CARLSON WALTER CD 4

What Happened

• Walter Carlson, President & CEO and a director of Telephone & Data Systems, received a grant of 25,191 performance share units (PSUs) reported on Feb 25, 2026 (filed Feb 27, 2026). The award is recorded as a derivative grant (transaction code A); no per-share cash price or immediate dollar value was reported. Each PSU represents the contingent right to receive one common share.

Key Details

• Transaction date: 2026-02-25; Form 4 filed: 2026-02-27 (timely).
• Award type/code: A (grant/award of performance share units, derivative).
• Share count: 25,191 PSUs granted (no cash price disclosed).
• Vesting/conditions: Two of three performance metrics were certified at 71.5% as of Dec 31, 2025; PSUs for those two metrics were converted to time-based awards and will vest on Dec 31, 2027. The third metric is measured through Dec 31, 2027 and remains subject to future certification.
• Payout range: Original plan payout may range from 24% to 168% of target depending on performance; dividend equivalents have been accumulating quarterly and may be forfeited if minimum performance is not met.
• Shares owned after transaction: Not specified in the filing.

Context

• This is a performance-based equity award, not an open-market purchase or sale. The award creates potential future ownership if performance and time-based vesting conditions are met; it does not represent immediate cash proceeds. The final number of shares ultimately delivered may change based on the remaining performance metric.