AT&T INC. — Director's Dealing 2025

Feb 4, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2025-01-30

Reporting Person: McElfresh Jeffery S. (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-01-30	Common Stock	A	432567.3	—	Acquired	576851.281	Indirect
2025-01-30	Common Stock	F	170215.2326	$24.02	Disposed	406636.0484	Indirect
2025-01-30	Common Stock	D	173153.0674	$24.02	Disposed	233482.981	Indirect
2025-01-30	Common Stock	D	89199	—	Disposed	144283.981	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-01-30	Restricted Stock Units (2025)	$	A	93672	Acquired		Common Stock (93672)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7827.9689	Indirect
Common Stock	557459	Direct

Footnotes

F1: Total performance shares distributed.

F2: Each performance share is equivalent in value to a share of common stock.

F3: Mandatory tax withholding on distribution of performance shares.

F4: Represents portion of the performance shares distributed in cash, after taxes.

F5: Reflects transfer of 89,199 shares owned indirectly by benefit plan to direct ownership due to distribution of performance shares.

F6: Based on a 401(k) plan statement dated 12/31/2024.

F7: Restricted stock units acquired pursuant to the 2018 Incentive Plan. Each unit will convert into one share of issuer's common stock. One-third of the units vests and distributes on each of 2/15/2026, 2/15/2027, and 2/15/2028. Vesting (but not distribution) is accelerated on retirement eligibility.