TELEPHONE & DATA SYSTEMS INC /DE/ Insider Trading Activity

CARLSON LEROY T JR reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

CARLSON LEROY T JR reported acquisition or exercise transactions in this Form 4 filing.

Telephone & Data Systems vice chair Leroy T. Carlson Jr. reported a compensation-related transaction involving deferred stock units. He received an award tied to 3,480 underlying common shares through deferred compensation, bringing his total deferred compensation position to 61,073 units after the transaction.

The footnote explains he deferred a portion of his bonus into TDS stock under the Long Term Incentive Plan and receives an employer match that vests over three years. A total of 58,745 units are vested, including 14,684 dividend equivalent units, indicating this is part of an ongoing compensation and deferral program rather than an open-market trade.

Insider Trade Summary

Grant/Award: 3,480 shares

Grant/Award 1 txn

Insider CARLSON LEROY T JR

Role Vice Chair

Type	Security	Shares	Price	Value
Grant/Award	Deferred Compensation	3,480	$0.00	$0.00

Holdings After Transaction: Deferred Compensation — 61,073 contracts (Direct)

Footnotes (1)

1. F1. Reporting person deferred a portion of his bonus into TDS stock pursuant to the Long Term Incentive Plan. Reporting person is 100% vested in all bonus amounts and receives an employer match that vests ratably at 33%, 33% and 34% per year over a 3 year period. A total of 58,745 are vested which includes 14,684 dividend equivalent units.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 03/17/2026 - 09:05 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^*

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)
03/13/2026

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

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
Deferred Compensation	(1)	03/13/2026		A		3,480		(1)	(1)	Common Shares	3,480	(1)	61,073	D

Explanation of Responses:

1. Reporting person deferred a portion of his bonus into TDS stock pursuant to the Long Term Incentive Plan. Reporting person is 100% vested in all bonus amounts and receives an employer match that vests ratably at 33%, 33% and 34% per year over a 3 year period. A total of 58,745 are vested which includes 14,684 dividend equivalent units.

Remarks:

	Julie D. Mathews, by power of atty	03/17/2026
	** 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.