TDS Insider Filing: Carlson Retains Large Direct and Indirect Holdings

Rhea-AI Filing Summary

Prudence E. Carlson, a director of Telephone and Data Systems Inc. (TDS), reported insider transactions. On 08/14/2025 she sold 6,320 common shares at an average price of $38.0482, with individual sale prices ranging from $38.00 to $38.10. After the sales she directly beneficially owned 315,457 common shares and, indirectly through a voting trust, 1,634,679 common shares. The filing also reports Series A common share activity: a deemed conversion feature into common shares is noted; 996 Series A shares were gifted, 117,980 Series A shares were disposed of, and 100,000 Series A shares are held indirectly by trusts. Explanations state portions of holdings are held by family partnerships (693,677 common; 756,243 Series A) in which she is a general partner.

Positive

• Transparency: The filing discloses the sale amounts, prices, and ranges and offers to provide full transaction details to the SEC and issuer.
• Significant retained ownership: Reporting person retains substantial direct (315,457) and indirect (1,634,679) common share holdings, indicating continued alignment with shareholders.

Negative

• Insider sale: Director disposed of 6,320 common shares, which may prompt investor questions about timing though no reason is provided in the filing.
• Complex ownership structure: Substantial holdings held via voting trusts and family partnerships may complicate clarity of direct control and voting influence.

Insights

Corporate Governance Expert

TL;DR: Director sold a small portion of holdings while retaining substantial direct and indirect ownership.

The transaction shows a director-level sale of 6,320 common shares at ~$38.05 each, disclosed under Form 4. The report clarifies complex ownership through voting trusts and family partnerships, with substantial indirect stakes (1,634,679 common via voting trust) and material family partnership holdings (693,677 common; 756,243 Series A). This filing is routine disclosure of insider activity and ownership structure, providing transparency on beneficial ownership and intra-family holdings.

Securities Analyst

TL;DR: Insider sale is documented; remaining direct and indirect holdings remain sizable.

The sale of 6,320 common shares represents a small dispositional event relative to the reported retained positions. Notable points are the multiple ownership forms: direct, indirect via voting trust, and family partnership interests. The filer commits to provide full transaction details to the SEC and issuer. No earnings or financing events are reported; this is a disclosure of ownership change rather than an operational development.

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 Prudence E

(Last) (First) (Middle)

30 N. LASALLE ST. STE. 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
	Officer (give title below)		Other (specify below)

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	08/14/2025		S		6,320	D	$38.0482	315,457(1)	D
Common Shares								1,634,679(2)	I	By Voting 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
Series A Common Shares	(3)	08/12/2025		G(4)			996	(3)	(3)	Common Shares	996	(4)	1,949,711(5)	I	By Voting Trust
Series A Common Shares	(3)							(3)	(3)	Common Shares	117,980		117,980	D
Series A Common Shares	(3)							(3)	(3)	Common Shares	100,000		100,000	I	By Trusts

Explanation of Responses:

1. Reporting person sold Common Shares at an average price of $38.0482 of which the Common Shares were sold in multiple transactions at prices ranging from $38.00 and $38.10. 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 is one of four trustees of a voting trust which is record owner of these Common Shares and which files its holdings on a form 4. The shares reported are held by respective reporting person and her family members that have a pecuniary interest in such securities. Includes 693,677 Common Shares held by a family partnership of which reporting person is a general partner.

3. Series A Common shares are convertible on a share for share basis into common.

4. Gift to children

5. Reporting person is one of four trustees of a voting trust which is record owner of these Series A Common Shares and which files its holdings on a form 4. The shares reported are held by respective reporting person and her family members that have a pecuniary interest in such securities. Includes 756,243 Series A Common Shares held by a family partnership of which reporting person is a general partner.

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 did Prudence E. Carlson report on Form 4 for TDS?

She reported selling 6,320 common shares on 08/14/2025 at an average price of $38.0482 and disclosed her direct and indirect holdings.

How many TDS shares does the reporting person own after the transaction?

She directly beneficially owns 315,457 common shares and indirectly holds 1,634,679 common shares via a voting trust.

Were any Series A shares involved in the filing?

Yes. The filing notes Series A shares are convertible into common; 996 Series A shares were gifted, 117,980 Series A shares were disposed of, and 100,000 Series A shares are held indirectly by trusts.

Does the filing explain the composition of family holdings?

Yes. It states portions of holdings are in family partnerships (693,677 common; 756,243 Series A) in which the reporting person is a general partner.

Who signed the Form 4 and when?

The form is signed by Julie D. Mathews, by power of attorney, dated 08/14/2025.