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

Mar 13, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2025-03-12

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-12	Performance Share Units	$	A	92835	Acquired		Common Shares (92835)	Direct

Footnotes

F1: On June 11, 2024, the reporting person was granted financial-based performance share units based on the performance of three key metrics. The payout could be increased to 192% of target or reduced to 0% on achievement of the key metrics. Based on company performance at December 31, 2024, the Compensation Human Resources Committee certified on March 12, 2025 one of the three metrics at 145.9%. The Performance Shares representing the one metric were certified and are now adjusted for performance and are time-based and will vest on June 11, 2027. The second of the three metrics is measured over a two year time period and will not be measured until December 31, 2025. The final metric is measured over a three year time period and will not be measured until December 31, 2026. The performance share units have been accumulating quarterly dividend equivalents. Each performance share unit represents the contingent right to receive one common share.