[144] Telephone and Data Systems Inc. SEC Filing

Rhea-AI Filing Summary

Telephone and Data Systems Inc. (TDS) notice reports a proposed sale under Rule 144 of 68,759 common shares through Morgan Stanley Smith Barney, with an aggregate market value of $2,623,676.18 and an approximate sale date of 08/18/2025 on the NYSE. The filing itemizes the acquisition history for the shares being sold: multiple tranches of restricted stock that vested between 02/10/2022 and 02/28/2025, plus an option exercise generating 29,142 shares with an acquisition date listed as the sale date 08/18/2025. Each restricted tranche is reported as compensation for services rendered, and one tranche shows payment by cash at exercise. The filer certifies they are unaware of any undisclosed material adverse information.

Positive

• Clear compliance: The filer provided a formal Rule 144 notice with broker, share counts, and acquisition history
• Compensation origin disclosed: Majority of shares arose from restricted stock vesting for services, which clarifies why shares are being sold

Negative

• Insider liquidity event: Proposed sale of 68,759 shares valued at $2,623,676.18, which could increase share supply on the market
• Option exercise coincident with sale: 29,142 shares are listed as acquired by exercise on the same date as the planned sale (08/18/2025)

Insights

Securities Analyst

TL;DR: Officer/insider plans to sell 68,759 TDS shares (~$2.62M) via Morgan Stanley on 08/18/2025; holdings come mainly from vested restricted stock.

This Form 144 documents a planned Rule 144 sale rather than an open-market transaction report. The shares registered for sale total 68,759, comprised of several restricted-stock vesting events from 2022–2025 and an option exercise scheduled the same day as the sale. The filing identifies the broker and the exchange (NYSE) and confirms no undisclosed material information per the signatory representation. For investors, the filing is routine disclosure of an insider liquidity event; the form itself does not indicate quantitative impact on company operations or financial results.

Corporate Governance Expert

TL;DR: Formal Rule 144 notice filed for insider sale; documentation shows compensation-origin shares and compliance with disclosure rules.

The schedule of acquisitions shows most shares arose from restricted stock vesting tied to services, indicating these are compensation-related holdings becoming eligible for sale. The inclusion of an option exercise dated the sale date suggests conversion of options concurrent with the planned disposition. The filing signals procedural compliance with Rule 144 and broker engagement but does not disclose any lock-up waivers, trading-plan details, or material nonpublic information. Governance-wise, this is a standard insider liquidity disclosure.

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	68759	2623676.18	108000000	08/18/2025	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	05/17/2024	Restricted stock vesting under a registered plan	Issuer			14115	05/17/2024	Services Rendered
Common	05/19/2024	Restricted stock vesting under a registered plan	Issuer			6539	05/19/2024	Services Rendered
Common	02/28/2025	Restricted stock vesting under a registered plan	Issuer			3603	02/28/2025	Services Rendered
Common	02/10/2022	Restricted stock vesting under a registered plan	Issuer			4129	02/10/2022	Services Rendered
Common	08/18/2025	Exercise of options under a registered plan	Issuer			29142	08/18/2025	Cash
Common	02/21/2025	Restricted stock vesting under a registered plan	Issuer			11231	02/21/2025	Services Rendered

* 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

Nothing to Report

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 TDS Form 144 filed here disclose?

The filing discloses a proposed Rule 144 sale of 68,759 common shares through Morgan Stanley Smith Barney on the NYSE, with aggregate market value $2,623,676.18 and an approximate sale date of 08/18/2025.

Where did the shares being sold originate?

The disclosed shares were primarily acquired via restricted stock vesting for services (multiple dates from 02/10/2022 to 02/28/2025) and an option exercise listed on 08/18/2025.

Who is the broker handling the proposed sale of TDS shares?

The broker named in the filing is Morgan Stanley Smith Barney LLC, located at 1 New York Plaza, 8th Floor, New York, NY 10004.

Does the Form 144 report any sales in the past three months?

The filing states "Nothing to Report" for securities sold during the past three months by the person whose account is the subject of this notice.

Does the filer assert knowledge of undisclosed material information about TDS?

Yes. By signing, the filer represents they do not know any material adverse information