TDS director receives 2,905-share equity grant

TELEPHONE & DATA SYSTEMS INC director Letitia G. C. Carlson received an equity award of 2,905 Common Shares of TDS on May 21, 2026 at $41.20 per share.

Rhea-AI Filing Summary

TELEPHONE & DATA SYSTEMS INC director Letitia G. C. Carlson received an equity award of 2,905 Common Shares of TDS on May 21, 2026 at $41.20 per share. The shares were acquired under a compensation plan for non-employee directors, so this is a stock-based compensation grant rather than an open-market purchase.

Following the grant, Carlson directly holds 195,692 Common Shares. She is also a trustee of a voting trust that is record owner of 1,920,795 Common Shares, including 693,751 shares held by a family partnership and additional shares accumulated through dividend reinvestment plans, in which she and her family members have a pecuniary interest.

Insider Trade Summary

Grant/Award: 2,905 shares

Grant/Award 2 txns

Insider CARLSON LETITIA G C

Role Director

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

Holdings After Transaction: Common Shares — 195,692 shares (Direct); Common Shares — 1,920,795 shares (Indirect, By Voting Trust)

Footnotes (3)

1. F1. Shares acquired pursuant to a compensation plan for non-employee directors.
2. F2. Includes 56,567 Common Shares held through dividend reinvestment.
3. F3. Reporting person is a trustee 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 their family members that have a pecuniary interest in such securities. Includes 693,751 Common Shares held by a family partnership of which reporting person is a general partner, of which 23,754 has been accumulated in dividend reinvestment. Reporting person also holds 39,945 Common Shares in the dividend reinvestment plan.

Key Figures

Equity award size: 2,905 shares Grant price: $41.20 per share Direct holdings after grant: 195,692 shares +4 more

7 metrics

Equity award size 2,905 shares Common Shares granted to director on May 21, 2026

Grant price $41.20 per share Price for 2,905-share compensation grant

Direct holdings after grant 195,692 shares Common Shares directly held by Carlson post-transaction

Indirect holdings via voting trust 1,920,795 shares Common Shares held by voting trust and related interests

Family partnership holdings 693,751 shares Common Shares in family partnership, part of indirect interest

Dividend reinvestment shares (trust/partnership) 80,321 shares 56,567 trust + 23,754 partnership shares via reinvestment

Personal dividend reinvestment holdings 39,945 shares Common Shares held by Carlson in dividend reinvestment plan

Key Terms

compensation plan for non-employee directors, voting trust, pecuniary interest, family partnership, +1 more

5 terms

compensation plan for non-employee directors financial

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

voting trust financial

"Reporting person is a trustee of a voting trust which is record owner of these Common Shares"

A voting trust is an arrangement where shareholders temporarily transfer their voting rights to one or more trusted individuals (trustees) who vote on company matters on their behalf. It matters to investors because it consolidates decision-making power—like handing the car keys to a single driver for a journey—which can stabilize leadership or push through strategic plans but also reduces individual shareholders’ direct influence and can affect the company’s direction and stock value.

pecuniary interest financial

"family members that have a pecuniary interest in such securities"

family partnership financial

"Includes 693,751 Common Shares held by a family partnership of which reporting person is a general partner"

dividend reinvestment plan financial

"Reporting person also holds 39,945 Common Shares in the dividend reinvestment plan."

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did TDS director Letitia Carlson report?

TDS director Letitia Carlson reported receiving 2,905 Common Shares as an equity award. The shares were granted at $41.20 under a compensation plan for non-employee directors, reflecting routine stock-based compensation rather than an open-market share purchase.

At what price were Letitia Carlson’s new TDS shares granted?

The 2,905 Common Shares granted to Letitia Carlson were valued at $41.20 per share. This price is specified as the transaction price for the equity award, which was provided under TDS’s compensation plan for non-employee directors on May 21, 2026.

How many TDS shares does Letitia Carlson hold directly after this grant?

After the 2,905-share grant, Letitia Carlson directly holds 195,692 TDS Common Shares. This direct position reflects her personal holdings, separate from additional indirect interests in shares held through a voting trust, a family partnership, and dividend reinvestment arrangements.

What indirect TDS share holdings are associated with Letitia Carlson?

Indirectly, 1,920,795 TDS Common Shares are associated with Letitia Carlson through a voting trust. This total includes 693,751 shares in a family partnership and additional shares accumulated via dividend reinvestment plans in which she and certain family members have a pecuniary interest.

Is Carlson’s recent TDS share acquisition an open-market purchase?

No. Carlson’s 2,905 TDS shares were acquired via a compensation plan for non-employee directors. This is a grant or award of stock-based compensation, not an open-market purchase, and therefore reflects routine director compensation rather than discretionary buying in the market.

How do dividend reinvestment plans affect Carlson’s TDS holdings?

Carlson’s reported holdings include TDS shares accumulated through dividend reinvestment. Footnotes state 56,567 Common Shares and 23,754 partnership shares come from reinvestment, and she personally holds 39,945 shares in the dividend reinvestment plan, increasing her and her family’s economic exposure over time.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/26/2026 - 04:24 PM EDT Learn about SEC filing dates

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 LETITIA G C

(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	195,692(2)	D
Common Shares								1,920,795(3)	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 acquired pursuant to a compensation plan for non-employee directors.

2. Includes 56,567 Common Shares held through dividend reinvestment.

3. Reporting person is a trustee 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 their family members that have a pecuniary interest in such securities. Includes 693,751 Common Shares held by a family partnership of which reporting person is a general partner, of which 23,754 has been accumulated in dividend reinvestment. Reporting person also holds 39,945 Common Shares in the dividend reinvestment plan.

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)