Villacrez Vicki L 4

What Happened

• Vicki L. Villacrez, Executive Vice President, Chief Financial Officer and Director of Telephone & Data Systems, Inc. (TDS), had 5,478 restricted stock units (RSUs) settle on May 21, 2026. The settlement converted the RSUs into 5,478 common shares valued at $41.20 each (total value $225,694).
• To satisfy tax withholding, 2,575 of those shares were withheld (disposed) at the same per-share value, representing $106,090 in tax withholding. Net shares retained by Villacrez after withholding: 2,903 (approx. $119,604 at $41.20).
• Transaction codes: M = exercise/conversion of derivative (RSU conversion); F = shares withheld to pay taxes.

Key Details

• Transaction date: May 21, 2026. Filing date: May 26, 2026 (filing appears timely; May 25 was a federal holiday).
• Prices and values: 5,478 shares @ $41.20 = $225,694 (gross); 2,575 shares withheld @ $41.20 = $106,090 (taxes); net retained 2,903 shares ($119,604).
• Shares owned after transaction: Not specified in the filing.
• Footnotes: F1 — RSUs were granted on May 21, 2025 under TDS’ Long Term Incentive Plan; one-third vested on the first anniversary (this settlement). F2 — Shares were withheld to pay taxes.
• This was not an open-market purchase or sale of shares; it was the routine settlement of vested RSUs with tax withholding.

Context

• This is a standard RSU vesting/settlement: RSUs converted into stock and a portion withheld for taxes (cashless withholding), rather than a market sale or a discretionary purchase. Such transactions typically reflect compensation vesting schedules rather than a direct signal of insider market sentiment.