Hanley Joseph R 4

What Happened
Joseph R. Hanley, Senior Vice President — Strategy & Corporate Development at Telephone & Data Systems, Inc. (TDS), exercised a total of 20,171 stock options on May 19, 2026. He exercised 12,423 options at a $19.15 strike (≈ $237,900) and 7,748 options at a $25.36 strike (≈ $196,489), for total strike payments of about $434,389. To cover the strike and tax liabilities, 14,689 shares were withheld (valued at $42.06 per share, ≈ $617,819), resulting in 5,482 net shares retained by Hanley. This was effectively a cashless exercise (options exercised with shares withheld to satisfy obligations), not an open-market purchase or a voluntary sale.

Key Details

• Transaction date: May 19, 2026 (report filed May 20, 2026) — appears timely.
• Options exercised: 12,423 @ $19.15 (grant May 21, 2020) and 7,748 @ $25.36 (grant May 19, 2021).
• Shares acquired on exercise: 20,171 total; 14,689 withheld to pay strike/taxes (10,328 for strike, 4,361 for taxes per filing footnote F1).
• Strike payments shown ≈ $434,389; withheld shares valued ≈ $617,819 (at $42.06).
• Net shares retained after withholding: 5,482. The filing does not list Hanley’s total TDS holdings after the transaction.
• Footnotes: F2 and F3 note the options were granted under the TDS Long-Term Incentive Plan and vested on the third anniversary of their grant dates. F1 explains the share-withholding breakdown.

Context
This was an option exercise (transaction code M) with shares withheld to satisfy exercise price and tax obligations (transaction code F for withholding). Such cashless exercises are common for executives exercising vested options and do not necessarily signal a buy or sell intent in the open market. The filing shows no open-market sale by Hanley — rather, a routine exercise with partial share withholding.