Leroy T Jr Carlson - Feb 20, 2023 Form 4 Insider Report for TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)

Signature
Julie D. Mathews, by power of atty
Stock symbol
TDS
Transactions as of
Feb 20, 2023
Transactions value $
-$1,081,410
Form type
4
Date filed
2/22/2023, 02:03 PM
Previous filing
Jan 10, 2023
Next filing
May 19, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction TDS Common Shares Gift $0 -5.44K -57.26% $0.00 4.06K Feb 20, 2023 Direct
transaction TDS Common Shares Options Exercise $0 +199K +4904.95% $0.00 203K Feb 20, 2023 Direct F1
transaction TDS Common Shares Tax liability -$1.08M -78.9K -38.84% $13.70 124K Feb 20, 2023 Direct F2, F3
transaction TDS Common Shares Gift $0 -5.44K -4.9% $0.00 106K Feb 20, 2023 By wife
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On May 21, 2020, 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 period ending on December 31, 2022, the Compensation and Human Resources Committee certified on February 20, 2023 that the reporting person was entitled to 67.9% of his target opportunity.
F2 Shares withheld to pay taxes
F3 The market was closed on February 20, 2023, therefore the previous trading day's close, February 17, 2023 was used to value the transaction.