TDS insider sells 77,952 shares recently; files for additional 15,475-share sale

Rhea-AI Filing Summary

Telephone and Data Systems Inc. (TDS) Form 144 notice reports a proposed sale of 15,475 common shares through Morgan Stanley Smith Barney with an aggregate market value of $603,876.28 and the issuer's outstanding shares listed as 180,000,000. The shares were acquired on 08/25/2025 by exercise of options under a registered plan and paid for in cash on the same date. The filing also discloses four recent sales by James W Butman on 08/19–08/22/2025 totaling 77,952 shares for combined gross proceeds of $3,019,670.20. The filer certifies no undisclosed material adverse information.

Insights

Securities Analyst

TL;DR: Insider exercised options and plans a routine sale of 15,475 TDS shares; recent separate sales totaled 77,952 shares.

The notice documents a standard Rule 144 transaction: shares acquired by exercise of options under a registered plan on 08/25/2025 and an intended brokered sale via Morgan Stanley. Recent reported sales by James W Butman from 08/19–08/22/2025 amount to 77,952 shares with gross proceeds of $3,019,670.20. Relative to the reported 180,000,000 outstanding shares, these transactions represent a small fraction of float and appear procedural rather than company-moving based solely on the disclosed figures.

Compliance/Risk Analyst

TL;DR: Filing meets Rule 144 disclosure format and includes the required representation about material information.

The form includes acquisition details, payment method (cash), broker information, and past three months of sales as required. The filer signs the statutory representation that no undisclosed material adverse information is known. From a compliance perspective, the submission contains the elements regulators expect for an insider sale notice; nothing in the document indicates a procedural deficiency or a compliance breach based on the presented content.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	15475	603876.28	180000000	08/25/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	08/25/2025	Exercise of options under a registered plan	Issuer			15475	08/25/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
JAMES W BUTMAN 30 North LaSalle Street, Suite 4000 Chicago IL 60602	Common	08/22/2025	10520	410554.57
JAMES W BUTMAN 30 North LaSalle Street, Suite 4000 Chicago IL 60602	Common	08/21/2025	26470	1036324.32
JAMES W BUTMAN 30 North LaSalle Street, Suite 4000 Chicago IL 60602	Common	08/20/2025	25962	1016061.81
JAMES W BUTMAN 30 North LaSalle Street, Suite 4000 Chicago IL 60602	Common	08/19/2025	15000	585730.50

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the TDS Form 144 disclose about the proposed sale?

It discloses a proposed sale of 15,475 common shares through Morgan Stanley with an aggregate market value of $603,876.28.

How were the 15,475 shares acquired according to the filing?

The shares were acquired on 08/25/2025 by exercise of options under a registered plan and paid for in cash on that date.

Who reported recent sales and how many shares were sold in the past three months?

James W Butman reported sales of 77,952 shares across 08/19/2025–08/22/2025 for gross proceeds of $3,019,670.20.

What broker is handling the proposed sale?

The proposed sale is to be handled by Morgan Stanley Smith Barney LLC Executive Financial Services in New York.

Does the filer state any undisclosed material adverse information?

By signing the notice, the person represents they do not know of any material adverse information about the issuer that has not been publicly disclosed.