[Form 4] AT&T Inc. 5.625% Global Notes due 2067 Insider Trading Activity

Rhea-AI Filing Summary

Form 4 – AT&T Inc. (T)

On 07/29/2025, Global Marketing Officer & SEVP HR & International Lori M. Lee reported a bona-fide gift (Code G) of 7,250 common shares to a joint trust at $0 consideration. After the transfer, her indirect holdings in that trust total 93,424 shares.

The filing also discloses continuing indirect ownership of 13,482.9868 shares in the company 401(k), 8,850.738 shares in a benefit plan, and 391,151 shares in a 2024 trust. No derivative positions or open-market purchases/sales were reported. The transaction appears to be estate or family planning related and does not alter overall economic exposure.

Positive

• Executive retains a substantial stake of roughly 506k shares across trusts and benefit plans, maintaining alignment with shareholder interests.

Negative

• Direct ownership decreases by 7,250 shares due to the gift transfer.

Insights

Equity Analyst

TL;DR: Neutral—gift transfer; no cash sale, overall stake unchanged.

The Form 4 shows an internal reclassification: 7,250 shares were donated to a joint trust, leaving Lori M. Lee with >506k shares across trusts and plans. Because no shares were sold into the market and economic exposure remains intact, the filing is informational rather than market-moving. Insider still maintains meaningful alignment with shareholders.

Corporate Governance Specialist

TL;DR: Routine estate planning; governance impact immaterial.

Transaction code G confirms a bona-fide gift, typically used for charitable, estate, or family-trust purposes. Such moves are common for long-tenured executives and do not signal sentiment toward AT&T’s prospects. No derivatives or 10b5-1 plan usage noted. I view this as not impactful to governance risk or insider-selling indicators.

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).

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^*

Lee Lori M

(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)
	Global Mktg Ofr & SEVP HR&Intl

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025

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	07/29/2025		G		7,250	D	$0	93,424	I	By Joint Trust
Common Stock								13,482.9868(1)	I	By 401(k)
Common Stock								8,850.738	I	By Benefit Plan
Common Stock								391,151	I	By 2024 Trust

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

Explanation of Responses:

1. Based on a 401(k) plan statement dated 6/30/2025.

	/s/ Bryan Hough, Attorney-in-fact	07/30/2025
	** 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

What did AT&T (T) executive Lori M. Lee report on 07/29/2025?

She reported a gift of 7,250 AT&T common shares to a joint trust at $0 price.

Did the Form 4 involve any open-market sale or purchase?

No. The only transaction was a bona-fide gift; no shares were bought or sold for cash.

How many AT&T shares does Lori M. Lee now hold indirectly in the joint trust?

After the transaction, the joint trust holds 93,424 shares.

What is the total share exposure disclosed for Lori M. Lee?

Including all listed plans and trusts, she holds over 506,000 shares of AT&T.

Were any derivative securities reported in this filing?

No derivative securities were listed in Table II of the Form 4.