McElfresh Jeffery S. 4

What Happened

• Jeffery S. McElfresh, Chief Operating Officer of AT&T (T), had 30,059 restricted stock units (RSUs) convert into common shares on February 13, 2026. As required tax withholding on the distribution, 11,122 of those shares were withheld and disposed at $28.80 per share, totaling $320,314. The filing shows the RSU conversion (transaction code M) and the tax withholding disposition (code F).

Key Details

• Transaction date: 2026-02-13 (filed 2026-02-18; filing appears timely given the holiday-adjusted business-day window).
• Shares acquired via conversion: 30,059 RSUs → 30,059 shares.
• Shares withheld for taxes (disposed): 11,122 shares at $28.80 each = $320,314.
• Transaction codes: M = exercise/conversion of derivative (RSU conversion); F = tax withholding on distribution.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Footnotes: F1 – RSUs granted under the 2018 Incentive Plan; one‑third vests/distributes on 2/15/2026, 2/15/2027, 2/15/2028 (vesting may accelerate on retirement eligibility). F2 – mandatory tax withholding. F3 – reference to a 401(k) statement dated 1/31/2026.

Context

• This was a scheduled RSU distribution (not an open-market purchase or voluntary sale). The withholding of 11,122 shares is a common payroll/tax-processing action and effectively reduces the net shares delivered to the insider (a cashless tax-withholding method). Such routine withholdings are administrative and do not by themselves indicate a change in insider sentiment.