[144] Telephone and Data Systems Inc. SEC Filing

Rhea-AI Filing Summary

Telephone and Data Systems, Inc. (TDS) Form 144 shows a proposed sale of 26,470 common shares by exercise of options under a registered plan on 08/21/2025. The broker listed is Morgan Stanley Smith Barney LLC and the reported aggregate market value of the shares to be sold is $1,036,324.32. The filing reports 108,000,000 shares outstanding for the issuer. The filing also discloses recent sales by the same person: 25,962 shares on 08/20/2025 for $1,016,061.81 and 15,000 shares on 08/19/2025 for $585,730.50. The seller attests there is no undisclosed material information and the transactions were paid in cash.

Positive

• Transaction executed under a registered plan, with acquisition and payment details provided for transparency
• Broker and aggregate value disclosed (Morgan Stanley Smith Barney LLC; $1,036,324.32), supporting market transparency
• Prior three-month sales disclosed (08/20/2025 and 08/19/2025), meeting Rule 144 aggregation and reporting requirements
• Seller attestation that they do not possess undisclosed material information

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider sale following option exercise; size is small relative to outstanding shares and appears procedural.

The filing documents an exercise-and-sale of 26,470 common shares through Morgan Stanley, valued at about $1.04 million. Recent sales by the same individual on 08/20/2025 and 08/19/2025 are disclosed, showing continued disposition activity. These disclosures are standard for compliance with Rule 144 and provide transparency on insider liquidity without indicating material company-level developments.

Compliance/Risk Analyst

TL;DR: Disclosure meets Rule 144 requirements; seller certifies absence of undisclosed material information.

The notice includes required acquisition details (exercise under a registered plan), payment method (cash), broker details, and prior three-month sales by the same person. The explicit representation that no material nonpublic information is known by the seller is included, aligning with regulatory expectations. No regulatory concerns are evident from the form itself.

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	26470	1036324.32	108000000	08/21/2025	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	08/21/2025	Exercise of options under a registered plan	Issuer			26470	08/21/2025	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	08/20/2025	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 filed on 08/21/2025 report?

The form reports a proposed sale of 26,470 common shares acquired by option exercise on 08/21/2025, with an aggregate market value of $1,036,324.32.

Who is the broker handling the proposed TDS stock sale?

The broker listed is Morgan Stanley Smith Barney LLC, 1 New York Plaza, 8th Floor, New York, NY.

Were there any other recent sales by the same person disclosed in the TDS filing?

Yes. The filing discloses sales of 25,962 shares on 08/20/2025 for $1,016,061.81 and 15,000 shares on 08/19/2025 for $585,730.50.

How many TDS shares are outstanding according to the filing?

The filing reports 108,000,000 shares outstanding for the issuer.

How were the securities paid for in this transaction?

The securities acquired by exercise on 08/21/2025 were paid for in cash.