Form 4: Vicki Villacrez Trades TDS Shares

Vicki L. Villacrez, Executive Vice President & CFO and Director of Telephone & Data Systems Inc., reported transactions involving common shares, including the acquisition of performance share units and restricted stock units, and the withholding of shares for tax purposes.

Summary

• Vicki L. Villacrez, Executive Vice President & CFO and Director of Telephone & Data Systems Inc. (TDS), reported several transactions on May 17, 2026.
• These transactions include the acquisition of 86,956 performance share units and 29,833 restricted stock units.
• The value used for these transactions was $40.5 per share, based on the previous trading day's close of May 15, 2026, as the market was closed on the vest date.
• Additionally, 39,089 shares and 14,022 shares were withheld to cover taxes on May 17, 2026.
• Following these transactions, Villacrez beneficially owns 87,410 common shares directly from the performance share units and 78,154 common shares directly from the restricted stock units.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it primarily details routine equity awards and tax withholdings for an executive, without indicating significant positive or negative developments for the company.

Positives

• Vicki Villacrez acquired a significant number of performance share units (86,956) and restricted stock units (29,833), indicating continued incentive alignment with the company's performance.
• The valuation of these units at $40.5 per share reflects the market value at the time of vesting.
• The withholding of shares for taxes is a standard procedure and does not represent a sale of shares by the executive.

Negatives

• A portion of the acquired shares (39,089 and 14,022) were withheld to cover tax obligations, reducing the net shares received by the executive.

Risks

• The performance share units are subject to a three-year time period and are measured against a certified metric, implying that future performance could impact the final value.
• The restricted stock units vest over three years, with the reported transaction representing the settlement of the final vesting, indicating a phased release of equity.

Future Outlook

The performance share units are subject to a three-year measurement period, and the restricted stock units vest over three annual anniversaries of the grant date. The reported transactions reflect the settlement of these vesting schedules.

Management Comments

• The Compensation Human Resources Committee certified the third and final metric on February 25, 2026, and performance shares became adjusted for performance and time based.
• Each performance share unit represents the contingent right to receive one common share.
• Each restricted stock unit represents the contingent right to receive one common share.

Industry Context

StockSavvy.ai notes that Form 4 filings are standard for executives and directors to report changes in their beneficial ownership of company stock. These filings provide transparency into insider transactions, which can be a factor for investors to consider.

Stakeholder Impact

• Shareholders: The transactions provide insight into executive compensation and equity awards, which can influence perceptions of management alignment.
• Employees: The structure of performance share units and restricted stock units can serve as an incentive for broader employee engagement and performance.
• Management: The filing details the executive's personal equity holdings and transactions, reflecting their ongoing investment in the company.

Next Steps

• Continued monitoring of Vicki Villacrez's beneficial ownership of Telephone & Data Systems Inc. stock.
• Further vesting and settlement of any remaining performance share units or restricted stock units as per their respective schedules.

Key Dates

Keywords

Form 4, SEC Filing, Insider Trading, Stock Options, Restricted Stock Units, Performance Share Units, Telephone & Data Systems Inc., TDS, Vicki Villacrez, Executive Compensation, Beneficial Ownership