TDS insider James Butman sold ~202k shares; planned 71,359-share sale on 08/28/2025

Rhea-AI Filing Summary

Telephone and Data Systems Inc. (TDS) Form 144 shows an insider sale notice for common stock. The filing reports a planned sale of 71,359 shares through Morgan Stanley Smith Barney on 08/28/2025, with an aggregate market value of $2,858,498.82. The shares to be sold were acquired the same day, 08/28/2025, by exercise of options under a registered plan and paid in cash. The filing also discloses that James W. Butman sold a total of 201,990 shares during 08/19/2025–08/27/2025, generating gross proceeds of approximately $7,950,838.98. The filer certifies no undisclosed material adverse information.

Positive

• Planned sale shares were acquired by exercise of options under a registered plan
• Payment for the acquired shares is in cash, and a broker (Morgan Stanley Smith Barney LLC) is named
• Recent sales history is fully disclosed for the past 3 months, showing transparency

Negative

• Insider James W. Butman sold a total of 201,990 shares from 08/19/2025 to 08/27/2025
• Gross proceeds from those recent sales amount to approximately $7,950,838.98, indicating significant insider liquidity

Insights

Securities Analyst

TL;DR: Insider exercised options and is selling a material block while the same insider recently sold ~202k shares for ~$8.0M.

The filing documents a same-day option exercise and an immediate planned sale of 71,359 common shares valued at $2.86M, which is routine for option exercises under a registered plan but notable for size. Recent sales by James W. Butman total 201,990 shares with gross proceeds of ~$7.95M across eight trading dates, indicating active disposition of shares. These transactions are disclosed under Rule 144 and do not by themselves indicate undisclosed corporate developments; they are material because of their magnitude relative to single-insider activity.

Corporate Governance / Compliance Expert

TL;DR: Filing appears procedurally complete: acquisition, payment method, broker, and recent sales disclosed as required.

The Form 144 includes required elements: identity of broker (Morgan Stanley Smith Barney LLC), acquisition date and method (exercise of options under a registered plan on 08/28/2025), payment in cash, approximate sale date, and recent sales history for the same account. The signer affirms no undisclosed material adverse information, and the notice format aligns with Rule 144 disclosure expectations. No regulatory exceptions or missing attestation details are evident in the provided 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	71359	2858498.82	108000000	08/28/2025	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	08/28/2025	Exercise of options under a registered plan	Issuer			71359	08/28/2025	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	08/27/2025	84882	3370256.79
JAMES W BUTMAN 30 North LaSalle Street, Suite 4000 Chicago IL 60602	Common	08/26/2025	23681	928034.71
JAMES W BUTMAN 30 North LaSalle Street, Suite 4000 Chicago IL 60602	Common	08/25/2025	15475	603876.28
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 is being reported in this TDS Form 144?

This Form 144 reports a proposed sale of 71,359 common shares of TDS on 08/28/2025 via Morgan Stanley Smith Barney, acquired by option exercise the same day.

Who sold shares in the recent transactions disclosed?

James W. Butman sold shares on multiple dates between 08/19/2025 and 08/27/2025.

How many shares were sold by James W. Butman in the past 3 months and what were the proceeds?

Butman sold 201,990 shares with aggregate gross proceeds of approximately $7,950,838.98.

How were the shares being offered on 08/28/2025 acquired?

The 71,359 shares were acquired on 08/28/2025 through exercise of options under a registered plan and paid for in cash.

Which broker is handling the planned sale on 08/28/2025?

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