CARLSON LEROY T JR 4

What Happened

• Leroy T. Carlson Jr., Vice Chair and Director of Telephone & Data Systems, reported three grants of performance-based restricted stock units (PSUs) on the Form 4 dated Feb 27, 2026 (period of report Feb 25, 2026). The three awards total 305,201 PSUs (10,496; 79,599; and 215,106). No cash price is reported; these are derivative awards (contingent rights) rather than open-market purchases or sales. Each PSU represents the contingent right to receive one common share upon vesting.

Key Details

• Transaction date(s): Feb 25, 2026 (filing covers grants certified on that date); filing date Feb 27, 2026.
• Price: N/A — these are performance-vested awards, not purchases/sales.
• Total PSUs granted/adjusted: 305,201 (10,496; 79,599; 215,106).
• Vesting timing and certification notes (from footnotes):
  • Grant from May 21, 2025: two of three metrics certified at 71.5%; those PSUs adjusted for performance/time and will vest Dec 31, 2027; final metric measured through Dec 31, 2027 remains subject to approval.
  • Grant from June 11, 2024: two metrics certified (one previously at 145.9%, second at 83.8%); adjusted PSUs will vest June 11, 2027; final metric measured through Dec 31, 2026 remains subject to approval.
  • Grant from May 17, 2023: third metric certified at 200%; PSUs adjusted and will vest May 17, 2026.
• Dividend equivalents: PSUs have been accumulating quarterly dividend equivalents; some accrued dividends may be forfeitable if remaining performance metrics fail to meet minimum thresholds.
• Shares owned after transaction: not specified in the filing.
• Timeliness: Filing appears timely (reporting transactions on Feb 25; Form 4 filed Feb 27, 2026).

Context

• These are performance-based awards (PSUs), not immediate share purchases — they convert to common shares only if performance and time conditions are met. Because awards are adjusted based on certified performance, the reported amounts reflect updated performance certifications rather than new cash transactions. Such grants are standard executive compensation and do not by themselves indicate immediate insider buying or selling intentions.