AT&T (T) COO details RSU conversion, benefit plan stock and tax withholding

Rhea-AI Filing Summary

AT&T Inc. Chief Operating Officer Form 4 insider report shows equity activity on 11/28/2025. The officer acquired 672.558 shares of common stock indirectly through a benefit plan at a price of $26.02 per share, reflecting deferred stock units purchased via payroll deductions and partial company matching contributions, which are settled in stock on a 1-for-1 basis.

On the same date, 3,494 restricted stock units granted under the 2018 Incentive Plan were converted into an equal number of AT&T common shares, with mandatory tax withholding applied to 3,494 shares at $26.02 per share. The restricted stock units vest in three equal installments on 2/15/2026, 2/15/2027, and 2/15/2028, with vesting (but not distribution) accelerated upon retirement eligibility.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

McElfresh Jeffery S.

(Last) (First) (Middle)

208 S. AKARD ST.

(Street)

DALLAS TX 75202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AT&T INC. [ T ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/28/2025		A(1)		672.558	A	$26.02	170,046.529	I	By Benefit Plan
Common Stock	11/28/2025		M		3,494	A	(2)	560,955	D
Common Stock	11/28/2025		F(3)		3,494	D	$26.02	557,461	D
Common Stock								8,852.6759(4)	I	By 401(k)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units (2025)	(2)	11/28/2025		M			3,494	(2)	(2)	Common Stock	3,494	(2)	90,178	D

Explanation of Responses:

1. Represents deferred stock units purchased by the reporting person with automatic payroll deductions and partial company matching contributions. Deferred stock units are settled only in stock on a 1-for-1 basis.

2. Restricted stock units acquired pursuant to the 2018 Incentive Plan. Each unit will convert into one share of issuer's common stock. One-third of the units vests and distributes on each of 2/15/2026, 2/15/2027, and 2/15/2028. Vesting (but not distribution) is accelerated on retirement eligibility.

3. Mandatory tax withholding on vested restricted stock units.

4. Based on a 401(k) plan statement dated 10/31/2025.

	/s/ Johnell C. Holland, Attorney-in-fact	12/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

What insider transaction did AT&T (T) report for its COO on 11/28/2025?

The Chief Operating Officer of AT&T Inc. reported acquiring 672.558 shares of common stock indirectly through a benefit plan and converting 3,494 restricted stock units into common shares on 11/28/2025.

How were the 672.558 AT&T (T) shares acquired by the COO?

The 672.558 shares of common stock were acquired indirectly through a benefit plan funded by automatic payroll deductions and partial company matching contributions, represented as deferred stock units settled 1-for-1 in stock at $26.02 per share.

What are the vesting terms of the AT&T (T) restricted stock units reported?

The reported restricted stock units were granted under the 2018 Incentive Plan. Each unit converts into one share of AT&T common stock, with one-third vesting and distributing on 2/15/2026, 2/15/2027, and 2/15/2028. Vesting (but not distribution) is accelerated upon retirement eligibility.

Why were 3,494 AT&T (T) shares withheld in this Form 4 filing?

The entry marked code F for 3,494 shares at $26.02 per share reflects mandatory tax withholding on vested restricted stock units, as described in the explanation of responses.

What indirect AT&T (T) holdings are reported for the COO’s retirement plans?

The filing lists indirect ownership through a benefit plan and a 401(k) plan, including a 401(k) balance of 8,852.6759 shares based on a plan statement dated 10/31/2025.