Sec Form 4 Filing - CARLSON LEROY T JR @ TELEPHONE & DATA SYSTEMS INC /DE/ - 2025-03-07

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5

1. Name and Address of Reporting Person CARLSON LEROY T JR 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 X __ Officer (give title below) _____ Other (specify below) Vice Chair (Last) (First) (Middle) 30 N. LASALLE STREET, SUITE 4000 3. Date of Earliest Transaction (MM/DD/YY) 03/07/2025 (Street) CHICAGO, IL60602 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 03/07/2025 M( 1 ) 236,100 A $ 29.26 366,912 D Common Shares 03/07/2025 F( 2 ) 213,291 D $ 35.4 153,621 D Common Shares 473,113 I By Trust Common Shares 105,521.32 I By Wife's Trust Common 78,943 I By Trust Common Shares 211,758 I By Trust Common Shares 1,812,782 ( 3 ) I By Voting Trust

Table II - Derivativ e 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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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 Deferred Compensation ( 4 ) 03/07/2025 A 5,852 ( 4 ) ( 4 ) Common Shares 5,852 ( 4 ) 57,380 D Option (Right to Buy) $ 29.26 03/07/2025 M 236,100 ( 1 ) 05/11/2025 Common Shares 236,100 ( 1 ) 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other CARLSON LEROY T JR 30 N. LASALLE STREET, SUITE 4000 CHICAGO, IL60602 X Vice Chair Signatures Julie D. Mathews, by power of atty 03/10/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Granted on May 11, 2015, under the 2011 Long Term Incentive Plan. Stock options vested on the third annual anniversary of the grant date. ( 2 )Reporting person exercised options and withheld 195,149 Common Shares to pay for the strike price and withheld 18,142 Common Shares to pay for taxes. ( 3 )Reporting person is a member of a trust which separately files on Form 4 for the issuer. The Common Shares reported are held by reporting person and his family members that have a pecuniary interest in such securities. Includes 693,620 Common Shares held by a family partnership of which reporting person is a general partner. ( 4 )Reporting person deferred a portion of his bonus into TDS Common Shares pursuant to the Long Term Incentive Plan. Reporting person is 100% vested in all bonus amounts and receives an employer match that vests ratably at 33%, 33% and 34% per year over a 3 year period. A total of 54,538 are vested.

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.