Director Prudence Carlson (NYSE: TDS) granted 2,905 common shares

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Carlson Prudence E reported acquisition or exercise transactions in this Form 4 filing.

Telephone & Data Systems director Prudence E. Carlson received an equity grant of 2,905 Common Shares at $41.20 per share. The award was made under a compensation plan for non-employee directors and increased her direct holdings to 308,539 Common Shares, including 49,851 shares held through dividend reinvestment.

Separately, a voting trust associated with Carlson reports indirect ownership of 1,634,964 Common Shares, in which she and certain family members have a pecuniary interest. This includes 693,751 shares held by a family partnership, 23,754 of which were accumulated through dividend reinvestment, and 33,637 shares held by Carlson in a dividend reinvestment plan.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Carlson Prudence E

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	2,905	$41.20	$120K
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 308,539 shares (Direct, null); Common Shares — 1,634,964 shares (Indirect, By Voting Trust)

Footnotes (1)

Shares acquired pursuant to a compensation plan for non-employee directors. Includes 49,851 Common Shares held through dividend reinvestment. Reporting person is a trustee of a voting trust which is record owner of these Common Shares and which files its holdings on a form 4. The shares reported are held by respective reporting person and their family members that have a pecuniary interest in such securities. Includes 693,751 Common Shares held by a family partnership of which reporting person is a general partner, of which 23,754 has been accumulated in dividend reinvestment. Reporting person also holds 33,637 Common Shares in the dividend reinvestment plan.

Key Figures

Director share grant: 2,905 shares Grant price: $41.20 per share Direct holdings after grant: 308,539 shares +5 more

8 metrics

Director share grant 2,905 shares Common Shares granted at $41.20 as director compensation

Grant price $41.20 per share Price used for 2,905-share compensation award

Direct holdings after grant 308,539 shares Common Shares directly held after May 21, 2026 grant

Indirect holdings via voting trust 1,634,964 shares Common Shares held indirectly through a voting trust

Dividend reinvestment (direct) 49,851 shares Portion of direct holdings from dividend reinvestment

Family partnership holdings 693,751 shares Common Shares held by a family partnership

Reinvested within family partnership 23,754 shares Part of family partnership holdings from dividend reinvestment

Dividend reinvestment plan holdings 33,637 shares Common Shares held by Carlson in a dividend reinvestment plan

Key Terms

voting trust, dividend reinvestment, pecuniary interest, family partnership, +1 more

5 terms

voting trust financial

"Reporting person is a trustee of a voting trust which is record owner of these Common Shares and which files its holdings on a form 4."

A voting trust is an arrangement where shareholders temporarily transfer their voting rights to one or more trusted individuals (trustees) who vote on company matters on their behalf. It matters to investors because it consolidates decision-making power—like handing the car keys to a single driver for a journey—which can stabilize leadership or push through strategic plans but also reduces individual shareholders’ direct influence and can affect the company’s direction and stock value.

dividend reinvestment financial

"Includes 49,851 Common Shares held through dividend reinvestment."

Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.

pecuniary interest financial

"The shares reported are held by respective reporting person and their family members that have a pecuniary interest in such securities."

family partnership financial

"Includes 693,751 Common Shares held by a family partnership of which reporting person is a general partner, of which 23,754 has been accumulated in dividend reinvestment."

compensation plan for non-employee directors financial

"Shares acquired pursuant to a compensation plan for non-employee directors."

Form 4 Insider Transactions: What Each Field Means →

05/26/2026 - 04:22 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
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 Prudence E

(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
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	05/21/2026		A		2,905⁽¹⁾	A	$41.2	308,539⁽²⁾	D
Common Shares								1,634,964⁽³⁾	I	By Voting 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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Shares acquired pursuant to a compensation plan for non-employee directors.

2. Includes 49,851 Common Shares held through dividend reinvestment.

3. Reporting person is a trustee of a voting trust which is record owner of these Common Shares and which files its holdings on a form 4. The shares reported are held by respective reporting person and their family members that have a pecuniary interest in such securities. Includes 693,751 Common Shares held by a family partnership of which reporting person is a general partner, of which 23,754 has been accumulated in dividend reinvestment. Reporting person also holds 33,637 Common Shares in the dividend reinvestment plan.

Remarks:

	John M. Toomey, by power of atty.	05/26/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Prudence E. Carlson report for TDS?

Prudence E. Carlson reported receiving a grant of 2,905 TDS Common Shares as a non-employee director. The award was made at $41.20 per share and is classified as a compensation-related acquisition, not an open-market purchase or sale.

How many TDS shares does Prudence E. Carlson now hold directly?

After the reported grant, Prudence E. Carlson directly holds 308,539 TDS Common Shares. This figure includes 49,851 shares accumulated through dividend reinvestment, reflecting both her base holdings and shares added via the company’s dividend reinvestment plan.

What indirect TDS holdings are reported through the voting trust?

A voting trust associated with Prudence E. Carlson reports indirect ownership of 1,634,964 TDS Common Shares. These are held for Carlson and certain family members with a pecuniary interest, and the voting trust itself files its own Form 4 reporting its holdings.

How many TDS shares are held through the family partnership and reinvestment plans?

The filing notes 693,751 TDS Common Shares held by a family partnership, including 23,754 shares from dividend reinvestment. Carlson also holds 33,637 shares in a dividend reinvestment plan, in addition to other directly held shares reported.

Is Prudence E. Carlson’s Form 4 transaction a market purchase of TDS stock?

No, the 2,905 TDS Common Shares were acquired through a compensation plan for non-employee directors. The transaction is coded as a grant or award, meaning it is part of director compensation rather than an open-market stock purchase.