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

Mar 11, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2025-03-07

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-07	Common Shares	M	236100	$29.26	Acquired	366912	Direct
2025-03-07	Common Shares	F	213291	$35.40	Disposed	153621	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-07	Deferred Compensation	$	A	5852	Acquired		Common Shares (5852)	Direct
2025-03-07	Option (Right to Buy)	$29.26	M	236100	Disposed	2025-05-11	Common Shares (236100)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	473113	Indirect
Common Shares	105521.32	Indirect
Common	78943	Indirect
Common Shares	211758	Indirect
Common Shares	1812782	Indirect

Footnotes

F1: Granted on May 11, 2015, under the 2011 Long Term Incentive Plan. Stock options vested on the third annual anniversary of the grant date.

F2: Reporting person exercised options and withheld 195,149 Common Shares to pay for the strike price and withheld 18,142 Common Shares to pay for taxes.

F3: Reporting person is a member of a trust which separately files on Form 4 for the issuer. The Common Shares reported are held by reporting person and his family members that have a pecuniary interest in such securities. Includes 693,620 Common Shares held by a family partnership of which reporting person is a general partner.

F4: Reporting person deferred a portion of his bonus into TDS Common Shares pursuant to the Long Term Incentive Plan. Reporting person is 100% vested in all bonus amounts and receives an employer match that vests ratably at 33%, 33% and 34% per year over a 3 year period. A total of 54,538 are vested.