Summary
This 8-K/A filing from AT&T Inc. serves as an amendment to a previous filing on June 25, 2021. The primary purpose of this amendment is to clarify and provide details regarding a change to the Non-Employee Director Stock and Deferral Plan. Specifically, the Board of Directors amended the plan to allow for pro-rated grants of deferred stock units to directors who join the board on a date other than the annual stockholder meeting. This change ensures equitable compensation for new directors based on their tenure. The amendment, effective June 1, 2021, allows for a pro-rated grant of $220,000, calculated based on the fair market value of AT&T common stock and the number of days served by the director until the next annual meeting. This adjustment was made prior to the election of Mr. Ubiñas to the Board, ensuring a consistent compensation structure for all non-employee directors regardless of their election date.
Key Highlights
- 1Amendment to AT&T's Non-Employee Director Stock and Deferral Plan.
- 2New provision for pro-rated grants of deferred stock units for directors elected between annual meetings.
- 3The pro-rated grant is capped at $220,000, adjusted by stock value and service days.
- 4The amendment aims to ensure fair compensation for directors based on their time served.
- 5Effective date of the amendment is June 1, 2021.
- 6This change was implemented prior to the election of Mr. Ubiñas to the Board.