Form 4: AT&T COO McElfresh Reports Routine Stock Transactions

AT&T's Chief Operating Officer, Jeffery S. McElfresh, reported routine acquisitions and dispositions of company stock and restricted stock units, including tax withholdings, under a pre-arranged plan.

Summary

• Jeffery S. McElfresh, AT&T's Chief Operating Officer, reported several transactions involving AT&T common stock and restricted stock units on November 28, 2025.
• McElfresh acquired 672.558 shares of common stock indirectly through a benefit plan at a price of $26.02 per share, representing deferred stock units from payroll deductions and company matching contributions.
• 3,494 restricted stock units (from the 2018 Incentive Plan) converted into an equal number of common stock shares.
• Concurrently, 3,494 shares of common stock were disposed of at $26.02 per share to cover mandatory tax withholding on the vested restricted stock units.
• Following these transactions, McElfresh beneficially owns 170,046.529 shares indirectly through a benefit plan, 557,461 shares directly, and 8,852.6759 shares indirectly through a 401(k) plan.
• He also directly owns 90,178 restricted stock units.
• All reported transactions were made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions related to executive compensation and tax obligations, which are neutral in terms of company performance or strategic direction. The transactions were pre-planned under Rule 10b5-1(c).

Positives

• The acquisition of 672.558 shares through a benefit plan indicates continued participation in company equity programs.
• The conversion of restricted stock units into common stock represents a vesting event, a positive for the executive's compensation.

Negatives

• The disposition of 3,494 shares for tax withholding reduces the direct shareholding, though this is a standard practice for vested equity awards.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• The reported transactions are related party dealings between AT&T and its Chief Operating Officer, Jeffery S. McElfresh, concerning executive compensation and equity awards.

Stakeholder Impact

• Shareholders: Provides transparency regarding executive stock ownership and compensation activities. The net effect on outstanding shares is minimal from these specific transactions.
• Employees: Reflects standard executive compensation practices, which may influence broader compensation strategies.

Next Steps

• Future vesting and distribution of remaining restricted stock units on February 15, 2026, February 15, 2027, and February 15, 2028.

Key Dates

Keywords

AT&T, T, Jeffery S. McElfresh, Chief Operating Officer, COO, SEC Form 4, Insider Trading, Stock Transactions, Restricted Stock Units, Deferred Stock Units, Equity Compensation, Rule 10b5-1