(TDS)

Role: SVP-Strategy & Corp Dev
Signature: Julie D. Mathews, by power of atty
Issuer symbol: TDS
Transactions as of: 21 May 2025
Net transactions value: $0
Form type: 4
Filing time: 22 May 2025, 16:27:51 UTC
Previous filing: 20 May 2025
Next filing: 12 Jun 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Hanley Joseph R	SVP-Strategy & Corp Dev	30 N. LASALLE ST., STE. 4000, CHICAGO	Julie D. Mathews, by power of atty	22 May 2025	0001298040

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	Restricted Stock Units	Award		+9,795			9,795	21 May 2025	Common Shares	9,795		Direct	F1
transaction	TDS	Performance Share Units	Award		+2,329			2,329	21 May 2025	Common Shares	2,329		Direct	F2

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

Explanation of Responses:

Id	Content
F1	Restricted stock units awarded pursuant to the 2022 Long Term Incentive Plan. One-third of the restricted stock units will vest on the first, second and third annual anniversaries of the Grant Date.
F2	On May 21, 2025, the reporting person was granted financial-based performance share units based on the performance of three key metrics. One of the three performance metrics, representing 32% of the total award, is based on UScellular performance and has a 75% floor, which can be increased to 100% if the announced UScellular transaction with T-Mobile closes in 2025. Accordingly, this Form 4 reports the number of performance share units issuable under the 75% floor, which is 24% of the target award. Another Form 4 would be filed to reflect an increase in the floor to the extent the UScellular transaction with T-Mobile closes in 2025. Performance share units accumulate dividend equivalents (in the form of additional performance share units) which are forfeitable if the performance metrics are not achieved.

Content

Restricted stock units awarded pursuant to the 2022 Long Term Incentive Plan. One-third of the restricted stock units will vest on the first, second and third annual anniversaries of the Grant Date.

On May 21, 2025, the reporting person was granted financial-based performance share units based on the performance of three key metrics. One of the three performance metrics, representing 32% of the total award, is based on UScellular performance and has a 75% floor, which can be increased to 100% if the announced UScellular transaction with T-Mobile closes in 2025. Accordingly, this Form 4 reports the number of performance share units issuable under the 75% floor, which is 24% of the target award. Another Form 4 would be filed to reflect an increase in the floor to the extent the UScellular transaction with T-Mobile closes in 2025. Performance share units accumulate dividend equivalents (in the form of additional performance share units) which are forfeitable if the performance metrics are not achieved.