Leroy T Jr Carlson - May 19, 2021 Form 4 Insider Report for TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)

Role: President and CEO, Director
Signature: Julie D. Mathews, by power of atty
Stock symbol: TDS
Transactions as of: May 19, 2021
Transactions value $: $0
Form type: 4
Date filed: 5/20/2021, 04:08 PM
Next filing: May 25, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TDS	Common Shares	Gift	$0	-3.31K	-4.24%	$0.00	74.6K	Mar 20, 2021	Direct	F1
transaction	TDS	Common Shares	Gift	$0	-11.5K	-15.41%	$0.00	63.1K	Mar 26, 2021	Direct	F1
transaction	TDS	Common Shares	Gift	$0	-12K	-19.01%	$0.00	51.1K	Apr 13, 2021	Direct	F1
transaction	TDS	Common Shares	Gift	$0	-11K	-21.52%	$0.00	40.1K	May 15, 2021	Direct	F1
transaction	TDS	Common Shares	Gift	$0	-252K	-11.85%	$0.00	1.87M	Mar 8, 2021	By Voting Trust	F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	TDS	Option (Right to Buy)	Award	$0	+104K		$0.00	104K	May 19, 2021	Common Shares	104K	$25.36	Direct	F4
transaction	TDS	Restricted Stock Units	Award		+137K			137K	May 19, 2021	Common Shares	137K		Direct	F5
transaction	TDS	Series A Common Shares	Gift	$0	-9.22K	-0.45%	$0.00	2.04M	Mar 8, 2021	Common Shares	9.22K		By Voting Trust	F6, F7, F8

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Includes 3768 shares owned by children. Reporting person disclaims beneficial ownership of shares owned by children.
F2	On March 8, 2021 the reporting person's spouse individually transferred 162,314 Common Shares and 89,679 Common Shares from her Marital Trust to a trust, the trustee of which is a family member. The reporting person previous reported all securities held by spouse and spouse's Marital Trust. Accordingly, the transfer did not result in the change in the number of securities reported as beneficially owned by reporting person.
F3	Reporting person is one of four trustees which is record owner of these shares and files its holdings on forms 4. Of these Common shares, shares are held by respective reporting person and his family members.
F4	Options granted pursuant to the 2020 Long-Term Incentive Plan. Options become exercisable on May 19, 2024.
F5	Restricted stock unit award pursuant to the 2020 Long Term Incentive Plan. Stock units will become vested on third anniversary.
F6	Series A Common shares are convertible, on a share-for-share basis, into common shares.
F7	Reporting person is one of four trustees which is record owner of these shares and files its holdings on forms 4. Of these Series A Common Shares, shares are held by respective reporting person and his family members.
F8	On March 8, 2021, the reporting person's spouse individually transferred 9,218 Series A common Shares to a trust, the trustee of which is a family member. The reporting person previously reported all securities held by spouse. Accordingly, the transfer did not result in the change in the number of securities reported as beneficially owned by reporting person.