(TDS)

Role: President & CEO, subsidiary, Director
Signature: Julie D Mathews, by power of atty
Issuer symbol: TDS
Transactions as of: 25 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 27 Feb 2026, 16:13:38 UTC
Previous filing: 02 Jul 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Dixon Kenneth S.	President & CEO, subsidiary, Director	525 JUNCTION ROAD, MADISON	Julie D Mathews, by power of atty	27 Feb 2026	0002072289

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	Performance Share Units	Award		+10,389			10,389	25 Feb 2026	Common Shares	10,389		Direct	F1

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

Explanation of Responses:

Id	Content
F1	On June 9, 2025, the reporting person was granted financial-based performance share units based on the performance of three key metrics and the payout could be increased to 150% of target or reduced to 0% on achievement of the key metrics. Based on company performance at December 31, 2025, on February 25, 2026 the Compensation Human Resources Committee certified the three metrics at 75.1%. The Performance Shares representing the three metrics are now certified and are adjusted for performance and are time-based and will vest on December 31, 2027. The performance share units have been accumulating quarterly dividend equivalents. Each performance share unit represents the contingent right to receive one common share.

Content

On June 9, 2025, the reporting person was granted financial-based performance share units based on the performance of three key metrics and the payout could be increased to 150% of target or reduced to 0% on achievement of the key metrics. Based on company performance at December 31, 2025, on February 25, 2026 the Compensation Human Resources Committee certified the three metrics at 75.1%. The Performance Shares representing the three metrics are now certified and are adjusted for performance and are time-based and will vest on December 31, 2027. The performance share units have been accumulating quarterly dividend equivalents. Each performance share unit represents the contingent right to receive one common share.