CARLSON LEROY T JR 4

What Happened
Leroy T. Carlson Jr., Vice Chair and Director of Telephone & Data Systems, was granted 12,021 restricted stock units (RSUs) on 2026-05-20. The award is a derivative grant (not a cash purchase or sale); no per‑share price is reported. The RSUs represent a promise to deliver common shares upon vesting rather than an immediate transfer of shares or cash.

Key Details

• Transaction type: Award/Grant (Form 4 code A) of 12,021 RSUs on 2026-05-20.
• Price: N/A (RSUs are granted, not purchased).
• Vesting: One‑third of the RSUs vest on each of the first, second and third anniversaries of the grant date (per filing footnote).
• Filing: Form 4 was filed 2026-05-21 (one day after the grant), which is within the typical two‑business‑day reporting window.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote: F1 confirms RSUs awarded under TDS’ Long Term Incentive Plan with the described 3‑year annual vesting schedule.

Context
RSU grants are a common form of long‑term compensation intended to align executives with shareholder interests; they do not represent immediate cash or sold shares. This transaction is an award, not a market purchase or sale, and therefore does not directly signal a buying or selling decision by the insider.