TDS 10% owner settles RSUs, withholds shares

Telephone & Data Systems executive Anthony J. Carlson, President of Array, reported routine equity-compensation activity.

Rhea-AI Filing Summary

Telephone & Data Systems executive Anthony J. Carlson, President of Array, reported routine equity-compensation activity. On May 21, 2026, 695 restricted stock units vested and were settled into the same number of common shares under TDS' Long Term Incentive Plan.

To cover taxes, 204 of these common shares were withheld, resulting in a net issuance of 491 shares to Carlson. After these transactions, he holds 32,614 common shares directly, and a voting trust for which he serves as trustee holds 71,399 common shares. A dividend reinvestment plan account holds an additional 33,692 common shares.

Insider Trade Summary

695 shares exercised/converted

Exercise 4 txns

Insider Carlson Anthony J

Role President of Array

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	695	$0.00	$0.00
Exercise	Common Shares	695	$41.20	$29K
Exercise Price or Tax Liability	Common Shares	204	$41.20	$8K
holding	Common Shares	--	--	--

Holdings After Transaction: Restricted Stock Units — 1,390 contracts (Direct); Common Shares — 32,614 shares (Direct); Common Shares — 71,399 shares (Indirect, By Voting Trust)

Footnotes (3)

1. F1. Restricted stock units were awarded on May 21, 2025, 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 first vesting. Each restricted stock unit ("RSU") represents the right to receive one common share.
2. F2. Shares withheld to pay taxes.
3. F3. 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. Reporting person also holds 33,692 Common Shares in the dividend reinvestment plan.

Key Figures

RSUs vested: 695 shares Shares withheld for taxes: 204 shares Exercise/settlement price: $41.20 per share +3 more

6 metrics

RSUs vested 695 shares Restricted stock units settled into common shares on May 21, 2026

Shares withheld for taxes 204 shares Tax-withholding disposition coded F on May 21, 2026

Exercise/settlement price $41.20 per share Price per share reported for 695 common shares related to RSU settlement

Direct common shares after transactions 32,614 shares Total TDS common shares directly held following the May 21, 2026 transactions

Voting trust common shares 71,399 shares TDS common shares held by voting trust where Carlson is trustee

Dividend reinvestment plan shares 33,692 shares TDS common shares held in dividend reinvestment plan account

Key Terms

Restricted stock units, Long Term Incentive Plan, tax-withholding disposition, voting trust

4 terms

Restricted stock units financial

"Restricted stock units were awarded on May 21, 2025, 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 May 21, 2025, 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

"Payment of exercise price or tax liability by delivering securities"

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.

voting trust financial

"Reporting person is a trustee of a voting trust which is record owner of these Common Shares"

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.

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

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Accepted by SEC EDGAR 05/26/2026 - 04:19 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 Anthony J

(Last) (First) (Middle)

500 W. MADISON STREET, SUITE 810

(Street)

CHICAGO ILLINOIS 60661

(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)

	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	President of Array		Trustee of TDS Voting Trust

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)
			Code	V	Amount	(A) or (D)	Price
Common Shares	05/21/2026		M(1)		695	A	$41.2	32,818	D
Common Shares	05/21/2026		F(2)		204	D	$41.2	32,614	D
Common Shares								71,399(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	05/21/2026		M			695	(1)	(1)	Common Shares	695	(1)	1,390	D

Explanation of Responses:

1. Restricted stock units were awarded on May 21, 2025, 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 first vesting. Each restricted stock unit ("RSU") represents the right to receive one common share.

2. Shares withheld to pay taxes.

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. Reporting person also holds 33,692 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)