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: CARLSON LEROY T JR (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-21	Common Shares	A	212053	—	Acquired	222720	Direct
2025-02-21	Common Shares	F	91908	$37.96	Disposed	130812	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: On May 19, 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 85.0% 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.

F2: Shares withheld to pay taxes

F3: Reporting person is one of four trustees 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.