TDS insider disposals: 66,932 shares sold over three days; 10,520 proposed sale

Rhea-AI Filing Summary

Form 144 notice for Telephone and Data Systems Inc. (TDS) shows a proposed sale of 10,520 common shares through Morgan Stanley Smith Barney (NYC) with an aggregate market value of $410,554.57, scheduled approximately on 08/22/2025. The filing states the shares were acquired on 08/22/2025 by exercise of options under a registered plan and paid in cash on that date. The filer, listed in recent transactions as James W Butman, reported sales of 26,470, 25,962, and 15,000 common shares on 08/21/2025, 08/20/2025, and 08/19/2025 respectively, generating gross proceeds of $1,036,324.32, $1,016,061.81, and $585,730.50. The filing does not provide the filer’s relationship to the issuer.

Insights

Securities Analyst

TL;DR: Insider sales totaling tens of thousands of shares over consecutive days signal realized proceeds but not necessarily material dilution.

The filing documents a near-term proposed sale of 10,520 shares following option exercise and multiple recent disposals by the same individual. The sales generated multi-hundred-thousand dollar proceeds per day and were routed through a major broker. From a market perspective, these are clear insider monetizations rather than equity issuance. The report lacks context on ownership percentage or intent, so the market impact depends on the filer’s remaining holdings and company float.

Compliance / Risk Analyst

TL;DR: Filing appears procedurally complete but omits the filer’s stated relationship to the issuer, reducing disclosure clarity.

The notice provides required transaction details: acquisition date, nature (option exercise under a registered plan), payment method (cash), broker, and prior three-day sales with gross proceeds. However, the relationship to the issuer field is blank in the provided extract, which is a relevant disclosure element under Rule 144 reporting. The signature/attestation language is present, affirming absence of undisclosed material adverse information by the signer.

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	10520	410554.57	108000000	08/22/2025	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	08/22/2025	Exercise of options under a registered plan	Issuer			10520	08/22/2025	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	08/21/2025	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 Form 144 filed for TDS on 08/22/2025 report?

The form reports a proposed sale of 10,520 common shares valued at $410,554.57, acquired by option exercise and to be sold through Morgan Stanley Smith Barney on 08/22/2025.

Who conducted recent sales reported in this filing for TDS?

Recent sales were reported by James W Butman on 08/19/2025 (15,000 shares), 08/20/2025 (25,962 shares), and 08/21/2025 (26,470 shares) with gross proceeds listed for each sale.

How were the shares acquired that are being sold according to the Form 144?

The shares were acquired on 08/22/2025 by exercise of options under a registered plan, and payment was made in cash on that date.

Which broker is handling the proposed sale in the Form 144?

The proposed sale is to be handled by Morgan Stanley Smith Barney LLC, Executive Financial Services, 1 New York Plaza, 8th Floor, New York, NY 10004.

Does the filing state the filer’s relationship to Telephone and Data Systems Inc. (TDS)?

No. The provided extract does not include the filer’s relationship to the issuer.