Analyst Summary
- The Telephone and Data Systems, Inc. (TDS) 2025 Executive Officer Bonus Program was approved by the TDS Compensation and Human Resources Committee on March 12, 2025.
- The 2025 Plan covers the Vice Chair of TDS, all TDS executive vice president and senior vice president officers, and the President and CEO of TDS Telecommunications LLC (TDS Telecom), a wholly-owned subsidiary of TDS.
- The 2025 Plan provides performance measures and weightings, of which 80% are based on company performance measures and 20% are based on individual performance.
- On March 13, 2025, the Board of Directors of TDS adopted amendments to the Bylaws of TDS, as amended and restated as of January 24, 2025, which became effective immediately.
- The Amendments provide that in the event the Chair or the President are absent or unable to act, the Vice Chair may take specified actions such as calling a special stockholder meeting, chairing a stockholder meeting, calling and chairing meetings of the Board of Directors, and invoking the emergency bylaw provisions.
- The Amendments also provide that the Vice Chair position is an officer position and subject to the supervision of the Chair.
- Additionally, the Amendments provide that in the event of the absence of the President or his or her inability or refusal to act as President or in the event of his or her earlier death, resignation, removal or disqualification, then the Vice Chair will automatically succeed to and perform the duties of the President.
- Finally, the Amendments provide that the lead independent director may chair Board meetings in the event the Chair or President, or Vice Chair, are absent or unable to act.