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[Form 4] AT&T INC. Insider Trading Activity

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4

Grier Kelly J, a director of AT&T Inc. (T), acquired 5,463.9295 deferred stock units on 09/30/2025 under the company’s Non-Employee Director Stock and Deferral Plan. Each unit corresponds to the economic value of one share of AT&T common stock and the filing shows a per-share valuation of $28.24. The units are reported as indirect ownership “By Benefit Plan.” The filing explains these deferred stock units will be paid in cash after the reporting person leaves the board, with each unit paid at the value of one share at payout times elected by the director.

Grier Kelly J, un direttore di AT&T Inc. (T), ha acquisito 5.463,9295 unità azionarie differite il 30/09/2025 nell'ambito del piano Non-Employee Director Stock and Deferral Plan dell'azienda. Ogni unità corrisponde al valore economico di una azione ordinaria di AT&T e la dichiarazione mostra una valutazione per azione di $28.24. Le unità sono riportate come possesso indiretto “By Benefit Plan.” La dichiarazione spiega che queste unità azionarie differite saranno pagate in contanti dopo che la persona che segnala avrà lasciato il consiglio, con ogni unità pagata al valore di una azione al momento del pagamento scelto dal direttore.

Grier Kelly J, un director de AT&T Inc. (T), adquirió 5.463,9295 unidades de acciones diferidas el 09/30/2025 bajo el plan de acciones y aplazamiento para directores no empleados de la empresa. Cada unidad corresponde al valor económico de una acción ordinaria de AT&T y el registro muestra una valoración por acción de $28.24. Las unidades se reportan como propiedad indirecta “By Benefit Plan.” El registro explica que estas unidades de acciones diferidas se pagarán en efectivo después de que la persona que informa deje el consejo, con cada unidad pagada al valor de una acción en los momentos de pago elegidos por el director.

Grier Kelly J는 AT&T Inc. (T)의 이사로서 회사의 비직원 이사 주식 및 이연 계획에 따라 2025-09-305.463,9295주의 이연 주식 유닛을 취득했습니다. 각 유닛은 AT&T 보통주의 한 주의 경제적 가치에 해당하며, 서류에는 주당 평가가 $28.24로 표시되어 있습니다. 이 유닛은 By Benefit Plan으로 간접 소유로 보고됩니다. 서류는 이 연기 주식 유닛이 보고 책임자가 이사회에서 퇴임한 후 현금으로 지급되며, 각 유닛은 지급 시점에 선택된 주가 가치로 지급된다고 설명합니다.

Grier Kelly J, directeur de AT&T Inc. (T), a acquis 5.463,9295 unités d’actions différées le 30/09/2025 dans le cadre du Non-Employee Director Stock and Deferral Plan de l’entreprise. Chaque unité correspond à la valeur économique d’une action ordinaire AT&T et le dossier indique une valorisation par action de $28,24. Les unités sont déclarées comme une propriété indirecte « By Benefit Plan ». Le dossier précise que ces unités d’actions différées seront versées en espèces après le départ de la personne qui déclare, chaque unité étant payée à la valeur d’une action au moment du versement, tel que choisi par le directeur.

Grier Kelly J, ein Direktor von AT&T Inc. (T), erwarb am 30.09.2025 gemäß dem Non-Employee Director Stock and Deferral Plan des Unternehmens 5.463,9295 Deferred Stock Units. Jede Einheit entspricht dem wirtschaftlichen Wert einer AT&T-Stammaktie und im Einreichungsdokument wird eine Aktienbewertung von $28,24 pro Aktie angegeben. Die Einheiten werden als indirektes Eigentum „By Benefit Plan“ gemeldet. Die Einreichung erklärt, dass diese Deferred Stock Units nach dem Ausscheiden der meldenden Person aus dem Vorstand in bar bezahlt werden, wobei jede Einheit zum Wert einer Aktie zum Zeitpunkt der Auszahlung bezahlt wird, wie vom Direktor gewählt.

Grier Kelly J، مدير في AT&T Inc. (T)، اشترى 5.463,9295 وحدة أسهم مؤجلة بتاريخ 30/09/2025 بموجب خطة أسهم وإرجاء للموظفين غير التنفيذيين في الشركة. كل وحدة تقابل القيمة الاقتصادية لسهم واحد من أسهم AT&T العادية، وتبين الوثيقة تقييماً للسهم بقيمة $28.24. تُسجل الوحدات كملكية غير مباشرة “By Benefit Plan.” وتوضح الوثيقة أن هذه الوحدات المؤجلة ستُدفع نقداً بعد أن يغادر الشخص المبلغ عنه المجلس، مع دفع كل وحدة بالقيمة السوقية لسهم واحد في أوقات الدفع التي يختارها المدير.

Grier Kelly J,AT&T Inc.(T)的董事,根据公司的“非员工董事股权及递延计划”于2025/09/30取得了5.463,9295单位递延股票。每单位对应AT&T普通股的一股经济价值,文件显示每股估值为$28.24。这些单位被列为“By Benefit Plan”之下的间接所有权。文件解释说,这些递延股票单位在报告人离任董事会后将以现金支付,每单位在支付时按董事选择的时点的股票价值支付。

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Grier Kelly J, un direttore di AT&T Inc. (T), ha acquisito 5.463,9295 unità azionarie differite il 30/09/2025 nell'ambito del piano Non-Employee Director Stock and Deferral Plan dell'azienda. Ogni unità corrisponde al valore economico di una azione ordinaria di AT&T e la dichiarazione mostra una valutazione per azione di $28.24. Le unità sono riportate come possesso indiretto “By Benefit Plan.” La dichiarazione spiega che queste unità azionarie differite saranno pagate in contanti dopo che la persona che segnala avrà lasciato il consiglio, con ogni unità pagata al valore di una azione al momento del pagamento scelto dal direttore.

Grier Kelly J, un director de AT&T Inc. (T), adquirió 5.463,9295 unidades de acciones diferidas el 09/30/2025 bajo el plan de acciones y aplazamiento para directores no empleados de la empresa. Cada unidad corresponde al valor económico de una acción ordinaria de AT&T y el registro muestra una valoración por acción de $28.24. Las unidades se reportan como propiedad indirecta “By Benefit Plan.” El registro explica que estas unidades de acciones diferidas se pagarán en efectivo después de que la persona que informa deje el consejo, con cada unidad pagada al valor de una acción en los momentos de pago elegidos por el director.

Grier Kelly J는 AT&T Inc. (T)의 이사로서 회사의 비직원 이사 주식 및 이연 계획에 따라 2025-09-305.463,9295주의 이연 주식 유닛을 취득했습니다. 각 유닛은 AT&T 보통주의 한 주의 경제적 가치에 해당하며, 서류에는 주당 평가가 $28.24로 표시되어 있습니다. 이 유닛은 By Benefit Plan으로 간접 소유로 보고됩니다. 서류는 이 연기 주식 유닛이 보고 책임자가 이사회에서 퇴임한 후 현금으로 지급되며, 각 유닛은 지급 시점에 선택된 주가 가치로 지급된다고 설명합니다.

Grier Kelly J, directeur de AT&T Inc. (T), a acquis 5.463,9295 unités d’actions différées le 30/09/2025 dans le cadre du Non-Employee Director Stock and Deferral Plan de l’entreprise. Chaque unité correspond à la valeur économique d’une action ordinaire AT&T et le dossier indique une valorisation par action de $28,24. Les unités sont déclarées comme une propriété indirecte « By Benefit Plan ». Le dossier précise que ces unités d’actions différées seront versées en espèces après le départ de la personne qui déclare, chaque unité étant payée à la valeur d’une action au moment du versement, tel que choisi par le directeur.

Grier Kelly J, ein Direktor von AT&T Inc. (T), erwarb am 30.09.2025 gemäß dem Non-Employee Director Stock and Deferral Plan des Unternehmens 5.463,9295 Deferred Stock Units. Jede Einheit entspricht dem wirtschaftlichen Wert einer AT&T-Stammaktie und im Einreichungsdokument wird eine Aktienbewertung von $28,24 pro Aktie angegeben. Die Einheiten werden als indirektes Eigentum „By Benefit Plan“ gemeldet. Die Einreichung erklärt, dass diese Deferred Stock Units nach dem Ausscheiden der meldenden Person aus dem Vorstand in bar bezahlt werden, wobei jede Einheit zum Wert einer Aktie zum Zeitpunkt der Auszahlung bezahlt wird, wie vom Direktor gewählt.

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
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Grier Kelly J

(Last) (First) (Middle)
208 S. AKARD STREET

(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)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025
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 723 D
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
Deferred Stock Units (1) 09/30/2025 A 5,463.9295 (1) (1) Common Stock 5,463.9295 $28.24 5,463.9295 I By Benefit Plan
Explanation of Responses:
1. Deferred stock units acquired pursuant to the AT&T Inc. Non-Employee Director Stock and Deferral Plan. After the reporting person ceases to be a director, each unit is paid out in cash equal to the value of one share of AT&T common stock at times elected by the director.
/s/ Bryan Hough, Attorney-in-fact 10/02/2025
** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
At&T

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193.13B
7.14B
0.08%
66.68%
1.25%
Telecom Services
Telephone Communications (no Radiotelephone)
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United States
DALLAS