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

Rhea-AI Filing Summary

Anita J. Kroll, VP, Controller & CAO of Telephone & Data Systems Inc. (TDS), reported multiple transactions on 08/20/2025. She sold 8,608 common shares at an average price of $39.0912 per share, executed in multiple trades priced between $39.00 and $39.22, leaving her with 17,087 shares beneficially owned. On the same date she acquired 3,771 common shares at $19.15 and 2,432 common shares at $25.36.

Two stock options were reported as granted under the company's Long-Term Incentive Plan and were exercisable: an option for 3,771 shares at an exercise price of $19.15 (expiration 05/21/2030) and an option for 2,432 shares at $25.36 (expiration 05/19/2031). The filer certified willingness to provide detailed trade-level pricing to regulators and holders.

Positive

• Retention alignment: Grant of exercisable LTIP options for 3,771 and 2,432 shares with expirations in 2030 and 2031 supports long-term incentive alignment
• Transparency offered: Reporting person undertakes to provide full details of share sale prices and quantities to the SEC, issuer, and security holders

Negative

• Insider sale: Disposition of 8,608 common shares on 08/20/2025 at an average of $39.0912 increases available public float and may be viewed negatively by some investors

Insights

Securities Analyst

TL;DR: Insider sold a meaningful block of shares while receiving exercised/granted long-term options, indicating simultaneous liquidity and retention incentives.

The combination of a sizeable open-market sale of 8,608 shares at ~ $39.09 and concurrent acquisitions/grants of options at substantially lower strike prices suggests the reporting person realized near-term liquidity while retaining long-term upside through LTIP awards. The options are exercisable and have multi-year expirations (2030 and 2031), which align compensation with future stock performance. Impact is neutral to slightly mixed for investors: sale increases public float but options preserve insider alignment with long-term value creation.

Corporate Governance Expert

TL;DR: Officer transaction combines cashing out and retaining equity incentives; warrants monitoring but not inherently alarming.

The report documents standard Section 16 disclosures: an officer executed market sales and received LTIP option grants. The filer offers to provide transaction-level pricing details, which supports transparency. No indication of irregular timing or related-party issues is disclosed. From a governance perspective, this is routine insider activity reflecting compensation mechanics rather than a clear signal of material corporate change.

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)
08/20/2025

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	08/20/2025		M		3,771	A	$19.15	23,263	D
Common Shares	08/20/2025		M		2,432	A	$25.36	25,695	D
Common Shares	08/20/2025		S		8,608	D	$39.0912(1)	17,087	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)(2)	$19.15	08/20/2025		M			3,771	(2)	05/21/2030	Common	3,771	$19.15	0	D
Option (Right to Buy)(2)	$25.36	08/20/2025		M			2,432	(2)	05/19/2031	Common	2,432	$25.36	0	D

Explanation of Responses:

1. Reporting person sold Common Shares at an average price of $39.0912 of which the Common Shares were sold in multiple transactions at prices ranging from $39.00 and $39.22. 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. Option was exercisable.

Remarks:

	Julie D Mathews, by power of atty	08/22/2025
	** 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 insider transactions did Anita J. Kroll report for TDS on 08/20/2025?

The filing reports a sale of 8,608 common shares at an average price of $39.0912, acquisitions of 3,771 shares at $19.15 and 2,432 shares at $25.36, and grants of exercisable options for the same 3,771 and 2,432 share amounts.

How many shares does Kroll beneficially own after these transactions?

The Form 4 shows 17,087 common shares beneficially owned following the reported transactions.

What are the terms of the options reported in the Form 4 for TDS?

Options were granted under the Long-Term Incentive Plan: 3,771 shares at $19.15 (expiration 05/21/2030) and 2,432 shares at $25.36 (expiration 05/19/2031); options were exercisable.

At what prices were the sold shares executed?

The seller reported an average sale price of $39.0912, with individual sale prices ranging from $39.00 to $39.22.

What role does Anita J. Kroll hold at TDS?

The Form 4 identifies her as VP, Controller & CAO and indicates she is an officer of the issuer.