---
schema_version: "secwatch.filing_event.v1"
accession: "0001051512-25-000049"
form_type: "8-K"
ticker: "TDS"
cik: "0001051512"
company_name: "TELEPHONE & DATA SYSTEMS INC /DE/"
filed_at: "2025-07-03T23:59:59+00:00"
generated_at: "2026-05-18T09:24:33.032989+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# TDS discloses separation terms for former TDS Telecom CEO Butman; $2M severance

## Summary
- James Butman stepped down as TDS Telecom President/CEO on June 9, served as Senior Advisor through July 1, 2025.
- Transition agreement provides $2,000,000 lump sum cash payment and title to company vehicle.
- Butman also receives prorated 2025 target bonus of $343,710 under the Executive Officer Bonus Program.
- Agreement includes post-termination confidentiality, non-disparagement, and cooperation covenants.
- Butman executed the Transition Agreement on July 2, 2025; severance payable within 60 days.

## SEC filing metadata
- accession: 0001051512-25-000049
- form_type: 8-K
- ticker: TDS
- cik: 0001051512
- company_name: TELEPHONE & DATA SYSTEMS INC /DE/
- filed_at: 2025-07-03T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1051512/000105151225000049/0001051512-25-000049-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1051512/000105151225000049/tds-20250702.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001051512-25-000049
- JSON: https://secwatch.observer/filing/0001051512-25-000049.json
- Plain text: https://secwatch.observer/filing/0001051512-25-000049.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.