CARLSON WALTER CD 4

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.