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

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.

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

Securities Analyst

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.

Corporate Governance Expert

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.

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
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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.