Insider Sale Filed: TDS Director Reports 4,452-Share Disposition

Rhea-AI Filing Summary

Carlson Prudence E, a director of Telephone & Data Systems Inc. (TDS), reported a sale of 4,452 common shares on 08/18/2025 at $38.50 per share. After the transaction the filing shows 311,005 shares held directly and 1,634,679 shares held indirectly through a voting trust.

The filing explains the reporting person is one of four trustees of the voting trust and that the reported holdings include shares owned by family members and a family partnership (including 693,677 shares held by that partnership). The form is signed by Julie D. Mathews by power of attorney.

Positive

• Timely and specific disclosure of the insider sale and resulting share counts enhances transparency
• Clear explanation of indirect ownership via voting trust and family partnership provides useful context for investors

Negative

• Insider disposed of shares (4,452 shares sold), which investors may note even though the sale size is small relative to total holdings

Insights

Securities Analyst

TL;DR: Routine small-volume insider sale; substantial indirect ownership remains via voting trust.

The sale of 4,452 shares at $38.50 represents a small disposition relative to the reporting person’s combined direct and indirect holdings (>1.9 million shares). This report is primarily informational and does not indicate a material change to control or ownership. The detailed disclosure of indirect ownership and family partnership holdings aids transparency for investors tracking insider activity.

Corporate Governance Expert

TL;DR: Proper Section 16 disclosure by a director; voting-trust structure and family partnership interests are clearly disclosed.

The Form 4 identifies the reporting person as a director and one of four trustees of a voting trust, which clarifies the mechanics of indirect control. The inclusion of family partnership holdings (693,677 shares) and the power-of-attorney signature meet typical governance disclosure expectations. No governance red flags are present in the document itself.

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^*

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)
08/18/2025

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		S		4,452	D	$38.5	311,005	D
Common Shares								1,634,679(1)	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

Explanation of Responses:

1. 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.

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 director Carlson Prudence E report on Form 4?

The director reported a sale of 4,452 common shares on 08/18/2025 at $38.50 per share and disclosed post-transaction holdings.

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

The Form 4 shows 311,005 shares held directly and 1,634,679 shares held indirectly via a voting trust.

What is the nature of the indirect holdings reported for TDS?

The indirect holdings are held by a voting trust; the filer is one of four trustees and includes family partnership interests of 693,677 shares.

Who signed the Form 4 for this filing?

The form is signed by Julie D. Mathews by power of attorney on 08/18/2025.

Does this Form 4 indicate a change in control of TDS?

No. The filing reports a routine insider sale and continued substantial indirect ownership; it does not indicate any change in control.