Villacrez Vicki L 4

What Happened
Vicki L. Villacrez, Executive Vice President & Chief Financial Officer and a director of Telephone & Data Systems, Inc. (TDS), had restricted stock units (RSUs) vest on 2026-06-11. The filing shows 10,170 shares were issued upon settlement (valued at $40.03/share, $407,105 total). To satisfy tax withholding, 4,780 of those shares were withheld (valued at $40.03/share, $191,343). Net shares issued to Villacrez from this vesting were 5,390 shares. A separate zero-share derivative entry appears to be a placeholder.

Key Details

• Transaction date: 2026-06-11; Form 4 filed: 2026-06-15 (filed within the expected 2 business‑day window).
• Shares issued on settlement: 10,170 at $40.03 (total reported value $407,105).
• Shares withheld for taxes: 4,780 at $40.03 (value $191,343). Net increase to insider: 5,390 shares.
• Footnote: These were RSUs granted on June 11, 2024 under TDS’ Long Term Incentive Plan; this settlement represents the second annual vesting (one‑third each year). (F1)
• Withholding noted as tax payment (F2).
• Shares owned after the transaction are not disclosed in the summary information provided.

Context

• This was an RSU vesting/settlement, not an open‑market purchase or sale. The withholding of shares to cover taxes is routine and common in RSU settlements (akin to a cashless tax payment), and does not by itself indicate buying or selling intent.
• The filing includes a derivative exercise/conversion code (M) reflecting the settlement of RSUs into shares; the small zero‑share disposal entry is likely a reporting placeholder.