Telephone & Data Systems (NYSE: TDS) director gets 2,905-share grant

Rhea-AI Filing Summary

Telephone & Data Systems director Rutledge Napoleon B. Jr. received an equity grant of common shares. On the reported date, he acquired 2,905 common shares at $41.20 per share as a compensation award for non-employee directors. Following this grant, he directly holds 4,577 common shares of TDS.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Rutledge Napoleon B JR

Role null

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

Holdings After Transaction: Common Shares — 4,577 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares granted: 2,905 shares Grant price: $41.20 per share Shares owned after grant: 4,577 shares

3 metrics

Shares granted 2,905 shares Common shares granted to director on 2026-05-21

Grant price $41.20 per share Reported price for compensation award

Shares owned after grant 4,577 shares Director’s direct TDS holdings following transaction

Key Terms

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

3 terms

compensation plan financial

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

non-employee directors financial

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

Non-employee directors are board members who do not work for the company as salaried employees and usually do not hold day-to-day management roles. They act like outside referees or independent coaches, providing oversight, asking tough questions, and protecting shareholders’ interests; investors care because these directors help ensure management is accountable, reduce conflicts of interest, and influence decisions that affect company strategy and long-term value.

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

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^*

Rutledge Napoleon B 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
	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(1)		2,905	A	$41.2	4,577	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 Rutledge Napoleon B. Jr. report?

TDS director Rutledge Napoleon B. Jr. reported acquiring 2,905 common shares. The shares were granted as a compensation award for non-employee directors at a reported price of $41.20 per share, increasing his direct ownership to 4,577 common shares of TDS.

Was the recent TDS Form 4 transaction an open-market purchase or a grant?

The recent TDS Form 4 shows a grant, not an open-market purchase. Director Rutledge Napoleon B. Jr. acquired 2,905 common shares as a compensation award for non-employee directors, coded as a grant or other acquisition rather than a market trade.

How many TDS shares does the reporting director own after this Form 4 transaction?

After the reported transaction, the director directly owns 4,577 TDS common shares. This total reflects the addition of 2,905 shares received as a non-employee director compensation grant, according to the Form 4 disclosure filed for Telephone & Data Systems.

What is the reported price per share for the TDS director’s stock grant?

The TDS Form 4 reports a price of $41.20 per share for the 2,905 granted common shares. This figure reflects the value used for the compensation award made under the company’s plan for non-employee directors, rather than a negotiated market purchase price.

How is the TDS Form 4 transaction coded and what does it mean?

The TDS Form 4 transaction is coded “A” for grant, award, or other acquisition. This indicates the 2,905 common shares were received as compensation, not bought or sold in the open market, and are part of the non-employee director compensation program.