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

Rhea-AI Filing Summary

Vicki L. Villacrez, Executive Vice President & CFO and director of Telephone and Data Systems Inc. (TDS), reported multiple equity transactions on Form 4. The filing lists numerous acquisitions of common shares and stock options on 08/13/2025 and 08/15/2025 at prices between $19.15 and $30.72 for acquisitions, and sales on 08/13/2025 and 08/15/2025 at average prices of $38.8813 and $38.5572 respectively. The filing states certain options were granted under the TDS Long-Term Incentive Plan and that a stock option is currently vested. Following the reported transactions, beneficial ownership of common shares changed through a sequence of purchases and sales, with the final reported direct ownership at 26,788 shares after an 08/15/2025 sale. The reporting person certified the form by power of attorney on 08/15/2025.

Positive

• Option grants disclosed under the TDS Long-Term Incentive Plan, indicating compensation alignment with long-term incentives
• Explicit vesting statement that at least one stock option is currently vested
• Detailed transaction reporting including average sale prices and price ranges, plus commitment to provide full trade details

Negative

• Sizable share sales reported (73,878 shares on 08/13/2025 and 58,452 shares on 08/15/2025) that materially reduced direct holdings per the filing
• Final reported direct ownership declined to 26,788 common shares after the documented sales

Insights

Securities Analyst

TL;DR: Insider reported mixed activity: multiple option grants/purchases and sizable share sales, recorded at specific prices and dates.

The Form 4 discloses a series of non-derivative acquisitions and disposals and derivative (option) grants dated 08/13/2025 and 08/15/2025. The filing explicitly notes option grants under the issuer's Long-Term Incentive Plan and states at least one option is vested. Sales occurred at average prices of $38.8813 and $38.5572, with ranges provided for transaction prices. Post-transaction direct beneficial ownership figures are reported line-by-line, culminating in a final reported direct holding of 26,788 common shares. This is a detailed disclosure of insider transactions without additional commentary on motivation.

Corporate Governance Expert

TL;DR: Filing is a routine Section 16 disclosure showing compensation-related option grants and subsequent open-market sales.

The statement clearly attributes option awards to the TDS Long-Term Incentive Plan and confirms vesting status for at least one option. It also provides explicit explanatory notes on sale price averages and transaction price ranges, and commits to supplying full trade details upon request. The form is signed by power of attorney, consistent with standard insider reporting procedures. No additional governance issues or irregularities are asserted within the document.

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^*

Villacrez Vicki L

(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)
	Executive Vice President & CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

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	08/13/2025		M		13,512	A	$29.45	113,485	D
Common Shares	08/13/2025		M		14,256	A	$27.79	127,741	D
Common Shares	08/13/2025		M		17,305	A	$25.7	145,046	D
Common Shares	08/13/2025		M		3,061	A	$30.72	148,107	D
Common Shares	08/13/2025		M		6,625	A	$19.15	154,732	D
Common Shares	08/13/2025		M		181	A	$25.36	154,913	D
Common Shares	08/13/2025		S		73,878	D	$38.8813(1)	81,035	D
Common Shares	08/15/2025		M		4,205	A	$25.36	85,240	D
Common Shares	08/15/2025		S		58,452	D	$38.5572(2)	26,788	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)	$29.45	08/13/2025		M			13,512	(3)	08/15/2026	Common Shares	13,512	$29.45	0	D
Option (Right to Buy)	$27.79	08/13/2025		M			14,256	(3)	05/24/2027	Common Shares	14,256	$27.79	0	D
Option (Right to Buy)	$25.7	08/13/2025		M			17,305	(3)	05/22/2028	Common Shares	17,305	$25.7	0	D
Option (Right to Buy)	$30.72	08/13/2025		M			3,061	(3)	05/22/2029	Common Shares	3,061	$30.72	0	D
Option (Right to Buy)	$19.15	08/13/2025		M			6,625	(3)	05/21/2030	Common Shares	6,625	$19.15	0	D
Option (Right to Buy)	$25.36	08/13/2025		M			181	(3)	05/19/2031	Common Shares	181	$25.36	4,205	D
Option (Right to Buy)	$25.36	08/15/2025		M			4,205	(3)	05/19/2031	Common Shares	4,205	$25.36	0	D

Explanation of Responses:

1. Reporting person sold Common Shares at an average price of $38.8813 of which the Common Shares were sold in multiple transactions at prices ranging from $38.88 and $38.97. 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. Reporting person sold Common Shares at an average price of $38.5572 of which the Common Shares were sold in multiple transactions at prices ranging from $38.50 and $38.76. 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.

3. Granted under the TDS Long-Term Incentive Plan. Stock option is currently vested.

Remarks:

	Julie D Mathews, by power of atty	08/15/2025
	** 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 transactions did Vicki L. Villacrez report on Form 4 for TDS?

The filing reports multiple acquisitions and disposals of common shares and several option grants on 08/13/2025 and 08/15/2025, including sales at average prices of $38.8813 and $38.5572.

Were any stock options granted to the reporting person?

Yes. The Form 4 states options were granted under the TDS Long-Term Incentive Plan and notes that a stock option is currently vested.

How did the reported transactions affect Villacrez's direct ownership of TDS shares?

The line-item reporting shows ownership changes after each transaction, with a final reported direct ownership of 26,788 common shares following the 08/15/2025 sale.

At what prices were the shares sold as disclosed in the filing?

The filing reports average sale prices of $38.8813 (range $38.88–$38.97) and $38.5572 (range $38.50–$38.76), and states the reporter will provide full details on the number of shares and prices upon request.

Who signed the Form 4 for the reporting person?

The Form 4 was certified by Julie D Mathews, by power of attorney on 08/15/2025.