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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 3, 2022
TDS-20220103_G1.JPG
TELEPHONE AND DATA SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware   001-14157   36-2669023
(State or other jurisdiction of incorporation)   (Commission File Number)   (I.R.S. Employer Identification No.)
30 North LaSalle Street, Suite 4000, Chicago, Illinois 60602
(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (312) 630-1900

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Shares, $.01 par value TDS New York Stock Exchange
Depositary Shares each representing a 1/1000th interest in a share of 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, $.01 par value TDSPrU New York Stock Exchange
Depositary Shares each representing a 1/1000th interest in a share of 6.000% Series VV Cumulative Redeemable Perpetual Preferred Stock, $.01 par value TDSPrV New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On January 3, 2022, Gary L. Sugarman submitted his resignation as a member of the Board of Directors of Telephone and Data Systems, Inc. (TDS), effective immediately. At the time of his resignation, Mr. Sugarman was a member of the Board’s Compensation and Human Resources Committee. The Company believes Mr. Sugarman’s resignation was, as he indicated in his resignation letter, the result of his disagreement with the Company’s strategic direction. The Company believes Mr. Sugarman has been an engaged and constructive director and thanks him for his contributions to the Company over many years.

A copy of the resignation letter received from Mr. Sugarman dated January 3, 2022, is filed herewith as Exhibit 17.1.

Item 9.01. Financial Statements and Exhibits
(d)   Exhibits
Exhibit Number   Description of Exhibits
17.1
104   Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.



SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
    TELEPHONE AND DATA SYSTEMS, INC.
   
       
Date: January 5, 2022 By: /s/ Peter L. Sereda
      Peter L. Sereda
      Executive Vice President and Chief Financial Officer
     
       
       


Exhibit 17.1



January 3, 2022


To: Telephone and Data Systems, Inc. (“TDS”)
Board of Directors

Cc John Kelsh, Jane McCahon, Dan DeWitt, Peter Sereda




I am submitting my resignation as a member of the Board of Directors of TDS, Inc., effective immediately.

I am resigning as I disagree with the strategic direction of the company. I have advocated strongly, over a number of years, for implementation of a number of strategic options and believe the company’s failure to implement these strategies has contributed to the company’s disappointing financial performance and increased leverage.

Thank you for the opportunity to serve and I hope that my contributions over the past 12 years have been helpful.



Sincerely


Gary Sugarman