# EDGAR Filing Document

**Accession Number:** 0000913115
**File Stem:** 0000913115-26-000006
**Filing Date:** 2026-5
**Character Count:** 24157
**Document Hash:** 0ac53bf283bce3be3f3d9c1e04c98aaa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913115-26-000006.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0000913115-26-000006

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TELEPHONE & DATA SYSTEMS INC /DE/
- **CENTRAL INDEX KEY:** 0001051512
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 362669023
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-55069
- **FILM NUMBER:** 26956047

**BUSINESS ADDRESS:**
- **STREET 1:** 30 NORTH LASALLE STREET
- **STREET 2:** STE 4000
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 3126301900

**MAIL ADDRESS:**
- **STREET 1:** 30 NORTH LASALLE STREET
- **STREET 2:** STE 4000
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TELEPHONE & DATA SYSTEMS INC VOTING TRUST 1989
- **CENTRAL INDEX KEY:** 0000913115
- **STANDARD INDUSTRIAL CLASSIFICATION:** UNKNOWN SIC - 0000 [0000]

**ORGANIZATION NAME:**
- **EIN:** 366125594
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O TELEPHONE & DATA SYSTEMS INC
- **STREET 2:** 30 NORTH LA SALLE STREET, SUITE 4000
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 3125925341

**MAIL ADDRESS:**
- **STREET 1:** C/O TELEPHONE & DATA SYSTEMS INC
- **STREET 2:** 30 NORTH LA SALLE STREET, SUITE 4000
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602

## Ex-1

**Exhibit 1**

**JOINT FILING AGREEMENT**

The undersigned hereby agree and consent, pursuant to Rule 13d-1(k), to the joint filing of all Schedules 13D and/or Schedules 13G (including any amendments thereto) on behalf of such parties with respect to the Issuer.

**SIGNATURE**

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| TRUSTEES OF AMENDMENT AND RESTATEMENT (DATED AS OF APRIL 22, 2005) OF VOTING TRUST UNDER AGREEMENT DATED AS OF JUNE 30, 1989 | TRUSTEES OF AMENDMENT AND RESTATEMENT (DATED AS OF APRIL 22, 2005) OF VOTING TRUST UNDER AGREEMENT DATED AS OF JUNE 30, 1989 |
| Signature: | /s/ Walter C. D. Carlson |
| Name/Title: | Walter C. D. Carlson, Trustee |
| Date: | 05/08/2026 |
| Signature: | /s/ Letitia G. Carlson, M.D. |
| Name/Title: | Letitia G. Carlson, M.D., Trustee |
| Date: | 05/08/2026 |
| Signature: | /s/ Prudence E. Carlson |
| Name/Title: | Prudence E. Carlson, Trustee |
| Date: | 05/08/2026 |

---

------

**APPENDIX A**

Trustees of the Voting Trust

---

| | | |
|:---|:---|:---|
| (I) | (a) | <u>Name:</u> |
|  |  | Walter C. D. Carlson |
|  | (b) | <u>Business Address:</u> |
|  |  | Telephone and Data Systems, Inc. <br>30 North LaSalle Street <br>Suite 4000 <br>Chicago, Illinois 60602 |
|  | (c) | <u>Present Principal Occupation or Employment:</u> |
|  |  | President and Chief Executive Officer of Telephone and Data Systems, Inc. |
|  | (f) | <u>Citizenship:</u> |
|  |  | United States |
| (II) | (a) | <u>Name:</u> |
|  |  | Letitia G. Carlson, M.D. |
|  | (b) | <u>Business Address:</u> |
|  |  | Telephone and Data Systems, Inc. <br>30 North LaSalle Street <br>Suite 4000 <br>Chicago, Illinois 60602 |
|  | (c) | <u>Present Principal Occupation or Employment:</u> |
|  |  | Physician and Clinical Professor at George Washington University Medical Faculty |
|  | (f) | <u>Citizenship:</u> |
|  |  | United States |
| (III) | (a) | <u>Name:</u> |
|  |  | Prudence E. Carlson |
|  | (b) | <u>Business Address:</u> |
|  |  | Telephone and Data Systems, Inc. <br>30 North LaSalle Street <br>Suite 4000 <br>Chicago, Illinois 60602 |
|  | (c) | <u>Present Principal Occupation or Employment:</u> |
|  |  | Private Investor |
|  | (f) | <u>Citizenship:</u> |
|  |  | United States |
| (IV) | (a) | <u>Name:</u> |
|  |  | Anthony J. M. Carlson |
|  | (b) | <u>Business Address:</u> |
|  |  | Telephone and Data Systems, Inc. <br>30 North LaSalle Street <br>Suite 4000 <br>Chicago, Illinois 60602 |
|  | (c) | <u>Present Principal Occupation or Employment:</u> |
|  |  | President and Chief Executive Officer of Array Digital Infrastructure, Inc. |
|  | (f) | <u>Citizenship:</u> |
|  |  | United States |

---

------

**APPENDIX B**

---

| | | |
|:---|:---|:---|
| Name | Number of Common Shares Beneficially Owned As of March 31, 2026 | Percent of Class of Common Shares |
| Walter C. D. Carlson | 250619 (1) | \* |
| Letitia G. Carlson, M.D. | 221340 (2) | \* |
| Prudence E. Carlson | 523716 (3) | \* |
| Anthony J. M. Carlson | 32123 (4) | \* |

---

\*Less than 1% of class. All of such ownership involves sole power to vote or dispose of unless otherwise indicated below.

(1) Includes 28,899 TDS Common Shares that may be acquired upon conversion of TDS Series A Common Shares held outside of the Voting Trust and 221,720 TDS Common Shares held outside of the Voting Trust. Does not include (i) 1,692,228 TDS Series A Common Shares and 1,397,981 TDS Common Shares held in the Voting Trust for the benefit of Walter C. D. Carlson, his spouse and/or their descendants (individually or through family partnerships, grantor retained annuity trusts, custodial arrangements and otherwise), of which 283,500 TDS Series A Common Shares and 421,115 TDS Common Shares, respectively, are held for the benefit of Walter C. D. Carlson, or (ii) 756,332 TDS Series A Common Shares and 693,752 TDS Common Shares held by a family partnership in such Voting Trust for the benefit of descendants and family members of LeRoy T. Carlson and his spouse, of which Walter C. D. Carlson is a general partner. Beneficial ownership is disclaimed with respect to shares held for the benefit of persons other than Mr. Carlson in the Voting Trust.

(2) Includes 28,554 TDS Common Shares that may be acquired upon conversion of TDS Series A Common Shares held outside of the Voting Trust and 192,786 TDS Common Shares held outside of the Voting Trust. Does not include (i) 1,344,374 TDS Series A Common Shares and 1,227,115 TDS Common Shares held in the Voting Trust for the benefit of Letitia G. Carlson, M.D., her spouse and/or their descendants (individually or through family partnerships, grantor retained annuity trusts, custodial arrangements and otherwise), of which 921,023 TDS Series A Common Shares and 114,450 TDS Common Shares are held for the benefit of Letitia G. Carlson, M.D., or (ii) 756,332 TDS Series A Common Shares and 693,752 TDS Common Shares held by a family partnership in such Voting Trust for the benefit of descendants and family members of LeRoy T. Carlson and his spouse, of which Letitia G. Carlson, M.D. is a general partner. Beneficial ownership is disclaimed with respect to shares held for the benefit of persons other than Dr. Carlson in the Voting Trust.

(3) Includes 118,081 TDS Common Shares that may be acquired upon conversion of TDS Series A Common Shares held outside of the Voting Trust and 305,635 TDS Common Shares held outside of the Voting Trust. Also includes 100,000 TDS Common Shares that may be acquired upon conversion of TDS Series A Common Shares by trusts for which Prudence E. Carlson serves as trustee. Does not include (i) 1,193,807 TDS Series A Common Shares and 941,308 TDS Common Shares held in the Voting Trust for the benefit of Prudence E. Carlson, her spouse and/or their descendants (individually or through family partnerships, grantor retained annuity trusts, custodial arrangements and otherwise), of which 51,370 TDS Series A Common Shares and 68,723 TDS Common Shares are held for the benefit of Prudence E. Carlson, or (ii) 756,332 TDS Series A Common Shares and 693,752 TDS Common Shares held by a family partnership in such Voting Trust for the benefit of descendants and family members of LeRoy T. Carlson and his spouse, of which Prudence E. Carlson is a general partner. Beneficial ownership is disclaimed with respect to shares held for the benefit of persons other than Ms. Carlson in the Voting Trust.

(4) Includes 32,123 TDS Common Shares held outside of the Voting Trust. Does not include 77,445 TDS Series A Common Shares and 71,399 TDS Common Shares held in the Voting Trust.

## Ex-2

**Exhibit 2**

![image.jpg](image.jpg)

May 7, 2026

Board of Directors

Array Digital Infrastructure, Inc. ("Array")

500 W Madison St

Suite 810

Chicago, IL 60661

Dear Member of the Array Board of Directors:

This letter outlines our proposal (this "Offer") to acquire all of the outstanding shares of Array not beneficially owned by Telephone and Data Systems, Inc. ("TDS"). We believe this transaction will permit TDS and Array stockholders to realize the potential of our fully combined businesses.

We are proposing to acquire all of the outstanding Common Shares of Array that TDS does not currently own by way of a merger in which each Array Common Share not owned by TDS would be exchanged for 0.86 of a TDS Common Share (the "Exchange Ratio").

The Exchange Ratio assumes that the previously-announced spectrum license sales identified on Schedule A to this letter will have closed prior to the closing of the transaction contemplated by this Offer (the "Closing"). The Exchange Ratio further assumes that the Array Board, consistent with its treatment of net proceeds from prior spectrum sales, will have declared and paid a dividend of $10.40 per share (approximately $900 million in aggregate) to Array stockholders prior to the Closing.

The Exchange Ratio reflects an at-market offer based, subject to the assumption described in the preceding paragraph, on today's closing prices of Array and TDS Common Shares.

We expect that you will form a special committee of the Array Board of Directors, consisting solely of disinterested directors, to evaluate and recommend acceptance or rejection of this Offer. Our entry into any definitive agreement to effect this Offer would require that the special committee has recommended for approval the definitive agreement in accordance with Section 144(c) of the Delaware General Corporation Law. In addition, any definitive agreement would have as a condition that the disinterested stockholders of Array have approved the transaction by a majority of the votes cast by the disinterested stockholders, also in accordance with Section 144(c).

Currently, TDS owns approximately 81.9% of the outstanding capital stock of and 95.9% of the voting interests in Array. In considering this proposal, it should be noted that TDS is interested only in acquiring the outstanding Common Shares of Array that TDS does not currently own. TDS will not entertain any third-party offers for Array or its assets in lieu of this Offer. However, TDS continues to support Array's previously-disclosed intention to opportunistically monetize Array's remaining wireless spectrum.

This Offer conveys a number of benefits to Array's stockholders. Principally, it allows them to retain a significant economic interest in Array, while gaining exposure to our growing TDS Telecom fiber broadband business. It is expected to eliminate duplicative corporate costs, streamline corporate governance, increase share liquidity, and strengthen our capital structure, providing greater flexibility to pursue strategic investments across all our businesses, including towers and fiber. TDS and Array will be more efficient, nimbler, and better able to compete as a result.

We expect this transaction will be tax-free to Array's stockholders.

This Offer is non-binding, does not constitute a formal agreement, and remains subject to execution of definitive documentation as approved by our respective Boards of Directors and the special committee of the Array Board of Directors. In addition to approval of the disinterested stockholders of Array as described above, the transaction would also be subject to the approval of TDS stockholders at a special meeting called for the purpose of holding such a vote. Any definitive agreement would also include customary conditions to closing.

Note that TDS is legally required to disclose this Offer due to our current ownership in Array.

We have retained Wells Fargo and Sidley Austin LLP as our financial and legal advisers, respectively.

We look forward to engaging in discussions and negotiations with the Array special committee. Please do not hesitate to contact me with any questions or to further discuss our proposal.

Very best regards,

<u>/s/ Walter Carlson</u>

Walter Carlson

President and Chief Executive Officer

TDS, Inc.

------

**SCHEDULE A**

**Summary of Previously-Announced Spectrum License Sales**

---

| | | | |
|:---|:---|:---|:---|
| **Spectrum** | **Buyer** | **Purchase Price\*** | **Signing Date** |
| AWS, Cellular, PCS | Verizon | $1,000M | 10/17/2024 |
| 700MHz | T-Mobile | $85M | 8/29/2025 |
| 600MHz (Put/Call - Exercised) | T-Mobile | $86M | 10/7/2025 |
| AWS | T-Mobile | $6M | 10/16/2025 |
| Total |  | $1,177M |  |

---

\*Purchase prices shown on this Schedule A are contractual purchase prices and do not take into account contingent fees and estimated taxes expected to be owed by Array of approximately $277 million.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 12)**

**Telephone and Data Systems, Inc.**

*(Name of Issuer)*

**Common Shares ($0.01 par value)**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Walter C. D. Carlson**<br>30 North LaSalle Street<br>Suite 4000<br>Chicago IL 60602<br>312-630-1900

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**05/07/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**The Trustees of Amendment and Restatement (dated as of April 22, 2005) of Voting Trust under Agreement dated as of June 30, 1989** | Name of reporting person<br>**The Trustees of Amendment and Restatement (dated as of April 22, 2005) of Voting Trust under Agreement dated as of June 30, 1989** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13517699.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13517699.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13517699.00** | Aggregate amount beneficially owned by each reporting person<br>**13517699.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.9%** | Percent of class represented by amount in Row (11)<br>**11.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** 1. Shared voting and dispositive power and the aggregate amount beneficially owned by the reporting persons includes (i) 7,213,594 Series A Common Shares that have ten votes per share on all matters and are convertible on a share-for-share basis into Common Shares and (ii) 6,304,105 Common Shares. All of the Shares are held by the reporting persons as trustees of a Voting Trust.

2. Reporting persons may be deemed to hold approximately 95.6% of the outstanding Series A Common Shares of the Issuer and approximately 5.9% of the outstanding Common Shares of the Issuer for a combined total of approximately 11.9% of the Issuer's outstanding classes of capital stock and approximately 56.8% of the voting power on an aggregate basis. For all purposes in this Schedule 13D/A, the share amounts and percentages are based on 106,308,092 Common Shares and 7,542,212 Series A Common Shares issued and outstanding as of March 31, 2026.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares ($0.01 par value)

**(b) Name of Issuer:**
Telephone and Data Systems, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
30 North LaSalle, Suite 4000, Chicago, IL, 60602

This Amendment No. 12 to Schedule 13D is being filed pursuant to Section 13(d)(2) of the Securities Exchange Act of 1934, as amended, by a majority of the Trustees of the Voting Trust under the Amendment and Restatement (dated as of April 22, 2005) of Voting Trust Agreement Dated as of June 30, 1989. This Schedule 13D reports the ownership of Common Shares, par value $0.01 per share ("TDS Common Shares"), and Series A Common Shares, par value $0.01 per share ("TDS Series A Common Shares"), that are convertible on a share-for-share basis into TDS Common Shares, of Telephone and Data Systems, Inc., a Delaware corporation (the "Issuer").

**Item 4. Purpose of Transaction**

On May 7, 2026, the Issuer delivered to the board of directors (the "Array Board") of Array Digital Infrastructure, Inc. (formerly known as United States Cellular Corporation), a Delaware corporation ("Array"), a letter setting forth a non-binding proposal to acquire all of the outstanding Common Shares, par value $1.00 per share, of Array ("Array Common Shares") that are not owned by the Issuer (the "Proposal"). A copy of the Proposal is filed herewith as Exhibit 2, and the information set forth in the Proposal is incorporated herein by reference.

In connection with the Proposal, the Issuer expects to engage in discussions with the Array Board (including any Special Committee formed by the Array Board) or their representatives.

The Proposal may result in one or more of the transactions, events or actions specified in clauses (a) through (j) of Item 4 of Schedule 13D. No assurances can be given that the transaction contemplated by the Proposal or any other potential transaction involving the Issuer and Array will be consummated, or if a transaction is undertaken, as to its terms or timing.

The Trustees do not intend to update this Schedule 13D regarding the Proposal until a definitive agreement has been reached, or an update is otherwise required under applicable law.

The Trustees intend to maintain the ability to keep or dispose of the voting control of the Issuer. If and to the extent that Array remains a publicly-traded company, the Trustees intend that the Issuer maintain the ability to keep or dispose of the voting control of Array.

The Trustees also retain the right to change their intent, to acquire additional securities from time to time or to dispose of all or part of the securities beneficially owned by the Voting Trust in any manner permitted by the terms of the Voting Trust and/or applicable law.

**Item 5. Interest in Securities of the Issuer**

**(a)**
As of the end of the trading day on March 31, 2026, pursuant to Rule 13d-3(d)(1)(i), the Voting Trust and each of the Trustees may be deemed to beneficially own an aggregate of 6,304,105 TDS Common Shares, and 7,213,594 TDS Series A Common Shares held by the Voting Trust that are convertible into 7,213,594 TDS Common Shares. See Appendix B hereto for additional TDS Common Shares beneficially owned by each of the Trustees.

**(b)**
The following information is provided with respect to the shares held by the Voting Trust. See Appendix B hereto for information with respect to other shares beneficially owned by each of the Trustees.

(i) Sole Power to Vote or Direct the Vote:
None.

(ii) Shared Power to Vote or Direct the Vote:
The Voting Trust is the direct beneficial owner of TDS Common Shares and TDS Series A Common Shares that are convertible on a share-for-share basis into TDS Common Shares. The Voting Trust may be deemed to hold approximately 95.6% of the outstanding TDS Series A Common Shares and approximately 5.9% of the outstanding TDS Common Shares for a combined total of approximately 11.9% of the Issuer's outstanding classes of capital stock and approximately 56.8% of the voting power on an aggregate basis.

The holders of TDS Common Shares are entitled to elect four of the current twelve directors of the Issuer. The Trustees hold 5.9% of the voting power in the election of such four directors. In addition, the holders of TDS Common Shares have votes per share that are subject to adjustment in matters other than the election of directors. The TDS Common Shares held by the Voting Trust represent approximately 2.6% of the combined voting power in matters other than the election of directors.

The holders of TDS Series A Common Shares are entitled to elect eight of the current twelve directors of the Issuer. The reporting persons hold 95.6% of the voting power in the election of such eight directors. The TDS Series A Common Shares also have ten votes per share in matters other than the election of directors. The TDS Series A Common Shares held by the Voting Trust represent approximately 54.2% of the total combined voting power in matters other than the election of directors.

As a result of the foregoing, the Voting Trust elects a majority of the directors and directs a majority of the combined voting power of the Issuer in matters other than the election of directors.

(iii) Sole Power to Dispose or Direct the Disposition:
None.

(iv) Shared Power to Dispose or Direct the Disposition:
The information contained in Item 5(b)(ii) above is incorporated herein by reference.

**(c)**
Except as disclosed below, no transactions were effected during the past sixty days in TDS Common Shares or TDS Series A Common Shares by the Voting Trust or the Trustees.

(i) On March 23, 2026, Prudence E. Carlson sold 5,811 Common Shares pursuant to a Rule 10b5-1 Plan.

(ii) Transactions as a result of participation in TDS' Automatic Dividend Reinvestment Plans (under which the Voting Trust acquired 967 Series A Common Shares and 716 Common Shares at a per share price equal to $40.35 during the past 60 days).

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The Voting Trust was created to facilitate long-standing relationships among the trust's certificate holders. Under the terms of the Voting Trust, the Trustees hold and vote the TDS Series A Common Shares and TDS Common Shares held in the trust.

The information contained in Item 5(b)(ii) above is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** The Trustees of Amendment and Restatement (dated as of April 22, 2005) of Voting Trust under Agreement dated as of June 30, 1989

**Signature:** See Exhibit 1

**Name/Title:** See Exhibit 1

**Date:** 05/08/2026