the Common Shares were sold in multiple transactions at prices ranging from $37.705 and $38.78. The reporting person undertakes to provide to the SEC, the Issuer and any security holder, the full information regarding the number of shares and the prices at which the shares were sold.

F2: Reporting person had an intra-plan transfer of funds between the TDS Common Stock fund and another plan fund in the TDS 401(k) plan. The number of shares held in the TDS 401(k) Common Stock funds fluctuates and was attributable to the price of the shares on 8/13/25.

F3: Granted under the Long-Term Incentive Plan. Stock options were vested.