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

Rhea-AI Filing Summary

Carlson Leroy T. Jr., Vice Chair and director of Telephone & Data Systems, Inc. (TDS), reported multiple transfers of common stock on August 19–20, 2025. The filings show distributions from a Grantor Retained Annuity Trust (GRAT) and gifts: 161,749 shares were distributed from the reporting person’s GRAT as an annuity payment and 64,543 shares were distributed from the reporting person’s spouse’s GRAT as an annuity payment, each transfer described as exempt from Section 16 under Rule 16a-13. The Form 4 also records additional gift transfers (code G) and resulting beneficial ownership figures after the transactions, including reported post-transaction holdings such as 311,364, 369,373, 531,122 and other stated totals across direct and indirect ownership forms. The Form 4 is signed by Julie D. Mathews by power of attorney on behalf of the reporting person.

Insights

Corporate Governance Expert

TL;DR: Routine insider ownership transfers via GRAT distributions and gifts; appears procedural, not an open-market sale.

The Form 4 documents non-cash transfers of TDS common shares involving Grantor Retained Annuity Trust distributions and gifts, each noted as exempt under Rule 16a-13, indicating trust-structured estate or wealth-transfer activity rather than market transactions. Reported post-transaction beneficial ownership totals are provided and the filing is executed by a power of attorney. For governance review, these transactions change beneficial holdings and should be noted for any aggregation of insider ownership, but the filing contains no indication of sales for cash or other material corporate actions.

Securities / Compliance Analyst

TL;DR: Disclosures reflect compliance with reporting rules for trust distributions and gifts; exemptions are cited appropriately.

The filer uses codes J, V and G to classify GRAT distributions and gifts and cites Rule 16a-13 for exemption of GRAT annuity distributions. Transaction dates are August 19 and August 20, 2025, and the Form 4 reports resulting direct and indirect beneficial ownership counts. The signature is by an attorney-in-fact, which is properly noted. From a compliance perspective, the report appears to disclose the transfers required under Section 16 without additional unreported derivative or market-sale activity.

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

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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 LEROY T JR

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Vice Chair

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	08/19/2025		J	V	161,749	D	$0(1)	311,364	I	By Trust
Common Shares	08/19/2025		J	V	161,749	A	$0(1)	531,122	D
Common Shares	08/20/2025		G		161,749	D	$0(2)	369,373	D
Common Shares	08/19/2025		J	V	64,543	D	$0(3)	40,978.32	I	By Wife's Trust
Common Shares	08/19/2025		J	V	64,543	A	$0(3)	64,543	I	By Wife
Common Shares	08/20/2025		G		27,000	D	$0(2)	37,543	I	By Wife
Common								78,943	I	By Trust
Common Shares								211,758	I	By 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. On August 19, 2025, reporting person, in accordance with the provisions of a Grantor Retained Annuity Trust ("GRAT"), had 161,749 shares of common stock distributed from GRAT to the reporting person as an annuity payment in accordance with the terms of the GRAT. The transfer is exempt from Section 16 pursuant to Rule 16a-13 under the Exchange Act.

2. By gift

3. On August 19, 2025, reporting person's spouse, in accordance with the provisions of a Grantor Retained AnnuityTrust ("GRAT"), had 64,543 shares of common stock distributed from GRAT to the reporting person's spouse as an annuity payment in accordance with the terms of the GRAT. The transfer is exempt from Section 16 pursuant to Rule 16a-13 under the Exchange Act.

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 did Carlson Leroy T. Jr. disclose on the TDS Form 4?

The Form 4 discloses distributions from a GRAT and gifts of TDS common shares on August 19–20, 2025, with post-transaction beneficial ownership figures reported.

How many shares were distributed from the reporting person’s GRAT?

161,749 shares were distributed from the reporting person’s GRAT as an annuity payment, reported as exempt under Rule 16a-13.

How many shares were distributed from the reporting person’s spouse’s GRAT?

64,543 shares were distributed from the reporting person’s spouse’s GRAT as an annuity payment, reported as exempt under Rule 16a-13.

Were any shares sold for cash according to the filing?

No. The transactions shown are distributions from GRATs and gifts, with price recorded as $0 where applicable; no open-market sale is reported.

Who signed the Form 4 filing?

The Form 4 is signed by Julie D. Mathews, by power of attorney, dated 08/22/2025.