Villacrez Vicki L 4

What Happened

• Vicki L. Villacrez, Executive Vice President, Chief Financial Officer and director of Telephone & Data Systems, Inc. (TDS), was granted/received three performance-based awards on Feb 25, 2026 totaling 45,906 performance share units (PSUs): 7,727; 11,957; and 26,222 units. These are derivative awards (no per-share price reported) where each PSU represents a contingent right to receive one common share.
• The awards were certified/adjusted for performance by the Compensation & Human Resources Committee; vesting is time-based on different future dates (see details). No cash value or market price is reported in the filing.

Key Details

• Transaction date filed / report period: Feb 25, 2026 (filed Feb 27, 2026). No late filing indicated.
• Units granted: 7,727 / 11,957 / 26,222 = 45,906 PSUs total. Price: N/A (derivative awards).
• Vesting / certification:
  • Grant tied to May 21, 2025 award: two of three metrics certified at 71.5%; those PSUs adjusted and will vest Dec 31, 2027. (F1)
  • Grant tied to June 11, 2024 award: two metrics certified (one previously at 145.9%, second at 83.8%); adjusted and will vest June 11, 2027. (F2)
  • Grant tied to May 17, 2023 award: third metric certified at 200%; adjusted and will vest May 17, 2026. (F3)
• Dividend equivalents: PSUs have been accumulating quarterly dividend equivalents; some dividend equivalents may be forfeitable if final performance metrics aren’t met.
• Shares owned after transaction: not specified in the filing.

Context

• These are performance share units (compensation awards) that convert to common shares only if/when specified performance and time-based vesting conditions are met — not open-market purchases or immediate share transfers. Such awards are routine executive compensation and reflect payout adjustments based on the company’s certified performance metrics, not an immediate vote of confidence through buying shares.