Hanley Joseph R 4

What Happened
Joseph R. Hanley, Senior VP — Strategy & Corporate Development at Telephone & Data Systems, Inc. (TDS), was credited with three grants of performance share units (PSUs) on Feb 25, 2026 totaling 29,282 PSUs (4,606; 7,126; 17,550). These are derivative awards (no cash paid or open-market trade) and are reported with no per-share price (N/A). Each PSU represents a contingent right to receive one common share if performance/vesting conditions are met.

Key Details

• Transaction date: Feb 25, 2026; Form 4 filed Feb 27, 2026 (filing appears timely).
• Grants reported: 4,606 PSUs; 7,126 PSUs; 17,550 PSUs. Price: N/A (derivative awards). Total = 29,282 PSUs.
• Shares owned after transaction: not disclosed in the provided filing details.
• Footnote highlights:
  • May 21, 2025 grant: PSUs tied to three metrics; two metrics certified at 71.5% and converted to time-based PSUs; these will vest Dec 31, 2027 (dividend equivalents accrued; final metric measured through Dec 31, 2027).
  • June 11, 2024 grant: two metrics certified (one at 145.9%, one at 83.8%); adjusted/time-based PSUs will vest June 11, 2027; final metric measured through Dec 31, 2026.
  • May 17, 2023 grant: third metric certified at 200%; PSUs adjusted/time-based will vest May 17, 2026.
• Dividend equivalents: PSUs have been accumulating quarterly dividend equivalents; some dividend equivalents may be forfeitable if minimum performance not met.

Context
These entries are awards of performance-based restricted-equity units (derivatives), not purchases or sales. They convert to common shares only if performance targets and vesting conditions are met, so they do not represent an immediate change in Hanley’s tradable stock holdings. Retail investors should view these as compensation tied to company performance rather than as an insider buying or selling stock.