STOCK TITAN

[Form 4] Telephone and Data Systems Inc. Insider Trading Activity

Filing Impact
(High)
Filing Sentiment
(Very Positive)
Form Type
4
Rhea-AI Filing Summary

Carlson Leroy T. Jr., Vice Chair and director of Telephone and Data Systems Inc. (TDS), reported multiple option grants, purchases and a sale in mid-August 2025. On 08/12/2025 he acquired option-based positions totaling 111,820 option shares (18,320 at $25.70; 53,800 at $29.45; 39,700 at $27.79) granted under the Long-Term Incentive Plan and listed as vested. The reporting person sold 111,820 common shares on 08/12/2025 at an average price of $38.1511 (individual sale prices ranged from $37.705 to $38.78). After the transactions the form reports direct beneficial ownership figures including 369,373, 387,693, 441,493 and 481,193 at various reporting lines and multiple indirect holdings by 401(k), trusts and a wife's trust totaling listed balances such as 473,113, 78,943, 211,758, and 105,521.32.

Carlson Leroy T. Jr., Vice Chair e membro del consiglio di Telephone and Data Systems Inc. (TDS), ha comunicato a metà agosto 2025 una serie di assegnazioni di opzioni, acquisti e una vendita. Il 12/08/2025 ha acquisito posizioni basate su opzioni per un totale di 111.820 azioni opzione (18.320 a 25,70$; 53.800 a 29,45$; 39.700 a 27,79$) concesse nell'ambito del Long-Term Incentive Plan e indicate come maturate. Nello stesso giorno ha venduto 111.820 azioni ordinarie a un prezzo medio di 38,1511$ (prezzi individuali compresi tra 37,705$ e 38,78$). Dopo le operazioni il report indica quote di proprietà diretta pari a 369.373, 387.693, 441.493 e 481.193 in vari campi di rendicontazione, oltre a numerose partecipazioni indirette tramite piani 401(k), trust e il trust della moglie con saldi elencati come 473.113, 78.943, 211.758 e 105.521,32.

Carlson Leroy T. Jr., Vicepresidente y director de Telephone and Data Systems Inc. (TDS), informó a mediados de agosto de 2025 varias concesiones de opciones, adquisiciones y una venta. El 12/08/2025 adquirió posiciones basadas en opciones por un total de 111.820 opciones (18.320 a 25,70$; 53.800 a 29,45$; 39.700 a 27,79$) otorgadas bajo el Long-Term Incentive Plan y registradas como adquiridas. Ese mismo día vendió 111.820 acciones ordinarias a un precio medio de 38,1511$ (precios individuales entre 37,705$ y 38,78$). Tras las operaciones, el informe refleja participaciones directas de 369.373, 387.693, 441.493 y 481.193 en distintos apartados y varias tenencias indirectas a través de 401(k), fideicomisos y el fideicomiso de su esposa con saldos indicados como 473.113, 78.943, 211.758 y 105.521,32.

Carlson Leroy T. Jr., Telephone and Data Systems Inc. (TDS) 부회장 겸 이사는 2025년 8월 중순 여러 주식옵션 부여, 취득 및 매각을 보고했습니다. 2025-08-12에 장기 인센티브 계획(Long-Term Incentive Plan)에 따라 총 111,820주(18,320주 @ $25.70; 53,800주 @ $29.45; 39,700주 @ $27.79)의 옵션 기반 포지션을 취득했고 해당 옵션은 베스팅된 것으로 기재되어 있습니다. 같은 날 보고인은 보통주 111,820주를 평균 가격 $38.1511에 매도했으며(개별 매도가격은 $37.705~$38.78 범위), 거래 후 보고서에는 다양한 보고 항목에서 369,373, 387,693, 441,493, 481,193 등의 직접 소유 수치와 401(k), 트러스트 및 배우자 트러스트를 통한 간접 보유로 473,113, 78,943, 211,758, 105,521.32 등의 잔액이 기재되어 있습니다.

Carlson Leroy T. Jr., vice-président et administrateur de Telephone and Data Systems Inc. (TDS), a déclaré à la mi-août 2025 plusieurs attributions d'options, acquisitions et une vente. Le 12/08/2025, il a acquis des positions sur options totalisant 111 820 options (18 320 à 25,70$ ; 53 800 à 29,45$ ; 39 700 à 27,79$) attribuées dans le cadre du Long-Term Incentive Plan et indiquées comme acquises. Le même jour, la personne déclarant a vendu 111 820 actions ordinaires au prix moyen de 38,1511$ (prix individuels entre 37,705$ et 38,78$). Après ces opérations, le formulaire fait état de détentions directes de 369.373, 387.693, 441.493 et 481.193 à différents postes et de plusieurs participations indirectes via 401(k), trusts et le trust de son épouse, avec des soldes mentionnés tels que 473.113, 78.943, 211.758 et 105.521,32.

Carlson Leroy T. Jr., Vice Chair und Direktor von Telephone and Data Systems Inc. (TDS), meldete Mitte August 2025 mehrere Optionszuteilungen, Erwerbe und einen Verkauf. Am 12.08.2025 erwarb er optionsbasierte Positionen in Höhe von insgesamt 111.820 Optionsaktien (18.320 zu 25,70$; 53.800 zu 29,45$; 39.700 zu 27,79$), gewährt im Rahmen des Long-Term Incentive Plan und als vested aufgeführt. Dieselben Tag verkaufte die meldende Person 111.820 Stammaktien zum durchschnittlichen Preis von 38,1511$ (Einzelverkaufspreise zwischen 37,705$ und 38,78$). Nach den Transaktionen weist das Formular direkte Beteiligungszahlen von 369.373, 387.693, 441.493 und 481.193 in verschiedenen Einträgen aus sowie mehrere indirekte Bestände über 401(k), Trusts und den Trust der Ehefrau mit aufgeführten Salden wie 473.113, 78.943, 211.758 und 105.521,32.

Positive
  • 111,820 stock options were granted under the Long-Term Incentive Plan and are reported as vested, indicating compensation realization
  • Reporting person complied with disclosure by noting sale price ranges and offering to provide full trade details to the SEC and issuer
  • Ownership is diversified across direct and indirect vehicles (401(k), multiple trusts), indicating planned allocation and estate structuring
Negative
  • Reporting person sold 111,820 common shares on 08/12/2025 at an average price of $38.1511, reducing direct share holdings
  • Multiple transactions in a short period (grants, purchases, sale, intra-plan transfer) increase near-term insider trading activity that investors may scrutinize

Insights

TL;DR: Insider executed option acquisitions and a materially sized sale the same week; options vested under LTIP.

The filing shows granted and vested stock options totaling 111,820 option rights across three strike prices, indicating compensation realization under the Long-Term Incentive Plan. Concurrently, the reporting person sold 111,820 common shares at an average price of $38.1511, with executed sale prices ranging between $37.705 and $38.78. The form lists multiple direct and indirect ownership figures and intra-plan 401(k) transfers, which are typical for executives managing compensation and retirement allocations. These transactions are routine for officers exercising/disposing of equity tied to compensation but are material in absolute share count.

TL;DR: Filing reflects standard executive equity activity: LTIP option vesting, plan transfers, and a same-period sale.

The report documents LTIP option grants that are vested and an intra-plan 401(k) transfer affecting plan fund share counts. The seller committed to provide full breakout of sale prices and quantities to the SEC and issuer, which aligns with disclosure expectations. Ownership is held both directly and indirectly (401(k), trusts, spouse's trust), demonstrating typical estate and retirement structuring rather than a change in control or governance. No amendment flag is present; filing was executed and signed through power of attorney.

Carlson Leroy T. Jr., Vice Chair e membro del consiglio di Telephone and Data Systems Inc. (TDS), ha comunicato a metà agosto 2025 una serie di assegnazioni di opzioni, acquisti e una vendita. Il 12/08/2025 ha acquisito posizioni basate su opzioni per un totale di 111.820 azioni opzione (18.320 a 25,70$; 53.800 a 29,45$; 39.700 a 27,79$) concesse nell'ambito del Long-Term Incentive Plan e indicate come maturate. Nello stesso giorno ha venduto 111.820 azioni ordinarie a un prezzo medio di 38,1511$ (prezzi individuali compresi tra 37,705$ e 38,78$). Dopo le operazioni il report indica quote di proprietà diretta pari a 369.373, 387.693, 441.493 e 481.193 in vari campi di rendicontazione, oltre a numerose partecipazioni indirette tramite piani 401(k), trust e il trust della moglie con saldi elencati come 473.113, 78.943, 211.758 e 105.521,32.

Carlson Leroy T. Jr., Vicepresidente y director de Telephone and Data Systems Inc. (TDS), informó a mediados de agosto de 2025 varias concesiones de opciones, adquisiciones y una venta. El 12/08/2025 adquirió posiciones basadas en opciones por un total de 111.820 opciones (18.320 a 25,70$; 53.800 a 29,45$; 39.700 a 27,79$) otorgadas bajo el Long-Term Incentive Plan y registradas como adquiridas. Ese mismo día vendió 111.820 acciones ordinarias a un precio medio de 38,1511$ (precios individuales entre 37,705$ y 38,78$). Tras las operaciones, el informe refleja participaciones directas de 369.373, 387.693, 441.493 y 481.193 en distintos apartados y varias tenencias indirectas a través de 401(k), fideicomisos y el fideicomiso de su esposa con saldos indicados como 473.113, 78.943, 211.758 y 105.521,32.

Carlson Leroy T. Jr., Telephone and Data Systems Inc. (TDS) 부회장 겸 이사는 2025년 8월 중순 여러 주식옵션 부여, 취득 및 매각을 보고했습니다. 2025-08-12에 장기 인센티브 계획(Long-Term Incentive Plan)에 따라 총 111,820주(18,320주 @ $25.70; 53,800주 @ $29.45; 39,700주 @ $27.79)의 옵션 기반 포지션을 취득했고 해당 옵션은 베스팅된 것으로 기재되어 있습니다. 같은 날 보고인은 보통주 111,820주를 평균 가격 $38.1511에 매도했으며(개별 매도가격은 $37.705~$38.78 범위), 거래 후 보고서에는 다양한 보고 항목에서 369,373, 387,693, 441,493, 481,193 등의 직접 소유 수치와 401(k), 트러스트 및 배우자 트러스트를 통한 간접 보유로 473,113, 78,943, 211,758, 105,521.32 등의 잔액이 기재되어 있습니다.

Carlson Leroy T. Jr., vice-président et administrateur de Telephone and Data Systems Inc. (TDS), a déclaré à la mi-août 2025 plusieurs attributions d'options, acquisitions et une vente. Le 12/08/2025, il a acquis des positions sur options totalisant 111 820 options (18 320 à 25,70$ ; 53 800 à 29,45$ ; 39 700 à 27,79$) attribuées dans le cadre du Long-Term Incentive Plan et indiquées comme acquises. Le même jour, la personne déclarant a vendu 111 820 actions ordinaires au prix moyen de 38,1511$ (prix individuels entre 37,705$ et 38,78$). Après ces opérations, le formulaire fait état de détentions directes de 369.373, 387.693, 441.493 et 481.193 à différents postes et de plusieurs participations indirectes via 401(k), trusts et le trust de son épouse, avec des soldes mentionnés tels que 473.113, 78.943, 211.758 et 105.521,32.

Carlson Leroy T. Jr., Vice Chair und Direktor von Telephone and Data Systems Inc. (TDS), meldete Mitte August 2025 mehrere Optionszuteilungen, Erwerbe und einen Verkauf. Am 12.08.2025 erwarb er optionsbasierte Positionen in Höhe von insgesamt 111.820 Optionsaktien (18.320 zu 25,70$; 53.800 zu 29,45$; 39.700 zu 27,79$), gewährt im Rahmen des Long-Term Incentive Plan und als vested aufgeführt. Dieselben Tag verkaufte die meldende Person 111.820 Stammaktien zum durchschnittlichen Preis von 38,1511$ (Einzelverkaufspreise zwischen 37,705$ und 38,78$). Nach den Transaktionen weist das Formular direkte Beteiligungszahlen von 369.373, 387.693, 441.493 und 481.193 in verschiedenen Einträgen aus sowie mehrere indirekte Bestände über 401(k), Trusts und den Trust der Ehefrau mit aufgeführten Salden wie 473.113, 78.943, 211.758 und 105.521,32.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
CARLSON LEROY T JR

(Last) (First) (Middle)
30 N. LASALLE STREET, SUITE 4000

(Street)
CHICAGO IL 60602

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
TELEPHONE & DATA SYSTEMS INC /DE/ [ TDS ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Vice Chair
3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Shares 08/12/2025 M 18,320 A $25.7 387,693 D
Common Shares 08/12/2025 M 53,800 A $29.45 441,493 D
Common Shares 08/12/2025 M 39,700 A $27.79 481,193 D
Common Shares 08/12/2025 S 111,820 D $38.1511(1) 369,373 D
Common Shares 08/13/2025 I 23,299(2) D $38.81 0 I By 401(k)
Common Shares 473,113 I By Trust
Common 78,943 I By Trust
Common Shares 211,758 I By Trust
Common Shares 105,521.32 I By Wife's Trust
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (Right to Buy) $25.7 08/12/2025 M 18,320 (3) 05/22/2028 Common Shares 18,320 $25.7 0 D
Option (Right to Buy) $29.45 08/12/2025 M 53,800 (3) 08/15/2026 Common Shares 53,800 $29.45 0 D
Option (Right to Buy) $27.79 08/12/2025 M 39,700 (3) 05/24/2027 Common Shares 39,700 $27.79 0 D
Explanation of Responses:
1. Reporting person sold Common Shares at an average price of $38.1511 of which the Common Shares were sold in multiple transactions at prices ranging from $37.705 and $38.78. The reporting person undertakes to provide to the SEC, the Issuer and any security holder, the full information regarding the number of shares and the prices at which the shares were sold.
2. Reporting person had an intra-plan transfer of funds between the TDS Common Stock fund and another plan fund in the TDS 401(k) plan. The number of shares held in the TDS 401(k) Common Stock funds fluctuates and was attributable to the price of the shares on 8/13/25.
3. Granted under the Long-Term Incentive Plan. Stock options were vested.
Remarks:
Julie D Mathews, by power of atty 08/14/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did TDS insider Carlson Leroy T. Jr. report on Form 4?

The filing reports option grants and acquisitions totaling 111,820 option rights (three strikes) on 08/12/2025, a sale of 111,820 common shares on 08/12/2025 at an average price of $38.1511, and an intra-plan 401(k) transfer on 08/13/2025.

How many and what types of securities were acquired or disposed of in the filing?

Acquisitions include options: 18,320 at $25.70, 53,800 at $29.45, 39,700 at $27.79. Disposition: 111,820 common shares sold at average $38.1511.

Were the options reported in the Form 4 exercisable or vested?

Yes. The filing states the stock options were granted under the Long-Term Incentive Plan and were vested.

Did the filing disclose the prices for the share sales?

Yes. The average sale price was reported as $38.1511 with individual sale prices ranging from $37.705 to $38.78.

Does the Form 4 show indirect holdings for Carlson Leroy T. Jr.?

Yes. The form lists indirect holdings including amounts held in a 401(k) plan and several trusts with figures such as 473,113, 78,943, 211,758, and 105,521.32.
Telephone & Data Sys Inc

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Telecom Services
Telephone Communications (no Radiotelephone)
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United States
CHICAGO