TDS CFO reports RSU vesting and tax share withholding

Telephone and Data Systems (TDS) Executive Vice President and CFO Vicki L. Villacrez reported routine equity compensation activity involving restricted stock units and related tax withholding.

Rhea-AI Filing Summary

Telephone and Data Systems (TDS) Executive Vice President and CFO Vicki L. Villacrez reported routine equity compensation activity involving restricted stock units and related tax withholding. On June 11, 2026, previously granted restricted stock units vested and were settled into 10,170 common shares, consistent with an award made on June 11, 2024 under TDS' Long Term Incentive Plan.

To cover tax obligations from this vesting, 4,780 common shares were withheld, a non-market disposition classified as a tax-withholding transaction rather than an open-market sale. After these transactions, Villacrez directly holds 72,425 common shares, reflecting ongoing equity-based compensation rather than discretionary buying or selling in the open market.

Insider Trade Summary

0 shares exercised/converted

Exercise 3 txns

Insider Villacrez Vicki L

Role Executive Vice President & CFO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	0	$0.00	$0.00
Exercise	Common Shares	10,170	$40.03	$407K
Exercise Price or Tax Liability	Common Shares	4,780	$40.03	$191K

Holdings After Transaction: Restricted Stock Units — 10,170 contracts (Direct); Common Shares — 72,425 shares (Direct)

Footnotes (2)

1. F1. Restricted stock units were awarded on June 11, 2024, 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. This transaction represents settlement of the second vesting. Each restricted stock unit ("RSU") represents the right to receive one common share.
2. F2. Shares withheld to pay taxes.

Key Figures

RSUs settled: 10,170 shares Shares withheld for taxes: 4,780 shares Post-transaction holdings: 72,425 shares +3 more

6 metrics

RSUs settled 10,170 shares Restricted stock units settled into common shares on June 11, 2026

Shares withheld for taxes 4,780 shares Common shares withheld to pay taxes on June 11, 2026

Post-transaction holdings 72,425 shares Directly held TDS common shares after transactions

Intermediate holdings 77,205 shares Directly held TDS common shares after RSU settlement before withholding

Reference share price $40.03 per share Price per share used in reported transactions on June 11, 2026

Tax withholding shares (summary) 4,780 shares TaxWithholdingShares in transaction summary

Key Terms

Restricted stock units, Long Term Incentive Plan, tax-withholding disposition, derivative security

4 terms

Restricted stock units financial

"Restricted stock units were awarded on June 11, 2024, 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 were awarded on June 11, 2024, 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.

tax-withholding disposition financial

"Shares withheld to pay taxes are reported as a tax-withholding disposition."

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

derivative security financial

"The Form 4 describes the RSU settlement as an exercise or conversion of a derivative security."

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

FAQ

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

What insider transactions did TDS CFO Vicki Villacrez report on this Form 4?

TDS CFO Vicki Villacrez reported vesting of 10,170 restricted stock units into common shares and withholding of 4,780 shares to pay taxes. These transactions reflect routine equity compensation and tax settlement, not open-market buying or selling of Telephone and Data Systems stock.

How many TDS shares does CFO Vicki Villacrez hold after the reported transactions?

After the June 11, 2026 transactions, CFO Vicki Villacrez directly holds 72,425 TDS common shares. This balance reflects the net effect of restricted stock unit settlement into 10,170 shares and withholding of 4,780 shares to satisfy tax obligations related to the vesting.

Were the TDS insider transactions open-market buys or sales of stock?

The reported TDS insider transactions were not open-market trades. They involved settlement of restricted stock units into 10,170 common shares and withholding of 4,780 shares to cover taxes, which is classified as a tax-withholding disposition rather than a discretionary market sale or purchase.

What is the origin and vesting schedule of the TDS restricted stock units in this filing?

The restricted stock units were awarded on June 11, 2024 under TDS' Long Term Incentive Plan. One-third of the RSUs vest on each of the first, second, and third anniversaries of the grant date. The current Form 4 reflects settlement of the second vesting installment.

What does the 4,780-share tax withholding mean for TDS shareholders?

The 4,780 TDS shares were withheld to pay taxes arising from RSU vesting. This is a standard administrative step where shares are surrendered to satisfy tax liabilities, rather than an open-market sale, so it does not represent discretionary selling by the CFO.

How are the TDS restricted stock units converted into common shares for the CFO?

Each TDS restricted stock unit represents the right to receive one common share upon vesting. In this filing, 10,170 RSUs vested and were settled into an equal number of common shares for CFO Vicki Villacrez, consistent with the terms of the Long Term Incentive Plan.

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

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Accepted by SEC EDGAR 06/15/2026 - 07:12 AM 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^*

Villacrez Vicki L

(Last) (First) (Middle)

30 N. LASALLE STREET, SUITE 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)
	Executive Vice President & CFO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/11/2026

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
Common Shares	06/11/2026		M(1)		10,170	A	$40.03	77,205	D
Common Shares	06/11/2026		F(2)		4,780	D	$40.03	72,425	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
Restricted Stock Units	(1)	06/11/2026		M			0	(1)	(1)	Common Shares	10,170	$0	10,170	D

Explanation of Responses:

1. Restricted stock units were awarded on June 11, 2024, 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. This transaction represents settlement of the second vesting. Each restricted stock unit ("RSU") represents the right to receive one common share.

2. Shares withheld to pay taxes.

Remarks:

	John M. Toomey, by power of atty.	06/15/2026
	** 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)