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 October 31, 2024, involving the acquisition of deferred stock units.
• The transaction was made pursuant to the AT&T Inc. Non-Employee Director Stock and Deferral Plan.
• Mayer acquired 184.6156 deferred stock units, with each unit representing the value of one share of AT&T common stock.
• The price per unit was $22.54.
• Following the transaction, Mayer indirectly owns 15,180.0577 derivative securities 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 company performance.

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 directors to accumulate company stock.

Future Outlook

After ceasing to be a director, each deferred stock unit will be paid out in cash equal to the value of one share of AT&T common stock at times elected by the director.

Industry Context

Director stock ownership is a common practice to align management's interests with shareholders. Deferred stock units are a form of equity compensation often used for non-employee directors.

Comparison to Industry Standards

• Director compensation packages often include stock options, restricted stock, or deferred stock units to incentivize performance and align interests with shareholders.
• Companies like Verizon and Comcast also utilize similar equity-based compensation plans for their directors.
• The specific amount and type of equity compensation can vary based on company size, industry, and individual director roles.

Stakeholder Impact

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

Key Dates