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

Rhea-AI Filing Summary

Lori M. Lee, an AT&T Inc. officer (listed as Global Mktg Ofr & SEVP HR&Intl and a director), reported a routine acquisition of company common stock through deferred compensation and benefit plans. On 08/29/2025 she acquired 307.272 deferred stock units at a price of $29.29 per unit; deferred stock units settle 1-for-1 in shares. The filing lists multiple sources of her beneficial ownership: 9,575.962 shares held via a benefit plan, 13,622.9735 shares in a 401(k) (based on a 7/31/2025 statement), 391,151 shares in a 2024 trust, and 93,424 shares in a joint trust. The form is signed by an attorney-in-fact on behalf of the reporting person.

Insights

Financial Analyst

TL;DR: Routine executive deferral purchase increases insider's vested exposure to AT&T equity through compensation vehicles.

The transaction is a non-derivative acquisition consisting of 307.272 deferred stock units purchased via payroll deductions with company matching, settling 1-for-1 into common stock. Such purchases are customary for executives to convert compensation into equity and do not indicate a material change in corporate capital structure. The disclosure of large holdings across multiple plan vehicles (benefit plan, 401(k), trusts) clarifies the reporting person’s indirect ownership profile but does not, by itself, signal a change in control or a financing event.

Corporate Governance Expert

TL;DR: Filing documents standard insider acquisition under compensation arrangements; governance implications are routine and informational.

The Form 4 documents an officer/director acquiring deferred stock units under an employee plan with partial company matching. From a governance perspective, this is a routine, pre-arranged compensation-related transaction rather than an ad hoc market purchase. The filing appropriately discloses multiple indirect holdings across benefit and trust vehicles, improving transparency about potential voting and economic interests held by the reporting person.

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)
08/29/2025

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	08/29/2025		A(1)		307.272	A	$29.29	9,575.962	I	By Benefit Plan
Common Stock								13,622.9735(2)	I	By 401(k)
Common Stock								391,151	I	By 2024 Trust
Common Stock								93,424	I	By Joint 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. 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 7/31/2025.

	/s/ Johnell C. Holland, Attorney-in-fact	09/03/2025
	** 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.