Form 4: AT&T Director William E. Kennard Reports Acquisition of Deferred Stock Units

Director William E. Kennard reports acquisition of deferred stock units in AT&T Inc. under the Non-Employee Director Stock and Deferral Plan.

Summary

• On May 31, 2024, William E. Kennard, a director of AT&T Inc., acquired 12,074.6432 deferred stock units.
• These units were acquired pursuant to the AT&T Inc. Non-Employee Director Stock and Deferral Plan.
• Following the transaction, Mr. Kennard indirectly owns 116,224.4322 derivative securities through a benefit plan.
• Each deferred stock unit will be paid out in cash equal to the value of one share of AT&T common stock after Mr. Kennard ceases to be a director, at times elected by him.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating standard corporate governance practices. The sentiment is neutral to slightly positive as it reflects alignment of director and shareholder interests.

Future Outlook

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.

Industry Context

This filing is a routine disclosure of stock unit acquisitions by a company director, which is a common practice in publicly traded companies to align director interests with shareholder value.

Stakeholder Impact

• The acquisition of deferred stock units aligns the director's interests with those of the shareholders, as the value of the units is tied to the performance of AT&T's common stock.

Key Dates