[Form 4] United States Cellular Corporation 5.500% Senior Notes due 2070 Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing dated 08/04/2025 reports insider buying at Array Digital Infrastructure, Inc. (USM). Director Esteban C. Iriarte acquired 1,960 common shares on 08/01/2025 under a non-employee director compensation plan (Footnote 1). The transaction is coded “A” for acquisition; no Rule 10b5-1 trading plan was indicated. The shares were recorded at a reported price of $73.50, lifting Iriarte’s directly held stake from 7,593 to 9,553 shares. No derivative securities were involved and there were no dispositions.

The purchase modestly increases insider ownership and may signal confidence in the company’s outlook. Because the transaction adds shares rather than selling, it removes potential overhang concerns and aligns director incentives with shareholders.

Positive

• Director Esteban C. Iriarte purchased 1,960 common shares, raising ownership to 9,553.
• No insider sales or derivative hedges were disclosed, indicating unambiguous accumulation.

Negative

• None.

Insights

Equity Analyst

TL;DR – Director adds 1,960 shares; small but positive alignment signal.

The filing shows a straightforward equity acquisition by Director Esteban C. Iriarte, raising his direct holdings to 9,553 shares. Insider purchases—especially by board members—are generally interpreted as a vote of confidence because they increase economic exposure. Although the dollar value (~$144k) is modest relative to typical daily volume, the lack of simultaneous sales strengthens the positive read-through. No derivatives or complex structures cloud the intent, and the shares were obtained through a standard director compensation plan, implying no timing arbitrage. Overall impact: marginally positive sentiment; limited valuation effect given the small size.

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
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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^*

Iriarte Esteban C

(Last) (First) (Middle)

500 W. MADISON STREET, SUITE 810

(Street)

CHICAGO IL 60661

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ARRAY DIGITAL INFRASTRUCTURE, INC. [ USM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	08/01/2025		A(1)		1,960	A	$73.5	9,553	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:

	Julie D. Mathews, by power of atty	08/04/2025
	** 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.

FAQ

How many shares did Director Esteban C. Iriarte buy in the latest Form 4 for USM?

He acquired 1,960 common shares on 08/01/2025.

What is Director Iriarte’s total shareholding after the transaction?

His direct ownership increased to 9,553 shares.

Was the purchase part of a Rule 10b5-1 trading plan?

The filing does not indicate that the trade was executed under a 10b5-1 plan.

Did the insider sell any shares or exercise options?

No. The filing reports only an acquisition; there were no sales or derivative transactions.

What was the reported price per share for the acquisition?

The Form 4 lists a price of $73.50 per share for the 1,960 shares.