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

Rhea-AI Filing Summary

DT Midstream (DTM) Form 4: Director Elaine M. Pickle reported a single transaction dated 08/02/2025 (Code M).

• Shares acquired: 1,443 common shares issued upon conversion of restricted stock units (RSUs).
• RSUs exercised: 1,208.5 units; balance now 0.
• Total direct ownership: 4,308 DTM shares after the transaction.
• Vesting schedule: The underlying RSU grant vested 25 % on 8/2/23, 25 % on 8/2/24 and 50 % on 8/2/25, subject to continued service.

No shares were sold and no derivative positions remain, resulting in a net increase in insider equity exposure.

Positive

• Net insider share increase: Director acquired 1,443 shares, lifting direct ownership to 4,308, which can be viewed as a modest expression of confidence.

Negative

• Limited signal strength: Transaction arises from scheduled RSU vesting rather than discretionary open-market buying, and the share count is immaterial to overall float.

Insights

Securities Analyst

TL;DR: Small RSU conversion; director boosts stake but signal is limited.

The filing reflects a routine vesting/settlement of 1,208.5 RSUs that produced 1,443 new common shares, raising Pickle's direct holdings to 4,308 shares. Because the shares stem from an equity award rather than an open-market purchase, the informational value for outside investors is modest. The absolute size—well below 1 % of shares outstanding—suggests minimal impact on valuation or sentiment.

Corporate Governance Expert

TL;DR: Governance-neutral; standard equity-based compensation settlement.

The RSU program follows a typical three-year vesting pattern with service conditions. No change in board independence or control occurs. The absence of sales avoids negative optics, but the routine nature and small dollar value render the event governance-neutral.

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
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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^*

Arroyo F. Thaddeus

(Last) (First) (Middle)

208 S. AKARD

(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 Strategy & Dev Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

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	07/31/2025		A(1)		745.903	A	$27.41	5,016.866	I	By Benefit Plan
Common Stock								2,946.0385(2)	I	By 401(k)
Common Stock								379,962	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

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

	/s/ Johnell C. Holland, Attorney-in-fact	08/04/2025
	** 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

How many DTM shares did Director Elaine M. Pickle acquire on 08/02/2025?

1,443 common shares were acquired through RSU conversion.

What is Director Pickle's total DTM ownership after the Form 4 transaction?

She now directly holds 4,308 shares of DT Midstream.

Were any DTM shares sold in this Form 4 filing?

No. The filing reports only an acquisition; no dispositions occurred.

What derivative securities were involved in the transaction?

1,208.5 restricted stock units were exercised, leaving zero RSUs outstanding.

What is the vesting schedule of the RSUs converted?

The RSU grant vested 25 % on 8/2/23, 25 % on 8/2/24, and 50 % on 8/2/25.