Kevin R. Lowell - Feb 14, 2024 Form 4 Insider Report for UNITED STATES CELLULAR CORP (USM)

Role: EVP, Chief People Officer
Signature: Julie D. Mathews, by power of atty
Stock symbol: USM
Transactions as of: Feb 14, 2024
Transactions value $: $0
Form type: 4
Date filed: 2/16/2024, 06:25 PM
Previous filing: Nov 29, 2023
Next filing: Mar 5, 2024

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	USM	Performance Shares Units	Award		+1.3K	+20.01%		7.82K	Feb 14, 2024	Common Shares	1.3K		Direct	F1
transaction	USM	Performance Shares Units	Award		+34.9K			34.9K	Feb 14, 2024	Common Shares	34.9K		Direct	F2

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

Explanation of Responses:

Id	Content
F1	On April 5, 2021 reporting person was granted an award based on achievement of certain performance measures and, effective May 23, 2023, the award was adjusted by the Long-Term Incentive Compensation Committee (LTICC) to provide for a payout at no less than 75% of the target opportunity of such award. Based on company performance at December 31, 2023, the LTICC certified on February 14, 2024 that the reporting person was entitled to 90% of his target opportunity. Performance share units are now adjusted for performance and are time-based and vest on April 5, 2024. Each performance share unit represents the contingent right to receive one common share.
F2	On April 3, 2023, the reporting person was granted an award based on achievement of certain performance measures. Based on company performance at December 31, 2023, the Long Term Incentive Compensation Committee certified on February 14, 2024 that the reporting person was entitled o 119% of his target opportunity. Performance share units are now adjusted for performance and are time-based and vest on April 3, 2026.

Content

On April 5, 2021 reporting person was granted an award based on achievement of certain performance measures and, effective May 23, 2023, the award was adjusted by the Long-Term Incentive Compensation Committee (LTICC) to provide for a payout at no less than 75% of the target opportunity of such award. Based on company performance at December 31, 2023, the LTICC certified on February 14, 2024 that the reporting person was entitled to 90% of his target opportunity. Performance share units are now adjusted for performance and are time-based and vest on April 5, 2024. Each performance share unit represents the contingent right to receive one common share.

On April 3, 2023, the reporting person was granted an award based on achievement of certain performance measures. Based on company performance at December 31, 2023, the Long Term Incentive Compensation Committee certified on February 14, 2024 that the reporting person was entitled o 119% of his target opportunity. Performance share units are now adjusted for performance and are time-based and vest on April 3, 2026.