Form 4: Marissa A. Mayer Reports Acquisition of AT&T Deferred Stock Units

Director Marissa A. Mayer reports acquiring deferred stock units in AT&T Inc. through the Non-Employee Director Stock and Deferral Plan.

Summary

• Marissa A. Mayer, a director of AT&T Inc., reported a transaction on January 31, 2025.
• She acquired 177.5165 deferred stock units under the AT&T Inc. Non-Employee Director Stock and Deferral Plan.
• The price of the acquisition was $23.73 per unit.
• Following the transaction, Mayer indirectly owns 15,357.5742 derivative securities through a benefit plan.

Sentiment

Score: 7

Explanation: Routine transaction reflecting standard director compensation practices; no immediate cause for concern or excitement.

Positives

• The acquisition of deferred stock units aligns the director's interests with the company's performance.
• The Non-Employee Director Stock and Deferral Plan provides a mechanism for long-term compensation.

Future Outlook

The deferred stock units will be paid out in cash after the reporting person ceases to be a director, with the value tied to AT&T's common stock price at the time of payout.

Industry Context

Director stock ownership is a common practice in publicly traded companies to align the interests of directors with those of shareholders. Deferred stock units are a form of equity compensation that defers the actual distribution of shares or cash until a later date, often after the director leaves the board.

Comparison to Industry Standards

• Director compensation packages often include a mix of cash, stock options, and restricted stock units.
• Companies like Verizon and Comcast also utilize similar equity-based compensation plans for their directors.
• The specific terms and amounts of these plans vary based on company size, performance, and industry practices.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders by aligning director interests with company performance.

Key Dates