James W. Butman Files Form 144 to Sell TDS Shares After Option Exercise

Rhea-AI Filing Summary

Form 144 notice for Telephone and Data Systems, Inc. (TDS): An insider sold common stock after exercising options under a registered plan. The filing shows 23,681 shares proposed for sale through Morgan Stanley Smith Barney with an aggregate market value of $928,034.71. The shares were acquired and are to be sold on 08/26/2025 with cash payment for the exercise.

The filing also discloses multiple recent open-market sales by the same person, James W. Butman, totaling 93,427 shares sold between 08/19/2025 and 08/25/2025 with combined gross proceeds reported across those sales. The number of shares to be sold represents a very small fraction of the company’s 108,000,000 outstanding shares. The filer certifies no undisclosed material adverse information.

Insights

Securities Analyst

TL;DR: Routine insider sale following option exercise; volumes are small relative to outstanding shares, so limited market impact.

The filing documents an option exercise and planned sale of 23,681 shares valued at $928,034.71, executed through Morgan Stanley. Recent aggregated sales by the insider total 93,427 shares over a week. Compared with 108 million shares outstanding, these transactions are immaterial to market capitalization. The disclosure meets Rule 144 notice requirements and includes the insider representation of no undisclosed material information.

Corporate Governance Expert

TL;DR: Procedural compliance appears satisfied; transactions align with exercise-and-sell activity under a registered plan.

The filing indicates the securities were acquired by exercise of options under a registered plan and paid in cash on the acquisition date. The insider signed the notice attesting to lack of undisclosed material information. From a governance perspective, the filing reflects standard reporting practice for executive option exercises and subsequent sales, with no governance red flags evident from 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	23681	928034.71	108000000	08/26/2025	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	08/26/2025	Exercise of options under a registered plan	Issuer			23681	08/26/2025	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	08/25/2025	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

Who is the insider filing the Form 144 for TDS?

The filing identifies the seller as James W. Butman.

How many shares are proposed for sale under this Form 144 for TDS?

The notice proposes sale of 23,681 common shares with an aggregate market value of $928,034.71.

When were the shares acquired and how were they acquired?

The shares were acquired on 08/26/2025 by exercise of options under a registered plan and payment was made in cash.

What recent sales by the insider are disclosed in the form?

The form lists five open-market sales by James W. Butman between 08/19/2025 and 08/25/2025 totaling 93,427 shares.

How large are these transactions relative to TDS's outstanding shares?

The filing shows 108,000,000 shares outstanding; the proposed sale of 23,681 shares and recent sales of 93,427 shares each represent a very small fraction of outstanding shares.