CARLSON LEROY T JR 4

What Happened

• Leroy T. Carlson Jr., Vice Chair and Director of Telephone & Data Systems, had 4,961 restricted stock units (RSUs) settle into common shares on May 21, 2026. The shares had a reported fair market value of $41.20 each (total ≈ $204,393).
• To cover tax withholding, 2,198 of the settled shares were withheld (reported as a disposal valued at $90,558). Net shares retained by Carlson from this settlement were 2,763 (4,961 received − 2,198 withheld), worth roughly $113,800 at $41.20.
• The filing also shows an administrative derivative line (4,961 shares at $0.00) reflecting conversion/settlement of the RSUs.

Key Details

• Transaction date: 2026-05-21. Report filed: 2026-05-26 (appears to be one business day late under the 2-business-day Form 4 rule).
• Prices/values reported: 4,961 shares @ $41.20 = $204,393 (acquired); 2,198 shares withheld @ $41.20 = $90,558 (tax payment).
• Shares owned after transaction: the Form 4 does not state a single total following this transaction. Footnotes note holdings that include large family and DRIP positions (e.g., 693,751 shares via a family partnership, 30,538 in the dividend reinvestment plan, and references to 312,242 shares held through dividend reinvestment).
• Footnotes: RSUs were granted May 21, 2025 under TDS’ Long Term Incentive Plan; one-third vested on the first anniversary (this transaction is that first vesting). F-type code indicates shares were withheld to pay taxes.

Context

• This was an RSU settlement (derivative conversion), not an open-market purchase or sale of stock. The transaction is effectively a grant vesting event with partial share-withholding to satisfy tax obligations — a routine administrative occurrence for executives.
• Net new economic exposure: Carlson added ~2,763 shares to his beneficial holdings from this vesting. Such transactions reflect compensation vesting rather than a direct purchase (which investors often view as a stronger bullish signal).