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. through a non-employee director plan.

Summary

• On April 30, 2024, William E. Kennard, a director of AT&T Inc., acquired 1,683.5047 deferred stock units.
• These units were acquired pursuant to the AT&T Inc. Non-Employee Director Stock and Deferral Plan.
• Each unit will be paid out in cash equal to the value of one share of AT&T common stock after Kennard ceases to be a director, at times elected by him.
• Following the transaction, Kennard beneficially owns 104,149.789 derivative securities indirectly through a benefit plan.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a neutral to slightly positive sentiment as it aligns director interests with the company's performance.

Positives

• The acquisition of deferred stock units aligns the director's interests with the long-term performance of AT&T.
• The Non-Employee Director Stock and Deferral Plan provides a mechanism for directors to accumulate equity in the company.

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 director compensation and equity ownership, common among publicly traded companies like AT&T.

Comparison to Industry Standards

• Director compensation packages often include deferred stock units to align director interests with shareholder value, a common practice among large corporations like Verizon and Comcast.
• The AT&T Non-Employee Director Stock and Deferral Plan is similar to those offered by other major telecommunications companies.

Stakeholder Impact

• The acquisition of deferred stock units by a director can positively influence shareholder confidence by aligning management's interests with those of the shareholders.

Key Dates