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

Rhea-AI Filing Summary

Joseph R. Hanley, identified as SVP - Strategy & Corporate Development of Telephone and Data Systems Inc. (TDS), reported multiple transactions on 08/18/2025. The filing shows four option grants under the company Long Term Incentive Plan exercisable on future dates totaling 29,142 option rights at strike prices of $27.79, $25.70, $30.72 and $29.45. On the same date the reporting person sold 68,759 common shares at an average price of $38.1576, with sale prices ranging between $37.7799 and $38.67, leaving 60,473 shares owned after the sale. The report lists incremental acquisitions (code M) of common shares totaling 29,142 across multiple prices and shows resulting direct beneficial ownership figures after each transaction.

Positive

• Option grants under the LTIP totaling 29,142 rights show continued use of equity incentives for retention
• Reporting person provided sale price range and average, and committed to provide full execution details to regulators and the issuer

Negative

• Large sale of 68,759 shares on 08/18/2025 which materially reduced direct ownership to 60,473 shares
• Potential future dilution from 29,142 option rights outstanding at strikes below recent sale price

Insights

Securities Analyst

TL;DR: Insider sold a material block of shares while receiving stock-option grants, indicating routine compensation activity with notable liquidity.

The Form 4 documents a 68,759-share disposition at an average of $38.1576 alongside option grants under the Long Term Incentive Plan totaling 29,142 option rights at strikes between $25.70 and $30.72. The sale reduced direct ownership to 60,473 shares. For investors, the items are material as an observable sale size and option grants affect potential future dilution; however, the filing does not state the rationale for the sale or indicate coordinated insider trading plans beyond the LTIP grant notation.

Corporate Governance Expert

TL;DR: Transactions appear to reflect compensation and personal liquidity rather than corporate governance changes.

The reporting person is an officer and disclosed both option awards and a significant open-market sale. The options are marked as granted under the Long Term Incentive Plan and are exercisable on specified future dates, which is standard for executive compensation. The filing includes an explicit commitment to provide detailed execution data for the sale, which supports regulatory transparency. There is no indication of governance actions, change in role, or related-party transactions in this filing.

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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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^*

Hanley Joseph R

(Last) (First) (Middle)

30 N. LASALLE STREET, SUITE 4000

(Street)

CHICAGO IL 60661

(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)
	SVP-Strategy & Corp Dev

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
Common Shares	08/18/2025		M		7,256	A	$29.45	107,346	D
Common Shares	08/18/2025		M		7,201	A	$27.79	114,547	D
Common Shares	08/18/2025		M		7,540	A	$25.7	122,087	D
Common Shares	08/18/2025		M		7,145	A	$30.72	129,232	D
Common Shares	08/18/2025		S		68,759	D	$38.1576(1)	60,473	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)	$27.79	08/18/2025		M			7,201	(2)	05/24/2027	Common Shares	7,201	$27.79	0	D
Option (Right to Buy)	$25.7	08/18/2025		M			7,540	(2)	05/22/2028	Common Shares	7,540	$25.7	0	D
Option (Right to Buy)	$30.72	08/18/2025		M			7,145	(2)	05/22/2029	Common Shares	7,145	$30.72	0	D
Option (Right to Buy)	$29.45	08/18/2025		M			7,256	(2)	08/15/2026	Common Shares	7,256	$29.45	0	D

Explanation of Responses:

1. Reporting person sold Common Shares at an average price of $38.1576 of which the Common Shares were sold in multiple transactions at prices ranging from $37.7799 and $38.67. 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. Granted under the Long Term Incentive Plan. Stock options are exercisable.

Remarks:

	Julie D Mathews, by power of atty	08/18/2025
	** 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 TDS insider Joseph R. Hanley report on Form 4?

The filing shows option grants totaling 29,142 rights under the Long Term Incentive Plan and a sale of 68,759 common shares at an average price of $38.1576 on 08/18/2025.

How many shares does Hanley own after the transactions reported for TDS?

The Form 4 reports 60,473 shares of direct beneficial ownership following the reported sale.

What strike prices were reported for the TDS option grants?

Options were reported with strike prices of $25.70, $27.79, $29.45 and $30.72.

Were the option grants exercisable immediately?

The filing notes the options were granted under the Long Term Incentive Plan and are exercisable; specific exercisability and expiration dates are listed in the filing for each grant.

What price range did the sale of TDS shares occur at?

The reported sale prices ranged from $37.7799 to $38.67, averaging $38.1576 per share.