TDS CEO granted 31,731 restricted stock units

CARLSON WALTER CD reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

CARLSON WALTER CD reported acquisition or exercise transactions in this Form 4 filing.

TELEPHONE & DATA SYSTEMS INC President and CEO Walter C.D. Carlson received a grant of 31,731 restricted stock units as part of his compensation. These units were awarded under the company’s Long Term Incentive Plan and represent an equivalent number of common shares.

According to the award terms, one-third of the restricted stock units will vest on each of the first, second, and third anniversaries of the grant date, creating a three-year vesting schedule. This is a non-cash, equity-based award and no open-market share purchases or sales were reported in this Form 4.

Insider Trade Summary

Grant/Award: 31,731 shares

Grant/Award 1 txn

Insider CARLSON WALTER CD

Role President and CEO

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	31,731	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 31,731 contracts (Direct)

Footnotes (1)

1. F1. Restricted stock units awarded pursuant to TDS' Long Term Incentive Plan. One-third of the restricted stock units will vest on the first, second and third annual anniversaries of the Grant Date.

Key Figures

RSU grant size: 31,731 units Underlying common shares: 31,731 shares Grant price per unit: $0.00 per unit +1 more

4 metrics

RSU grant size 31,731 units Restricted stock units granted to CEO on May 20, 2026

Underlying common shares 31,731 shares Common shares underlying the RSU award

Grant price per unit $0.00 per unit Equity compensation, no cash paid by CEO

Post-transaction RSU holdings 31,731 units Total restricted stock units from this award after grant

Key Terms

Restricted Stock Units, Long Term Incentive Plan, vest, Common Shares

4 terms

Restricted Stock Units financial

"Restricted stock units awarded pursuant to TDS' Long Term Incentive Plan."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Long Term Incentive Plan financial

"Restricted stock units awarded pursuant to TDS' Long Term Incentive Plan."

A long term incentive plan is a company program that awards executives and key employees bonuses—often in stock, options, or cash—only if the business meets multi-year performance goals. It links management pay to company results—like tying a coach’s bonus to a team’s multi-season record—so investors monitor it for how leaders are motivated, potential share dilution, and signals about the company’s long-term priorities.

vest financial

"One-third of the restricted stock units will vest on the first, second and third annual anniversaries"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

Common Shares financial

"underlying_security_title": "Common Shares""

Common shares are the basic units of ownership in a company that give holders a claim on profits and a right to vote on key matters, like electing the board. Think of them as membership cards in a club: they let you share in successes and losses, but in a bankruptcy or liquidation they are paid after creditors and preferred shareholders, so their value can swing more and matters for assessing risk and potential return.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did TDS President and CEO Walter C.D. Carlson report?

Walter C.D. Carlson reported receiving a grant of 31,731 restricted stock units. These equity awards were provided as compensation and convert into an equal number of common shares as they vest over time under the company’s incentive plan.

How many restricted stock units did the TDS CEO receive in this Form 4?

The TDS CEO received 31,731 restricted stock units. Each unit represents one common share, giving him rights to 31,731 underlying shares, subject to vesting conditions over the next three years after the grant date.

What is the vesting schedule for Walter C.D. Carlson’s 31,731 TDS restricted stock units?

One-third of the 31,731 restricted stock units vests on each of the first, second, and third anniversaries of the grant date. This three-year schedule encourages leadership retention and aligns the CEO’s compensation with the company’s longer-term performance.

Did the TDS CEO buy or sell any common shares in this insider report?

No common share purchases or sales were reported. The Form 4 shows only a grant of restricted stock units at a price of $0.00 per unit, reflecting a compensation award rather than an open-market transaction involving cash.

How many TDS restricted stock units does the CEO hold after this transaction?

After this transaction, the CEO holds 31,731 restricted stock units from this specific award. These units correspond to 31,731 underlying common shares and will convert into shares as they vest, assuming continued service and satisfaction of the award’s terms.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/21/2026 - 06:38 PM EDT Learn about SEC filing dates

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^*

CARLSON WALTER CD

(Last) (First) (Middle)

30 N. LASALLE ST. STE. 4000

(Street)

CHICAGO ILLINOIS 60602

(City) (State) (Zip)

UNITED STATES

(Country)

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)
	President and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

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
Restricted Stock Units	(1)	05/20/2026		A		31,731		(1)	(1)	Common Shares	31,731	(1)	31,731	D

Explanation of Responses:

1. Restricted stock units awarded pursuant to TDS' Long Term Incentive Plan. One-third of the restricted stock units will vest on the first, second and third annual anniversaries of the Grant Date.

Remarks:

	John M. Toomey, by power of atty.	05/21/2026
	** 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.
* Form 4: SEC 1474 (03-26)