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

Feb 25, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2025-02-21

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-21	Common Shares	A	45168	—	Acquired	234166	Direct

Footnotes

F1: On May 18, 2022, the reporting person was granted financial-based performance share units that would be measured over a three year time period. The payout could be
increased to 200% of target or reduced to 0% based on achievement of the key metrics. The performance share units have been accumulating quarterly dividend
equivalents. Based on company performance over the three year period ending on December 31, 2024, the Compensation Human Resources Committee certified on
February 21, 2025 that the reporting person was entitled to 100.0% of his target opportunity. The Performance Shares were certified and are now adjusted for performance
and vested immediately on February 21, 2025. Each performance share unit represents the contingent right to receive one common share.