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

Rhea-AI Filing Summary

Beam Global (NASDAQ: BEEM) filed an 8-K to disclose that, on June 26 2025, it signed a Lease Extension Agreement for its headquarters at 5660 Eastgate Drive, San Diego. The existing February 7 2020 lease is extended six months, running Sept 1 2025 – Feb 28 2026. During the extension the Company will pay a monthly base rent of $62,400 plus $9,080 in CAM/NNN charges, for a total of $71,480. All other provisions of the original lease remain in force.

The agreement provides the landlord, PNN Holdings, LP, a unilateral right to terminate at any time on or after Nov 1 2025 with 60-days’ notice, creating potential relocation risk. No other material contracts, financial results or capital-raising activities were reported in this filing.

The disclosure is routine real-estate housekeeping: it secures temporary occupancy continuity while affording management flexibility to pursue longer-term space needs, yet exposes Beam Global to a possible mid-extension eviction. Overall balance-sheet impact appears immaterial relative to typical operating expenses.

Positive

• Continuity of operations: Headquarters space secured through Feb 2026, avoiding near-term disruption.
• Strategic flexibility: Short duration enables Beam Global to renegotiate or relocate without long-term lease liabilities.

Negative

• Early termination risk: Landlord may cancel after Nov 1 2025 with 60-day notice, potentially forcing an unplanned move.
• Limited visibility: Only six-month term increases uncertainty over future occupancy costs and logistics.

Insights

Real Estate Analyst

TL;DR Short six-month HQ lease extension; moderate cost; landlord can cancel early—neutral credit impact, slight operational flexibility.

The extension locks in San Diego headquarters space through February 2026 at an all-in rate of roughly $71.5k per month. This level is consistent with prevailing Class-B industrial/office rates in the submarket and should be easily absorbed given Beam Global’s 2024 operating expense run-rate. Importantly, the landlord’s ability to terminate after 1 November 2025 introduces relocation contingency risk. Management gains time to evaluate permanent space or a potential relocation closer to future manufacturing sites. Given the brief term and modest dollar value, I view the filing as operationally neutral rather than financially material.

Equity Research Analyst

TL;DR Routine 8-K; no earnings impact; only signals short-term facilities strategy—market reaction likely muted.

The disclosure neither alters revenue outlook nor capital structure. Annualized rent under the extension (~$0.86 million) represents a low-single-digit percentage of expected FY-25 operating expenses, thus not material to EPS. The termination clause could create headline risk if exercised, but investors would likely get 60 days’ advance notice—ample to model any transitional costs. I assign a neutral rating; the filing merely documents a standard lease roll-forward.

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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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^*

ROSE MATTHEW K

(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)
06/30/2025

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								98,100	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)	06/30/2025		A		5,701.4513		(1)	(1)	Common Stock	5,701.4513	$28.94	323,647.1582	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/ Johnell C. Holland, Attorney-in-fact	07/02/2025
	** 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.
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FAQ

What did Beam Global (BEEM) disclose in its 8-K dated June 26 2025?

The company signed a six-month extension of its San Diego HQ lease, effective Sept 1 2025 through Feb 28 2026.

How much will Beam Global pay in rent during the extension period?

Monthly payments total $71,480, comprising $62,400 base rent plus $9,080 CAM/NNN charges.

Can the landlord terminate the Beam Global lease early?

Yes. PNN Holdings, LP may terminate on or after Nov 1 2025 with 60 days’ written notice.

Does the filing affect Beam Global’s earnings guidance?

No earnings or revenue guidance was provided; the lease cost is considered immaterial to overall financials.

Are any other contracts or financial statements included in this 8-K?

No. The only exhibit is the Lease Extension Agreement (Exhibit 10.1).