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TELEPHONE & DATA SYSTEMS INC /DE/·4

May 19, 4:53 PM ET

CARLSON LEROY T JR 4

Research Summary

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Updated

TDS Vice Chair Leroy Carlson Exercises RSUs/PSUs, Nets 503,449 Shares

What Happened Leroy T. Carlson Jr., Vice Chair and Director of Telephone & Data Systems, converted/settled restricted stock units and performance share units on May 17, 2026. He received 876,490 common shares on conversion at a valuation of $40.50 per share (total value ≈ $35,497,845). To satisfy tax withholding, 373,041 shares were withheld (value ≈ $15,108,161), leaving a net increase of 503,449 shares to his holdings (net value ≈ $20,389,684). This was an exercise/settlement of award units (not an open‑market sale); the disposals reported were withholding to pay taxes.

Key Details

  • Transaction date: May 17, 2026; price used: $40.50 per share (market was closed on the vest date so May 15 close was used).
  • Shares received (conversion/exercise of units): 876,490 shares (gross value ≈ $35,497,845).
  • Shares withheld for taxes: 373,041 shares (value ≈ $15,108,161).
  • Net shares added to Carlson’s holdings: 503,449 shares (net value ≈ $20,389,684).
  • Relevant footnotes:
    • F1: Performance share units granted May 17, 2023 vested after certification of final metric; PSUs pay one share per unit.
    • F4: Restricted stock units from May 17, 2023 reached their third/final vesting and were settled.
    • F3: Shares were withheld to pay taxes on vested restricted stock units.
    • F2: Valuation used the prior trading day's close (May 15, 2026) because the market was closed on vest date.
    • F5/F6: Form discloses existing holdings through dividend reinvestment and family/partnership holdings; the filing does not state a single consolidated “shares owned after” number.
  • Filing timeliness: Report filed May 19, 2026 (two business days after the May 17 transaction), which is the normal Form 4 reporting window.

Context

  • These entries reflect settlement of compensation awards (PSUs and RSUs) rather than purchases or open‑market sales. The withholding of shares to cover taxes is routine for vesting awards and should not be interpreted as an intentional market sale beyond tax obligations.
  • For retail investors, awards converted into shares increase an insider’s stake; no additional cash purchase or market sale was reported aside from shares withheld for taxes.