[Form 4] TELEPHONE & DATA SYSTEMS INC /DE/ Insider Trading Activity

Rhea-AI Filing Summary

Telephone and Data Systems (TDS) officer (VP, Controller & CAO) reported open‑market sales of Common Shares. On 11/10/2025, the reporting person sold 16,217 shares at an average price of $39.0182. On 11/11/2025, they sold 870 shares at an average price of $39.1579. Following these transactions, the filing shows 0 shares directly owned.

The transactions are coded “S” for sales, and prices reflect multiple trades within stated ranges on each date.

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^*

Kroll Anita J

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP, Controller & CAO

3. Date of Earliest Transaction (Month/Day/Year)
11/10/2025

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
Common Shares	11/10/2025		S		16,217	D	$39.0182(1)	870	D
Common Shares	11/11/2025		S		870	D	$39.1579(2)	0	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Reporting person sold Common Shares at an average price of $39.0182 of which the Common Shares were sold in multiple transactions at prices ranging from $39.00 and $39.025. The reporting person undertakes to provide to the SEC, the Issuer and any security holder, the full information regarding the number of shares and the prices at which the shares were sold.

2. Reporting person sold Common Shares at an average price of $39.1579 of which the Common Shares were sold in multiple transactions at prices ranging from $39.09 and $39.185. The reporting person undertakes to provide to the SEC, the Issuer and any security holder, the full information regarding the number of shares and the prices at which the shares were sold.

Remarks:

	Julie D Mathews, by power of atty	11/12/2025
	** 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.

FAQ

What did TDS (TDS) report in this Form 4?

An officer reported open‑market sales of TDS Common Shares across two dates, resulting in 0 shares directly owned after the transactions.

How many TDS shares were sold and when?

On 11/10/2025, 16,217 shares were sold; on 11/11/2025, 870 shares were sold.

What were the average sale prices?

The average prices were $39.0182 on 11/10/2025 and $39.1579 on 11/11/2025.

What is the insider’s role at TDS?

The reporting person is an Officer with the title VP, Controller & CAO.

What does the transaction code 'S' indicate?

Code S denotes an open‑market or private sale of non‑derivative securities.

How many TDS shares does the insider hold after these trades?

The filing shows 0 shares directly owned following the reported transactions.

Were the sales executed in multiple trades?

Yes. The filing notes multiple transactions within price ranges of $39.00–$39.025 and $39.09–$39.185 on their respective dates.