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

Rhea-AI Filing Summary

Insider sale disclosed: Vicki L. Villacrez, an Executive Vice President, Chief Financial Officer and director of Telephone and Data Systems Inc. (TDS), reported selling 26,334 common shares on 08/18/2025 at an average price of $39.0171 per share (individual trade prices ranged from $39.00 to $39.145). After the transactions, the reporting person beneficially owned 454 common shares. The Form 4 was signed by an attorney on behalf of the reporting person and states the filer will provide detailed trade-level information to the SEC, the issuer and any security holder on request.

Positive

• None.

Negative

• Insider sold 26,334 shares, reducing beneficial ownership to 454 shares, indicating a substantial decrease in direct insider holdings
• Sale executed in multiple transactions (prices ranged from $39.00 to $39.145), requiring the reporting person to provide full trade details on request

Insights

Securities Analyst

TL;DR: Senior executive sold a meaningful number of shares, leaving minimal reported ownership; transaction appears routine but reduces insider stake.

The Form 4 documents an open-market sale of 26,334 TDS common shares by a senior executive and director at an average price of $39.0171 on 08/18/2025. Post-sale ownership is reported as 454 shares, indicating a substantial reduction in the insider's direct holdings. The filing notes the sales occurred in multiple transactions across prices from $39.00 to $39.145 and that full trade details can be requested. This disclosure is standard under Section 16 and signals liquidity-taking by the reporting person; it does not by itself indicate company operational changes.

Corporate Governance Specialist

TL;DR: A named officer and director executed multiple sales, materially lowering reported ownership; disclosure appears compliant with Section 16 rules.

The filing names Vicki L. Villacrez as both an officer (Executive Vice President & CFO) and a director and reports a sale transaction code 'S' totaling 26,334 shares on 08/18/2025 at an average price of $39.0171. The form is signed by counsel and includes an undertaking to provide full transactional details. From a governance perspective, the filing is a routine insider disclosure; it documents decreased insider alignment via reduced share ownership but contains no information about any 10b5-1 plan or other arrangements.

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)
08/18/2025

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		26,334	D	$39.0171(1)	454	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

Explanation of Responses:

1. Reporting person sold Common Shares at an average price of $39.0171 of which the Common Shares were sold in multiple transactions at prices ranging from $39.00 and $39.145. 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.

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 shares did TDS insider Vicki Villacrez sell on 08/18/2025?

The filing reports a sale of 26,334 common shares of TDS on 08/18/2025.

At what price were the TDS shares sold by the insider?

The shares were sold at an average price of $39.0171 per share, with individual trade prices ranging from $39.00 to $39.145.

How many TDS shares does the reporting person own after the sale?

After the reported transactions, the reporting person beneficially owned 454 common shares.

What is the reporting persons role at TDS?

The Form 4 identifies Vicki L. Villacrez as an Executive Vice President & CFO and a director of Telephone and Data Systems Inc.

Is the Form 4 signed and are further details available?

The form is signed by counsel on behalf of the reporting person and states the filer will provide full information on number of shares and prices to the SEC, issuer or any security holder upon request.