TDS Insider Selling: 84,882 Shares via Morgan Stanley on NYSE

Rhea-AI Filing Summary

Telephone and Data Systems Inc. (TDS) Form 144 notifies the proposed sale of 84,882 common shares through Morgan Stanley Smith Barney LLC on the NYSE, with an aggregate market value of $3,370,256.79. The filing states these shares were acquired on 08/27/2025 by exercise of options under a registered plan and paid for in cash on the same date. The filer also reports six share sales by the same person in August 2025 totaling 117,108 shares for gross proceeds of $4,580,582.19. The notice includes the standard representation that the seller is not aware of unpublished material adverse information.

Positive

• None.

Negative

• Proposed sale of 84,882 shares valued at $3,370,256.79, indicating significant insider liquidity
• 117,108 shares sold in the prior days of August 2025, generating $4,580,582.19 in gross proceeds

Insights

Securities Analyst

TL;DR Insider proposes sale of 84,882 shares after exercising options; significant recent insider selling totaling 117,108 shares.

The filing documents a planned open-market sale executed through Morgan Stanley Smith Barney on the NYSE for 84,882 common shares valued at $3.37 million. The shares were acquired the same day via option exercise and paid in cash, indicating a routine post-exercise disposition. The filer previously sold 117,108 shares across six transactions in August 2025, producing $4.58 million in gross proceeds. For investors, this is a clear disclosure of meaningful insider liquidity but the form contains no statement of unpublished adverse information.

Corporate Governance Expert

TL;DR This Form 144 is a routine compliance disclosure of insider sales following option exercise; no allegations or adverse disclosures are included.

The document meets Rule 144 notification requirements by listing the broker, share counts, acquisition method, and sale timing. The shares were acquired by exercise under a registered plan and the sale is being routed through an institutional broker. The signer affirms no material nonpublic information is held. The filing contains no governance issues, litigation, or other disclosures beyond the sales themselves.

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	84882	3370256.79	108000000	08/27/2025	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	08/27/2025	Exercise of options under a registered plan	Issuer			84882	08/27/2025	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	08/26/2025	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 does the TDS Form 144 disclose?

The filing discloses a proposed sale of 84,882 common shares on 08/27/2025 via Morgan Stanley Smith Barney, with an aggregate market value of $3,370,256.79.

How were the shares acquired according to the filing?

The shares were acquired on 08/27/2025 by exercise of options under a registered plan and paid for in cash the same date.

Has the same person sold shares recently?

Yes. The filer sold 117,108 common shares across six transactions in August 2025, producing total gross proceeds of $4,580,582.19.

Which broker and exchange are being used for the proposed sale?

The proposed sale lists Morgan Stanley Smith Barney LLC as broker and the NYSE as the exchange.

Does the filer claim any undisclosed material information?

By signing, the filer represents they do not know any material adverse information about the issuer that has not been publicly disclosed.