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

Rhea-AI Filing Summary

Jeffery S. McElfresh, Chief Operating Officer of AT&T Inc. (ticker: T), acquired 69,469 restricted stock units (RSUs) on 09/23/2025 under the companys 2018 Incentive Plan. Each RSU will convert into one share of the issuers common stock. The units vest and will distribute on 09/30/2029. Following the reported transaction, Mr. McElfresh directly beneficially owns 69,469 shares represented by these RSUs. The Form 4 was signed by an attorney-in-fact on 09/25/2025.

Positive

• 69,469 RSUs awarded to the COO, increasing disclosed insider alignment with shareholder interests
• Units convert 1:1 to common stock, providing clear disclosure on future share issuance upon vesting
• Vesting and distribution date provided (09/30/2029), giving transparency on timing of potential dilution

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine executive equity award aligning long-term incentives with shareholders.

This Form 4 records a time-based restricted stock unit award to the COO totaling 69,469 RSUs that convert 1:1 to common stock and vest on 09/30/2029. The disclosure is standard for executive compensation under an existing incentive plan and provides transparency into insider holdings and potential future issuance of common shares upon vesting.

Securities Analyst

TL;DR: Administrative insider grant; limited near-term market impact as units vest in 2029.

The filing documents an issuance of RSUs rather than an open-market trade or sale. The award size and vesting schedule are stated explicitly, showing direct beneficial ownership of 69,469 RSUs that will convert to common stock on vesting. The disclosure is material for tracking insider ownership but does not indicate an immediate transaction affecting share supply.

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

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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).

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)
09/23/2025

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

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)	(1)	09/23/2025		A		69,469		(1)	(1)	Common Stock	69,469	(1)	69,469	D

Explanation of Responses:

1. Restricted stock units acquired pursuant to the 2018 Incentive Plan. Each unit will convert into one share of issuer's common stock. Units vest and distribute on 9/30/2029.

	/s/ Bryan Hough, Attorney-in-fact	09/25/2025
	** 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.

FAQ

Who filed the Form 4 for AT&T (T)?

The Form 4 was filed on behalf of Jeffery S. McElfresh, Chief Operating Officer of AT&T Inc.

What security was reported on the Form 4 for T?

The filing reports 69,469 restricted stock units (RSUs) granted under the 2018 Incentive Plan.

When was the transaction date and when do the RSUs vest for AT&T (T)?

The transaction date is 09/23/2025 and the units vest and distribute on 09/30/2029.

How many shares will the RSUs convert into for AT&T (T)?

Each RSU converts into one share of common stock, so 69,469 RSUs will convert into 69,469 shares upon distribution.

Does the Form 4 show direct or indirect ownership for the reported RSUs?

The Form 4 indicates direct (D) beneficial ownership of the 69,469 RSUs following the reported transaction.