Form 4: TDS VP Sells Common Shares Under 10b5-1 Plan

Anita J. Kroll, VP, Controller & CAO of Telephone & Data Systems Inc., sold 17,087 common shares in two transactions in November 2025 under a pre-arranged 10b5-1 plan.

Summary

• Anita J. Kroll, VP, Controller & CAO of Telephone & Data Systems Inc. (TDS), reported sales of common shares.
• The transactions were executed pursuant to a Rule 10b5-1(c) plan, indicating they were pre-scheduled.
• On November 10, 2025, 16,217 common shares were sold at an average price of $39.0182 per share, with prices ranging from $39.00 to $39.025.
• On November 11, 2025, an additional 870 common shares were sold at an average price of $39.1579 per share, with prices ranging from $39.09 to $39.185.
• Following these transactions, Ms. Kroll's direct beneficial ownership of common shares is 0.

Sentiment

Score: 5

Explanation: The filing reports a routine, pre-planned insider stock sale under a 10b5-1 plan, which is generally considered neutral as it is not indicative of new material information.

Positives

• The transactions were conducted under a Rule 10b5-1(c) plan, indicating they were pre-scheduled and not based on immediate, non-public information.

Negatives

• Insider selling, even under a 10b5-1 plan, reduces the executive's direct stake in the company.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This filing reports an individual insider transaction and does not provide information to analyze broader industry trends or competitor activities.

Stakeholder Impact

• Shareholders: The sale by a VP, Controller & CAO, even if pre-planned, slightly reduces management's direct alignment with shareholder interests through equity ownership. However, the 10b5-1 plan mitigates concerns about opportunistic selling.

Next Steps

• The reporting person undertakes to provide full information regarding the number of shares and prices at which shares were sold to the SEC, the Issuer, and any security holder upon request.

Key Dates

Keywords

TDS, Telephone & Data Systems, Insider Sale, Form 4, 10b5-1 Plan, Common Shares, Executive Transaction, Anita J Kroll