TDS (NYSE: TDS) CFO Villacrez awarded 13,476 restricted stock units under incentive plan

Rhea-AI Filing Summary

Villacrez Vicki L reported acquisition or exercise transactions in this Form 4 filing.

Telephone & Data Systems (TDS) Executive Vice President & CFO Vicki L. Villacrez received a grant of 13,476 restricted stock units (RSUs). These RSUs, awarded at no cash cost under the TDS Long Term Incentive Plan, were granted on May 20, 2026.

The award covers 13,476 underlying common shares. One-third of the RSUs will vest on each of the first, second, and third anniversaries of the grant date, creating a three-year, time-based vesting schedule that links a portion of the CFO’s compensation to the company’s future performance and continued service.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Villacrez Vicki L

Role Executive Vice President & CFO

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	13,476	$0.00	--

Holdings After Transaction: Restricted Stock Units — 13,476 shares (Direct, null)

Footnotes (1)

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Key Figures

RSUs granted: 13,476 units Underlying shares: 13,476 common shares Grant price: $0.00 per unit +1 more

4 metrics

RSUs granted 13,476 units Restricted stock units granted to CFO on May 20, 2026

Underlying shares 13,476 common shares Shares underlying the reported RSU award

Grant price $0.00 per unit Equity compensation grant, no cash paid by CFO

Post-grant RSU holdings 13,476 units Total RSUs directly owned following this award

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

"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.

Form 4 Insider Transactions: What Each Field Means →

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)
05/20/2026

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		13,476		(1)	(1)	Common Shares	13,476	(1)	13,476	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)

FAQ

What did TDS CFO Vicki L. Villacrez report on this Form 4 for TDS?

Vicki L. Villacrez reported receiving 13,476 restricted stock units as compensation. The grant relates to TDS common shares and reflects a stock-based award rather than an open-market purchase or sale, aligning part of her pay with the company’s share performance over time.

How many restricted stock units did the TDS CFO receive in this transaction?

The TDS CFO received 13,476 restricted stock units in this transaction. Each RSU represents a right to receive one TDS common share, subject to vesting conditions. This entire grant was reported as directly owned following the award on the Form 4 filing.

What is the vesting schedule for the 13,476 TDS restricted stock units?

The 13,476 TDS restricted stock units vest in three equal installments. One-third will vest on each of the first, second, and third anniversaries of the grant date, creating a three-year vesting period that encourages retention and long-term alignment with shareholders.

Was there any purchase or sale of TDS shares by the CFO in this Form 4?

No open-market purchase or sale occurred in this Form 4. The filing shows an acquisition coded as a grant or award of 13,476 restricted stock units, rather than a discretionary buy or sell of TDS common shares in the market.

What plan governs the restricted stock unit grant reported by TDS CFO Villacrez?

The restricted stock unit grant was awarded under TDS’ Long Term Incentive Plan. This plan provides equity-based compensation like RSUs, designed to align executives’ interests with shareholders by tying a portion of pay to long-term company and stock performance.