TDS Vice Chair Leroy Carlson Jr. Gifts Shares (GRAT transfers)

What Happened

• Leroy T. Carlson Jr., Vice Chair and Director of Telephone & Data Systems, reported a series of gift transactions on 2026-09-03. The Form 4 lists multiple zero-price (G) transfers: roughly 533,610 shares acquired and roughly 538,209 shares disposed (all at $0.00). Several entries are marked as derivative shares (converted/Series A related). Total dollar value reported is $0 because these were gifts/transfers between trusts and distributions.
• Footnotes indicate a GRAT annuity distribution to the reporting person, plus transfers of 500,000 shares and 78,521.322 shares to new Grantor Retained Annuity Trusts (GRATs). All transfers are reported as exempt from Section 16 under Rule 16a-13.

Key Details

• Transaction date: 2026-09-03; Filing date: 2026-09-08 (filed five days after the transactions; appears later than the typical 2-business-day Form 4 deadline).
• Price: $0.00 for all reported transfers (gifts); reported total consideration $0.
• Shares reported moved (approx.): ~533,610 shares acquired and ~538,209 shares disposed across common and derivative (Series A convertible) share lines.
• Shares/holdings context shown in footnotes: includes family partnership holdings of 693,778 common shares and 756,363 Series A shares (Series A convertible on a share-for-share basis). Some amounts include dividend reinvestment plan accumulations.
• Notable filings: F1 = annuity distribution from a GRAT; F2/F3 = transfers to new GRATs (500,000 and 78,521.322 shares). Exempt under Rule 16a-13.

Context

• These were gift and trust-transfer transactions, not open-market buys or sales; such transfers are typically estate/planning actions and do not necessarily signal the insider’s view of the company’s near-term prospects.
• Derivative/Series A lines reflect convertible series shares moved in the same manner; nothing in the filing indicates option exercises or cash sales.
• Retail investors should treat this as administrative/trust-related activity rather than a conventional insider purchase or sale.