Dixon Kenneth S. 4

What Happened Kenneth S. Dixon, President & CEO (and director of a subsidiary) of Telephone & Data Systems, Inc. (TDS), was granted 10,389 performance share units (PSUs) on 2026-02-25. These are derivative awards (code A) — no cash purchase or sale occurred and no per-share price applies (N/A). The PSUs were adjusted to 75.1% of target based on company performance through 12/31/2025 and are now time-based awards that will vest on 12/31/2027.

Key Details

• Transaction date: 2026-02-25 (filed with SEC 2026-02-27).
• Award: 10,389 performance share units; price: N/A (derivative award).
• Performance adjustment: Committee certified metrics at 75.1% of target (based on performance through 12/31/2025).
• Vesting: Time-based vesting on 12/31/2027; each PSU equals the contingent right to receive one common share upon vesting.
• Dividend treatment: PSUs have been accumulating quarterly dividend equivalents.
• Shares owned after transaction: Not specified in the filing summary provided.
• Transaction code: A (award/grant); this is compensation, not an open-market trade.

Context Performance share units are long-term compensation that convert to common shares only if performance/time conditions are met, so they are contingent rather than immediate share ownership. The 75.1% certification means the payout was adjusted below full target. This type of grant is common for executive retention and alignment with company performance and should be interpreted as compensation rather than a direct bullish or bearish insider market signal.