Planned sale: TDS (NYSE: TDS) director sells 5,811 shares

Rhea-AI Filing Summary

Telephone and Data Systems (TDS) director Prudence E. Carlson reported an open-market sale of 5,811 common shares at $42.00 per share. The sale was made under a pre-arranged Rule 10b5-1 trading plan. After the transaction, she directly holds 305,556 common shares and has indirect beneficial interests in 1,634,941 common shares through a voting trust and a family partnership, indicating the sale represents a small portion of her overall exposure to TDS stock.

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 Prudence E

(Last) (First) (Middle)

30 N. LASALLE ST. STE. 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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

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
Common Shares	03/23/2026		S(1)		5,811	D	$42	305,556	D
Common Shares								1,634,941(2)	I	By Voting Trust

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. Shares were sold pursuant to a Rule 10b5-1 plan adopted by reporting person.

2. Reporting person is one of four trustees of a voting trust which is record owner of these Common Shares and which files its holdings on a form 4. The shares reported are held by respective reporting person and her family members that have a pecuniary interest in such securities of which 57,329 has been accumulated through dividend reinvestment. Includes 693,728 Common Shares held by a family partnership of which reporting person is a general partner.

Remarks:

	Julie D Mathews, by power of atty	03/24/2026
	** 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 insider transaction did TDS director Prudence Carlson report?

Prudence E. Carlson reported selling 5,811 Telephone and Data Systems common shares at $42.00 per share in an open-market transaction. The sale was executed under a Rule 10b5-1 trading plan, indicating it was pre-scheduled rather than a discretionary trade based on recent events.

How many TDS shares does Prudence Carlson hold after this Form 4 filing?

After the reported sale, Prudence Carlson directly holds 305,556 TDS common shares. She also has indirect beneficial interests in 1,634,941 common shares through a voting trust and a family partnership, providing substantial ongoing exposure to Telephone and Data Systems equity despite the modest sale.

Was the TDS insider sale by Prudence Carlson part of a Rule 10b5-1 plan?

Yes. The filing states the 5,811 TDS common shares were sold pursuant to a Rule 10b5-1 plan adopted by the reporting person. Such plans pre-arrange trading activity, reducing the significance of trade timing as an indicator of the insider’s current view on the stock.

What price did Prudence Carlson receive for the TDS shares she sold?

The reported transaction shows an open-market sale price of $42.00 per TDS common share. With 5,811 shares sold, the gross transaction value reflects this single per-share price disclosed, helping investors gauge the scale of the sale relative to current trading levels.

What indirect TDS holdings are associated with Prudence Carlson?

The Form 4 notes 1,634,941 TDS common shares held indirectly by a voting trust and a family partnership. Carlson is one of four trustees of the voting trust and a general partner of the family partnership, and these entities collectively report their holdings on a separate Form 4.

How significant is Prudence Carlson’s TDS share sale relative to her total holdings?

The 5,811 TDS shares sold represent a small fraction of Carlson’s overall exposure, given 305,556 shares held directly and 1,634,941 shares held indirectly. The transaction appears incremental rather than a major change in her Telephone and Data Systems ownership position.