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

Rhea-AI Filing Summary

An officer of Telephone and Data Systems Inc. (TDS) reported multiple transactions on 08/12/2025 and 08/13/2025 involving common shares and stock options. The reporting person acquired option grants under the company Long-Term Incentive Plan exercisable for 3,041, 2,653, 9,560, 1,598, 307 and 93 common shares at exercise prices ranging from $19.15 to $30.72. Concurrently, the reporting person sold a total of 29,847 common shares in two sets of transactions: 29,047 shares at an average price of $39.02135 and 800 shares at an average price of $39.155. After the reported activity, the reporting person beneficially owned 19,492 common shares directly (with some options remaining exercisable for additional shares).

Positive

• Options granted under the Long-Term Incentive Plan, exercisable for specific share amounts at defined exercise prices
• Reporting person committed to provide full execution details to the SEC, issuer and security holders regarding the share sales and prices

Negative

• Significant open-market sales of common shares: a total of 29,847 shares sold (29,047 and 800) which reduced direct beneficial ownership to 19,492 shares
• Large insider sales at market prices (~$39.02 and ~$39.16) may be perceived by some investors as reduced insider shareholdings

Insights

Securities Analyst

TL;DR: Officer executed option-related acquisitions and sizable open-market sales, netting a notable reduction in direct share holdings.

The Form 4 shows option awards under the Long-Term Incentive Plan and multiple option-related acquisitions recorded on 08/12/2025 and 08/13/2025, with exercise prices between $19.15 and $30.72. Simultaneously the reporting person sold 29,847 shares at average prices near $39.03, reducing direct beneficial ownership to 19,492 shares. For investors, this is a routine insider exercise and sale activity typically tied to compensation realization and liquidity needs; the filing does not disclose proceeds, intent beyond the mechanics, or any transactions outside the dates shown.

Corporate Governance Expert

TL;DR: Transactions appear consistent with LTIP option activity and open-market disposals; disclosure includes transaction price ranges and a commitment to provide full execution details.

The filing indicates option grants under the company Long-Term Incentive Plan and notes the options were exercisable. The reporting person sold shares in multiple transactions with specified average prices and price ranges; the filer committed to provide detailed execution-level data upon request. There is no indication of unusual timing, linked-party trades, or additional agreements in the reported text. Impact is procedural and disclosure-focused rather than materially informative about corporate performance.

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^*

Kroll Anita J

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP, Controller & CAO

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		3,041	A	$27.79	35,128	D
Common Shares	08/12/2025		M		2,653	A	$29.53	37,781	D
Common Shares	08/12/2025		M		9,560	A	$25.7	47,341	D
Common Shares	08/12/2025		M		1,598	A	$30.72	48,939	D
Common Shares	08/12/2025		S		29,047	D	$39.0213(1)	19,892	D
Common Shares	08/13/2025		M		307	A	$30.72	20,199	D
Common Shares	08/13/2025		M		93	A	$19.15	20,292	D
Common Shares	08/13/2025		S		800	D	$39.155(2)	19,492	D

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)(3)	$27.79	08/12/2025		M			3,041	(3)	05/24/2027	Common Shares	3,041	$27.79	0	D
Option (Right to Buy)(3)	$29.45	08/12/2025		M			2,653	(3)	08/15/2026	Common Shares	2,653	$29.45	0	D
Option (Right to Buy)(3)	$25.7	08/12/2025		M			9,560	(3)	05/22/2028	Common Shares	9,560	$25.7	0	D
Option (Right to Buy)(3)	$30.72	08/12/2025		M			1,598	(3)	05/22/2029	Common Shares	1,598	$30.72	307	D
Option (Right to Buy)(3)	$30.72	08/13/2025		M			307	(3)	05/22/2029	Common Shares	307	$30.72	0	D
Option (Right to Buy)(3)	$19.15	08/13/2025		M			93	(3)	05/21/2030	Common	93	$19.15	3,771	D

Explanation of Responses:

1. Reporting person sold Common Shares at an average price of $39.02135 of which the Common Shares were sold in multiple transactions at prices ranging from $39.00 and $39.0263. 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 sold Common Shares at an average price of $39.155 of which the Common Shares were sold in multiple transactions at prices ranging from $39.10 and $39.21. 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.

3. Granted under the Long-Term Incentive Plan. Option was exercisable.

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 the TDS reporting person disclose on Form 4?

The filing shows option grants under the Long-Term Incentive Plan and open-market sales: 29,047 shares sold at an average of $39.02135 and 800 shares sold at an average of $39.155.

How many shares does the reporting person beneficially own after these transactions (TDS)?

After the reported transactions, the reporting person beneficially owned 19,492 common shares directly.

What option awards were reported for the TDS officer?

Options exercisable for 3,041, 2,653, 9,560, 1,598, 307 and 93 common shares were recorded with exercise prices from $19.15 to $30.72.

Were the share sales executed at single prices or ranges?

The filer reported average prices and stated the shares were sold in multiple transactions with prices ranging around the reported averages ($39.00–$39.0263 and $39.10–$39.21) and committed to provide full details on execution.

Does the Form 4 indicate why the shares were sold?

No. The filing does not state the reason or intent for the sales beyond reporting the transactions and offering to supply full execution details.