TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2026

Mar 17, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2026-03-13

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-03-13	Deferred Compensation	$	A	3480	Acquired		Common Shares (3480)	Direct

Footnotes

F1: Reporting person deferred a portion of his bonus into TDS stock 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 58,745 are vested which includes 14,684 dividend equivalent units.