Form 4: AT&T Director Stephen J. Luczo Reports Changes in Beneficial Ownership

Director Stephen J. Luczo reports acquisition of deferred stock units and indirect ownership of AT&T common stock through family and benefit plans.

Summary

• On January 31, 2025, Stephen J. Luczo, a director of AT&T Inc., reported changes in beneficial ownership of AT&T securities.
• Luczo acquired 1,242.6253 deferred stock units pursuant to the AT&T Inc. Non-Employee Director Stock and Deferral Plan.
• These units will be paid out in cash, equivalent to the value of one share of AT&T common stock, after Luczo ceases to be a director.
• Luczo also indirectly owns 167,000 shares of AT&T common stock through a family trust and 395,500 shares through a trust.
• Additionally, Luczo indirectly owns 107,503.8788 derivative securities through a benefit plan.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The filing reflects standard director compensation practices and insider ownership, indicating alignment with company performance. There are no overtly negative implications.

Future Outlook

The deferred stock units will be paid out in cash after the reporting person ceases to be a director, at times elected by the director.

Industry Context

This filing is a routine disclosure related to insider transactions, providing transparency to investors regarding the holdings and transactions of company directors. It is standard practice for directors to receive stock-based compensation and deferral plans.

Comparison to Industry Standards

• Director compensation packages often include deferred stock units as a way to align the interests of directors with the long-term performance of the company.
• The specifics of AT&T's Non-Employee Director Stock and Deferral Plan are likely comparable to those offered by other large publicly traded companies.
• Companies like Verizon and Comcast also have similar compensation structures for their board members.

Stakeholder Impact

• The disclosure provides transparency to shareholders regarding director compensation and ownership.
• It assures stakeholders that directors have a vested interest in the company's success.

Key Dates