WALTER CD CARLSON - 21 May 2025 Form 4 Insider Report for TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)

Role
President and CEO, Director
Signature
Julie D Mathews, by power of atty
Issuer symbol
TDS
Transactions as of
21 May 2025
Net transactions value
+$83,865
Form type
4
Filing time
22 May 2025, 20:43:58 UTC
Previous filing
23 May 2024
Next filing
04 Aug 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
CARLSON WALTER CD President and CEO, Director 30 N. LASALLE ST. STE. 4000, CHICAGO Julie D Mathews, by power of atty 22 May 2025 0001230118

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction TDS Common Shares Award $83,865 +2,479 +1.1% $33.83 220,626 22 May 2025 Direct F1

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 +35,715 35,715 21 May 2025 Common Shares 35,715 Direct F2
transaction TDS Performance Share Units Award +12,736 12,736 21 May 2025 Common Shares 12,736 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Shares acquired pursuant to a compensation plant for non-employee directors. Reporting person was a non-employee director through January 31, 2025.
F2 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.
F3 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.