TDS vice chair granted 12,021 restricted stock units

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, Inc. reported a new equity award to a senior executive. Vice Chair Leroy T. Carlson Jr. received a grant of 12,021 restricted stock units tied to common shares. These units were awarded under the TDS Long Term Incentive Plan at no cash cost to him.

According to the award terms, one-third of the restricted stock units will vest on each of the first, second and third anniversaries of the grant date, aligning his compensation with multi‑year company performance. Following this grant, he is reported as holding 12,021 restricted stock units directly.

Insider Trade Summary

Grant/Award: 12,021 shares

Grant/Award 1 txn

Insider CARLSON LEROY T JR

Role Vice Chair

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	12,021	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 12,021 contracts (Direct)

Footnotes (1)

1. F1. Restricted stock units awarded 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.

Key Figures

RSU grant size: 12,021 units Transaction price per RSU: $0.00 per unit Underlying common shares: 12,021 shares +1 more

4 metrics

RSU grant size 12,021 units Restricted stock units granted on 2026-05-20

Transaction price per RSU $0.00 per unit Compensation grant, not open-market purchase

Underlying common shares 12,021 shares Common shares underlying RSU award

RSUs held after transaction 12,021 units Total restricted stock units following grant

Key Terms

Restricted Stock Units, Long Term Incentive Plan, vest, Grant Date

4 terms

Restricted Stock Units financial

"Restricted stock units awarded 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 awarded 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.

vest financial

"One-third of the restricted stock units will vest on the first, second and third annual anniversaries of the Grant Date."

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

Grant Date financial

"One-third of the restricted stock units will vest on the first, second and third annual anniversaries of the Grant Date."

The grant date is the day a company formally gives an employee or contractor the right to receive stock-based compensation, such as stock options or restricted shares. It matters to investors because it fixes key terms—like the price, the start of the ownership clock, and when the award will affect the company’s financial statements and share count—so it can influence dilution, reported expenses, and potential future selling pressure.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did TDS report for Leroy T. Carlson Jr. on this Form 4?

TDS reported that Vice Chair Leroy T. Carlson Jr. received a grant of 12,021 restricted stock units. The award is compensation under the Long Term Incentive Plan, not an open-market share purchase, and represents additional equity-based pay tied to TDS common shares.

How many restricted stock units did the TDS vice chair receive and at what price?

The TDS vice chair received 12,021 restricted stock units at a stated transaction price of $0.00 per unit. This reflects a compensation grant rather than a market trade, with the units representing rights to receive an equivalent number of TDS common shares upon vesting.

What are the vesting terms of the restricted stock units granted by TDS?

The restricted stock units vest in three equal installments over three years. One-third of the 12,021 units will vest on each of the first, second and third anniversaries of the grant date, creating a staggered schedule that encourages longer-term alignment with TDS performance.

What equity position does the Form 4 show for Leroy T. Carlson Jr. after the grant?

After the grant, the Form 4 reports Leroy T. Carlson Jr. as holding 12,021 restricted stock units directly. These RSUs are tied to TDS common shares and reflect unvested equity compensation, which will convert into shares as the units vest over the three-year schedule.

Is the TDS Form 4 filing about a stock sale or a compensation grant?

The Form 4 reflects a compensation grant, not a stock sale. It shows an "A"-code transaction where 12,021 restricted stock units were awarded under the TDS Long Term Incentive Plan, with no open-market buying or selling reported in this filing.

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

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Accepted by SEC EDGAR 05/21/2026 - 06:40 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 LEROY T JR

(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)
	Vice Chair

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026

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

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)	05/20/2026		A		12,021		(1)	(1)	Common Shares	12,021	(1)	12,021	D

Explanation of Responses:

1. Restricted stock units awarded 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.

Remarks:

	John M. Toomey, by power of atty.	05/21/2026
	** 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)