[Form 4] TELEPHONE & DATA SYSTEMS INC /DE/ Insider Trading Activity

Rhea-AI Filing Summary

Telephone & Data Systems Inc. (TDS)11/18/2025, the insider transferred 4,016 common shares as a gift, coded "G" for gift. Following this transaction, the insider holds 365,357 common shares directly.

The insider also reports several indirect holdings in TDS common shares through trusts and a spouse, including 311,364 shares held by a trust, 40,978.32 shares by the spouse's trust, 37,543 shares by the spouse, and additional trust holdings of 78,943 and 211,758 shares. The filing reflects an ownership update rather than a market sale.

11/20/2025 - 04:44 PM

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
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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 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)
11/18/2025

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	11/18/2025		G		4,016	D	(1)	365,357	D
Common Shares								311,364	I	By Trust
Common Shares								40,978.32	I	By Wife's Trust
Common Shares								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. By gift

Remarks:

	Julie D Mathews, by power of atty	11/20/2025
	** 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 insider transaction did TDS report on this Form 4?

The Form 4 reports that a director and vice chair of Telephone & Data Systems Inc. (TDS) made a gift of 4,016 common shares on 11/18/2025, coded as transaction type "G" for gift.

How many TDS shares does the insider own directly after the 4,016-share gift?

After the reported 4,016-share gift, the insider directly owns 365,357 TDS common shares.

What indirect holdings in TDS shares does the reporting person disclose?

The insider reports indirect ownership of TDS common shares, including 311,364 shares held by a trust, 40,978.32 shares by the spouse's trust, 37,543 shares by the spouse, and additional trust holdings of 78,943 and 211,758 shares.

What does transaction code "G" mean in this TDS Form 4 filing?

In this Form 4 for TDS, transaction code "G" indicates that the 4,016 common shares were transferred as a gift, not bought or sold on the market.

What is the reporting person's relationship to Telephone & Data Systems Inc. (TDS)?

The reporting person is both a director and an officer of Telephone & Data Systems Inc., serving in the role of Vice Chair.

Is this TDS Form 4 filed by one or multiple reporting persons?

This Form 4 for Telephone & Data Systems Inc. (TDS) is indicated as being filed by one reporting person.