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

Rhea-AI Filing Summary

Letitia G. Carlson, a director of Telephone & Data Systems, Inc. (TDS), reported transactions on Form 4 dated 08/18/2025. The filing discloses a gift of 2,961 Series A Common Shares to her children and shows a reported disposition of 28,467.005 Series A Common Shares. The reporting person also reports indirect beneficial ownership of 2,100,359 Series A Common Shares through a Voting Trust for which she is one of four trustees. The filing states the gift to her children does not change her reported beneficial ownership and that 756,243 Series A Common Shares are held by a family partnership of which she is a general partner.

Insights

Financial Analyst

TL;DR: Insider reported a small gift and listed substantial indirect holdings via a voting trust; no explicit change to beneficial ownership reported.

The Form 4 shows a gift of 2,961 Series A Common Shares and a separate reported disposition of 28,467.005 Series A Common Shares. Materially, the filing emphasizes indirect control: the reporting person is one of four trustees of a Voting Trust holding 2,100,359 Series A shares. The filing also notes 756,243 shares are in a family partnership where she is a general partner. For investors, these entries document insider family and trust-level holdings but the filing does not state any change in overall beneficial ownership due to the gift.

Corporate Governance Expert

TL;DR: Transaction appears driven by estate/family planning; trustee role and voting trust holdings are the most relevant governance facts.

The report clarifies that the gift to the reporting person's children is treated as such and "does not result in a change" to the number of securities the reporting person reports as beneficially owned, indicating continued reporting linkage between family members and the Voting Trust. The filing highlights the reporting person’s fiduciary position as one of four trustees and her general-partner role in a family partnership holding 756,243 Series A shares, which are governance-relevant disclosures for control and voting influence considerations.

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

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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 LETITIA G C

(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)
08/18/2025

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

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	(1)	08/18/2025		G(2)			2,961	(1)	(1)	Common Shares	2,961	(2)	2,100,359(3)	I	By Voting Trust
Series A Common Shares	(1)							(1)	(1)	Common Shares	28,467.005		28,467.005	D

Explanation of Responses:

1. Series A Common shares are convertible, on a share-for-share basis, into common shares.

2. Gift to children

3. 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 shares. Reporting person already reports children's ownership in the Voting Trust. Accordingly, the gift not result in a change in the number of securities reported as beneficially owned by reporting person. 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	08/19/2025
	** 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.
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FAQ

What did Letitia G. Carlson report on the Form 4 for TDS?

She reported a gift of 2,961 Series A Common Shares, a reported disposition of 28,467.005 Series A Common Shares, and indirect ownership of 2,100,359 Series A Common Shares via a Voting Trust.

Does the Form 4 indicate a change in Carlson's beneficial ownership after the gift?

No. The filing explicitly states the gift to her children does not result in a change in the number of securities she reports as beneficially owned.

What voting-trust or family holdings are disclosed in the filing?

2,100,359 Series A Common Shares are held by a Voting Trust of which she is one of four trustees; 756,243 Series A Common Shares are held by a family partnership where she is a general partner.

When was the transaction dated and who signed the Form 4?

Transaction date: 08/18/2025. Form signed by Julie D Mathews, by power of attorney, dated 08/19/2025.