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

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

Summary

• Marissa A. Mayer, a director of AT&T Inc., reported the acquisition of 12,074.6432 deferred stock units on May 31, 2024.
• These units were acquired under the AT&T Inc. Non-Employee Director Stock and Deferral Plan.
• The price per unit is equivalent to the value of one share of AT&T common stock, which was $18.22 on the transaction date.
• Following the transaction, Mayer indirectly owns 14,782.3459 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 Mayer ceases to be a director, at times elected by her.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. It reflects a standard transaction related to director compensation, indicating alignment of interests between the director and the company's shareholders.

Positives

• The acquisition of deferred stock units aligns Mayer'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 Mayer ceases to be a director, at times elected by her, based on the value of AT&T common stock at that future date.

Industry Context

Director compensation often includes stock-based awards to align the interests of directors with those of shareholders. Deferred stock units are a common component of such compensation plans.

Comparison to Industry Standards

• Deferred stock units are a common form of compensation for non-employee directors at large publicly traded companies like AT&T.
• Companies such as Verizon and Comcast also utilize similar stock-based compensation plans for their directors.
• The specific number of units granted and the terms of the deferral plan are generally in line with industry practices for companies of AT&T's size and market capitalization.

Stakeholder Impact

• The acquisition of deferred stock units by a director can positively influence shareholder confidence by aligning the director's interests with the company's long-term success.

Key Dates