Exhibit 10.1

UNITED STATES CELLULAR CORPORATION

2018 EXECUTIVE OFFICER ANNUAL INCENTIVE PLAN

Effective January 1, 2018

I.  PURPOSE

• To provide incentive for the executive officers of United States Cellular Corporation (“U.S. Cellular” or “Company”) to extend their best efforts towards achieving superior results in relation to key business performance targets;
• To reward U.S. Cellular executive officers in relation to their success in meeting and exceeding the performance targets; and
• To attract and retain talented leaders in positions of critical importance to the success of the Company.

II.  ELIGIBLE PARTICIPANTS

The following U.S. Cellular officers are eligible to participate in this 2018 Executive Officer Annual Incentive Plan (“Plan”):  all Executive Vice Presidents and the Senior Vice President - Chief Human Resources Officer. 

III.  PERFORMANCE MEASURES & WEIGHTINGS

IV.  PERFORMANCE MEASURES DEFINITIONS

Company Performance - Weighting: 60%: Actual performance will be assessed against the targeted performance for each performance measure.  The performance measures are defined below.      

Consolidated Total Operating Revenues: Total operating revenues determined on a consolidated company-wide basis and in a manner consistent with U.S. Cellular’s presentation of total operating revenues for external reporting purposes.  

Consolidated Adjusted EBITDA (i.e., Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization):  Adjusted EBITDA determined on a consolidated company-wide basis and in a manner consistent with U.S. Cellular’s presentation of Adjusted EBITDA for external reporting purposes, and further adjusted to remove the effects of expenses associated with the annual bonus and performance share unit plans. 

Consolidated Capital Expenditures:  Capital expenditures determined on a consolidated company-wide basis and in a manner consistent with U.S. Cellular’s presentation of capital expenditures against targeted capital expenditures may not be sufficiently comprehensive because it would measure actual expenditures, but not necessarily the efficiency and/or productivity of those expenditures.  Therefore, if appropriate, the measurement of actual expenditures against targeted expenditures could incorporate an adjustment for spending efficiency/productivity which could include an assessment of the degree of completion of certain projects.  The determination of whether such an adjustment is appropriate and the amount of the adjustment will be made by the President and CEO and will be subject to the review and approval of the Chairman.

Customer Engagement:  Customer Engagement as measured by the Loyalty Index Score from the Customer Engagement Total Experience Survey.  The Loyalty Index Score is a calculated score of customers’ responses based on their overall experience of U.S. Cellular, including overall brand, network and customer experience, laddering to overall satisfaction, likelihood to recommend and likelihood to continue to do business with U.S. Cellular.

Notes:

• Results associated with acquisitions and / or divestitures will be evaluated on a case-by-case basis to determine whether adjustments to target or actual results are warranted.
• The Chairman in his discretion may adjust targets to reflect unanticipated events.

Chairman Assessment on Strategic Initiatives - Weighting: 10%:    

The Chairman in his qualitative and subjective assessment of U.S. Cellular’s overall company performance during the year will consider the following key factors and any other information he deems relevant in determining the level of attainment for this measure:

• Achievement of key goals and objectives provided to the U.S. Cellular board of directors. 
• Accomplishing / making commendable progress on major initiatives for the year to the extent not covered under the key goals and objectives provided to the board of directors.
• Developing and enhancing strategies and plans that strengthen the Company’s ability to successfully compete in the marketplace.

Individual Performance - Weighting: 30%:    

Each participating officer’s individual performance for the year will be assessed by the President and CEO based on such officer’s effectiveness/success with regard to:

• Carrying out his/her ongoing responsibilities and key initiatives during the performance year.
• Executive level leadership and teamwork.
• Identification and development of key talent for succession planning purposes.
• Engagement as measured in large part by the Company’s culture survey.

In making these assessments, the President and CEO also will take into consideration:

• Performance feedback received on the participating officer. 
• The participating officer’s report on his/her activities/accomplishments for the performance year.

V.  MISCELLANEOUS PROVISIONS

The Plan is subject to the Administrative Guidelines attached hereto as Exhibit A.  There are no oral or written agreements or understandings between U.S. Cellular and the participants affecting or relating to this Plan not referenced herein.  If the participant fails to adhere to the ethical and legal standards as referenced by U.S. Cellular policy, U.S. Cellular shall have the right to revoke this Plan, reduce or eliminate compensation as it applies to the violator, or any other remedy as provided by corporate policy or law.

Any compensation earned or paid pursuant to this Plan is subject to forfeiture, recovery by U.S. Cellular or other action pursuant to any clawback or recoupment policy which U.S. Cellular may adopt from time to time, including without limitation any such policy which U.S. Cellular may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law.

This Plan shall not be construed as an employment contract or as a promise of continuing employment between U.S. Cellular and the partipating officer.  Employment with U.S. Cellular is terminable at will, i.e., either the participant or U.S. Cellular may terminate the relationship at any time, with or without cause. 

The Executive Officer Annual Incentive Plan, as set forth in this document, represents the general guidelines U.S. Cellular intends to utilize to determine what bonus payments, if any, will be paid to the participating officers.  U.S. Cellular reserves the right to modify or terminate the Plan at its sole discretion, at any time and for any reason, with or without written notification and without regard to the effect that any such action may have on any participating officer’s bonus or potential bonus.  U.S. Cellular shall have the full power and authority to interpret and administer the Plan and shall be the sole arbiter of all matters of interpretation and application of the Plan. 

VI.  BONUS RANGES AS A PERCENT OF TARGET

The bonus ranges were set to reinforce the Company’s pay for performance philosophy.  Minimum performance levels for each component need to be achieved before any bonus is earned for that component.  The ranges result in substantial reductions in bonuses when targets are not achieved, and greater rewards for above target performance.

Company Performance Measures:

Bonus Payouts as a Percent of Target at Minimum and Maximum Performance Levels:

Bonus payouts between the minimum and target performance levels and between the target and maximum performance levels will be computed by interpolation.

Any bonus for performance below the minimum level will be determined and approved at the discretion of the Chairman.

Chairman Assessment on Strategic Initiatives: 

Individual Performance: 

Exhibit A

Administrative Guidelines