CARLSON WALTER CD 4

4 · TELEPHONE & DATA SYSTEMS INC /DE/ · Filed May 26, 2026

AI-generated summary of this filing

Updated May 26, 2026

TDS CEO Walter Carlson Receives 11,905 Shares (RSU Settlement)

What Happened

Walter Carlson, President & CEO (and Director) of Telephone & Data Systems, had 11,905 restricted stock units (RSUs) settle on May 21, 2026. The shares were valued at $41.20 each, for a gross value of $490,486. Of those shares, 5,016 were withheld to cover taxes (value ~$206,659), leaving a net issuance of 6,889 shares (net value ≈ $283,827). The Form 4 shows the RSUs converted into common stock (derivative exercise with $0 exercise price) and the tax withholding as a disposition.

Key Details

Transaction date: 2026-05-21; per-share price used: $41.20.
Gross shares issued (award/settlement): 11,905 shares (A / M codes); shares withheld for taxes: 5,016 (F code).
Net shares received: 6,889 shares (11,905 − 5,016), net value ≈ $283,827.
Grant origin: RSUs were awarded May 21, 2025 under TDS’ Long Term Incentive Plan; this represents the first one-third vesting anniversary (Footnote F1).
Footnotes show substantial additional holdings: includes 78,215 shares held via dividend reinvestment (F3); and family/fiduciary holdings including 693,751 shares via a family partnership (23,754 in DRIP) plus 194,004 shares in the dividend reinvestment plan (F4).
Filing: Form filed on May 26, 2026 — within the standard two-business-day window (timely).

Context

This was an RSU settlement (compensation vesting), not an open‑market purchase or a discretionary sale. The derivative conversion (M) with $0 exercise price is typical for RSU settlement: RSUs converted to shares and then a portion withheld to satisfy tax obligations (cashless tax withholding), reducing the net shares delivered.
Such awards are routine executive compensation events and do not by themselves indicate an insider buying or selling for market-view reasons.

Form 4

Period: 2026-05-21

DirectorPresident and CEO

Transactions

Award
Common Shares
[F1]
2026-05-21$41.20/sh+11,905$490,486→ 233,429 total
Tax Payment
Common Shares
[F2][F3]
2026-05-21$41.20/sh−5,016$206,659→ 228,609 total
Exercise/Conversion
Restricted Stock Units
[F1]
2026-05-21−11,905→ 23,810 total
→ Common Shares (11,905 underlying)

Holdings

Footnotes (4)

[F1]Restricted stock units were awarded on May 21, 2025, pursuant to TDS' Long Term Incentive Plan. One-third of the restricted stock units will vest on the first, second and third annual anniversaries of the Grant Date. This transaction represents settlement of the first vesting. Each restricted stock unit ("RSU") represents the right to receive one common share.
[F2]Shares withheld to pay taxes.
[F3]Includes 78,215 Common Shares held through dividend reinvestment.
[F4]Reporting person is a trustee of a voting trust which is record owner of these Common Shares and which files its holdings on a form 4. The shares reported are held by respective reporting person and their family members that have a pecuniary interest in such securities. Includes 693,751 Common Shares held by a family partnership of which reporting person is a general partner, of which 23,754 has been accumulated in dividend reinvestment. Reporting person also holds 194,004 Common Shares in the dividend reinvestment plan.

Signature

John M. Toomey, by power of atty.|2026-05-26

1 file