TDS Vice Chair LeRoy Carlson Jr Exercises Options, Sells 77,100 Shares

What Happened
LeRoy T. Carlson Jr., Vice Chair and director of Telephone & Data Systems, exercised 77,100 stock options at $19.15 per share (total cash cost $1,476,465) on Sept 11, 2026, and sold those 77,100 shares the same day at $38.45 per share (gross proceeds $2,964,811). The filing shows the derivative exercise and immediate sale (a common cashless exercise pattern): the option conversion is reported and the resulting shares were disposed.

Key Details

• Transaction date: 2026-09-11. Exercise reported at $19.15/share (77,100 shares); sale reported at $38.45/share (77,100 shares).
• Reported dollar amounts: acquisition cost $1,476,465; sale proceeds $2,964,811.
• Holdings note: Filing indicates significant related holdings — includes 693,778 common shares held by a family partnership (23,780 of which from dividend reinvestment) and references an additional 227,190 shares previously transferred from a GRAT (see footnotes).
• Footnotes of interest:
  • F1: 227,190 shares were previously transferred from the reporting person’s GRAT in an exempt transaction.
  • F2: Reporting person states shares were sold in multiple transactions at prices averaging $37.454149 (range $37.37–$37.70) and will provide full trade details on request.
  • F3: Describes family/partnership holdings and dividend reinvestment accumulation.
  • F4: Options were granted under the Long‑Term Incentive Plan and were vested.
• Filing timeliness: Reported on 2026-09-15 for a 2026-09-11 transaction; this filing date meets the typical two-business-day Form 4 deadline (not marked late).

Context
This was an exercise-and-sale (derivative exercise followed by immediate sale) rather than an open-market purchase; such transactions often reflect option exercise/tax-liability management rather than a directional bet on the stock. The reporting person has substantial family-linked holdings per the footnotes; the filing provides additional detail on prior transfers and aggregated holdings rather than indicating a change in ongoing ownership concentration.