Director at Telephone & Data Systems (NYSE: TDS) receives 2,905-share grant

Rhea-AI Filing Summary

OLeary Christopher D reported acquisition or exercise transactions in this Form 4 filing.

Telephone & Data Systems director Christopher D. O’Leary received an equity award of 2,905 Common Shares on May 21, 2026 at a value of $41.20 per share. The shares were granted under a compensation plan for non-employee directors, increasing his direct holdings to 48,088 Common Shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider OLeary Christopher D

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	2,905	$41.20	$120K

Holdings After Transaction: Common Shares — 48,088 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares granted: 2,905 shares Grant value per share: $41.20 per share Total shares after grant: 48,088 shares +1 more

4 metrics

Shares granted 2,905 shares Equity award to non-employee director

Grant value per share $41.20 per share Reported value of Common Shares granted

Total shares after grant 48,088 shares Christopher D. O’Leary direct holdings following transaction

Transaction date May 21, 2026 Date of Common Shares grant

Key Terms

Common Shares, Grant, award, or other acquisition, compensation plan for non-employee directors

3 terms

Common Shares financial

"security_title: "Common Shares""

Common shares are the basic units of ownership in a company that give holders a claim on profits and a right to vote on key matters, like electing the board. Think of them as membership cards in a club: they let you share in successes and losses, but in a bankruptcy or liquidation they are paid after creditors and preferred shareholders, so their value can swing more and matters for assessing risk and potential return.

Grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

compensation plan for non-employee directors financial

"Shares acquired pursuant to a compensation plan for non-employee directors."

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^*

OLeary Christopher D

(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)
05/21/2026

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	05/21/2026		A		2,905(1)	A	$41.2	48,088	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. Shares acquired pursuant to a compensation plan for non-employee directors.

Remarks:

	John M. Toomey, by power of atty.	05/26/2026
	** 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 Christopher D. O’Leary report?

Christopher D. O’Leary reported receiving 2,905 TDS Common Shares as an equity award. The shares were granted under a compensation plan for non-employee directors, reflecting routine board compensation rather than an open-market purchase or sale.

At what value was Christopher D. O’Leary’s TDS share grant recorded?

The 2,905 Common Shares granted to Christopher D. O’Leary were recorded at $41.20 per share. This valuation is used for reporting the compensation value of the equity award rather than indicating an open-market transaction price.

How many TDS shares does Christopher D. O’Leary hold after this Form 4?

Following the 2,905-share award, Christopher D. O’Leary holds 48,088 TDS Common Shares directly. This total reflects his updated ownership position after the compensation-related grant reported in the Form 4 filing.

Was Christopher D. O’Leary’s TDS transaction a market purchase or sale?

The transaction was not a market purchase or sale; it was a grant of 2,905 shares. The Form 4 describes it as a compensation award for a non-employee director, rather than an open-market trade initiated by the director.

What is the nature of the TDS compensation plan mentioned in the Form 4?

The Form 4 states that the 2,905 Common Shares were acquired under a compensation plan for non-employee directors. This indicates TDS provides part of director compensation in stock, aligning board members’ interests with shareholders through equity awards.