TDS (TDS) CFO logs RSU vesting and 2,575-share tax withholding

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Telephone & Data Systems (TDS) Executive Vice President & CFO Vicki L. Villacrez reported routine equity compensation activity. She exercised 5,478 restricted stock units into an equal number of common shares, reflecting a scheduled vesting under the company’s Long Term Incentive Plan.

On the same date, 2,575 common shares were disposed of at $41.20 per share to cover tax obligations, consistent with a tax-withholding mechanism rather than an open-market sale. Overall, the filing shows a compensation-related derivative exercise paired with shares withheld for taxes, not a discretionary stock purchase or sale.

Insider Trade Summary

5,478 shares exercised/converted

Mixed 3 txns

Insider Villacrez Vicki L

Role Executive Vice President & CFO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	5,478	$0.00	--
Exercise	Common Shares	5,478	$41.20	$226K
Tax Withholding	Common Shares	2,575	$41.20	$106K

Holdings After Transaction: Restricted Stock Units — 10,956 shares (Direct, null); Common Shares — 69,610 shares (Direct, null)

Footnotes (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. Shares withheld to pay taxes.

Key Figures

RSUs exercised: 5,478 shares Tax-withholding shares: 2,575 shares Tax-withholding price: $41.20 per share +1 more

4 metrics

RSUs exercised 5,478 shares Restricted stock units converted into common shares on May 21, 2026

Tax-withholding shares 2,575 shares Common shares used to pay taxes on vesting at $41.20 per share

Tax-withholding price $41.20 per share Value applied to 2,575 shares withheld for tax obligations

RSUs remaining 10,956 units Restricted stock units reported after the derivative transaction

Key Terms

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

3 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.

Form 4 Insider Transactions: What Each Field Means →

05/26/2026 - 04:18 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^*

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)
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		M⁽¹⁾		5,478	A	$41.2	69,610	D
Common Shares	05/21/2026		F⁽²⁾		2,575	D	$41.2	67,035	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)
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)
Restricted Stock Units	⁽¹⁾	05/21/2026		M			5,478	⁽¹⁾	⁽¹⁾	Common Shares	5,478	$0⁽¹⁾	10,956	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.

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

TDS Executive Vice President & CFO Vicki Villacrez reported exercising 5,478 restricted stock units into common shares, plus a related tax-withholding disposition of 2,575 common shares. These moves reflect routine equity compensation vesting and associated tax payments rather than open-market buying or selling.

Were the TDS Form 4 transactions open-market stock sales or purchases?

No, the TDS Form 4 does not show open-market trades. It records a derivative exercise of 5,478 restricted stock units and a tax-withholding disposition of 2,575 common shares, where shares were withheld at $41.20 per share to pay taxes on the vesting event.

How many TDS restricted stock units vested for the CFO in this filing?

The filing shows 5,478 restricted stock units converting into 5,478 common shares. Footnotes explain these RSUs were granted under TDS’s Long Term Incentive Plan, with one-third vesting annually, and this transaction represents settlement of the first scheduled vesting tranche.

What does the tax-withholding disposition mean in the TDS Form 4?

The tax-withholding disposition involves 2,575 common shares at $41.20 per share being used to pay taxes owed on the RSU vesting. Instead of the insider selling shares on the market, the company withholds shares to satisfy tax liabilities from the equity award.

Is the TDS CFO’s Form 4 activity a bullish or bearish signal for investors?

The activity appears neutral. It reflects scheduled vesting of 5,478 restricted stock units and 2,575 shares withheld for taxes, a common administrative step for equity awards. There is no open-market buying or selling, so it mainly shows routine compensation mechanics.