(TDS)

Role: Executive Vice President & CFO, Director
Signature: Julie D. Mathews, by power of atty
Stock symbol: TDS
Transactions as of: May 21, 2025
Transactions value $: $0
Form type: 4
Date filed: 5/22/2025, 04:26 PM
Previous filing: May 20, 2025
Next filing: Jun 12, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Villacrez Vicki L	Executive Vice President & CFO, Director	30 N. LASALLE STREET, SUITE 4000, CHICAGO	Julie D. Mathews, by power of atty	2025-05-22	0001926297

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	TDS	Restricted Stock Units	Award		+16.4K			16.4K	May 21, 2025	Common Shares	16.4K		Direct	F1
transaction	TDS	Performance Share Units	Award		+3.91K			3.91K	May 21, 2025	Common Shares	3.91K		Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Restricted stock units awarded pursuant to the 2022 Long Term Incentive Plan. One-third of the restricted stock units will vest on the first, second and third annual anniversaries of the Grant Date.
F2	On May 21, 2025, the reporting person was granted financial-based performance share units based on the performance of three key metrics. One of the three performance metrics, representing 32% of the total award, is based on UScellular performance and has a 75% floor, which can be increased to 100% if the announced UScellular transaction with T-Mobile closes in 2025. Accordingly, this Form 4 reports the number of performance share units issuable under the 75% floor, which is 24% of the target award. Another Form 4 would be filed to reflect an increase in the floor to the extent the UScellular transaction with T-Mobile closes in 2025. Performance share units accumulate dividend equivalents (in the form of additional performance share units) which are forfeitable if the performance metrics are not achieved.

Content

Restricted stock units awarded pursuant to the 2022 Long Term Incentive Plan. One-third of the restricted stock units will vest on the first, second and third annual anniversaries of the Grant Date.

On May 21, 2025, the reporting person was granted financial-based performance share units based on the performance of three key metrics. One of the three performance metrics, representing 32% of the total award, is based on UScellular performance and has a 75% floor, which can be increased to 100% if the announced UScellular transaction with T-Mobile closes in 2025. Accordingly, this Form 4 reports the number of performance share units issuable under the 75% floor, which is 24% of the target award. Another Form 4 would be filed to reflect an increase in the floor to the extent the UScellular transaction with T-Mobile closes in 2025. Performance share units accumulate dividend equivalents (in the form of additional performance share units) which are forfeitable if the performance metrics are not achieved.