UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
As previously announced, John Stephens, Senior Executive Vice President and Chief Financial Officer of AT&T Inc. (the “Company”), will retire on March 31, 2021. In connection with Mr. Stephens’ retirement, the Company has entered into a one-year Consulting Services Agreement with Mr. Stephens (the “Agreement”), dated March 30, 2021.
In exchange for such tax and finance related consulting services, the Company will pay Mr. Stephens up to $2,000,000, payable as follows: (A) $1,000,000 on June 1, 2021, (B) $500,000 upon the resolution, disposition or referral to appeal of the Company’s federal tax audit for the 2010/2011 examination cycle, and (C) $500,000 if (i) the Company achieves $26.0 billion or more in free cash flow during the 2021 calendar year, (ii) the Company pension plan funding at the end of calendar year 2021 exceeds 90%, or (iii) the Company’s total net pension and OPEB liabilities decrease in calendar year 2021 by $1.0 billion or more. In addition, the Agreement provides certain benefits to Mr. Stephens including reimbursement for his reasonable expenses incurred in rendering any requested services. The Agreement also contains various covenants, including restrictive covenants relating to non-competition, non-solicitation and confidentiality.
The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is filed as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
The following exhibits are filed as part of this report:
(d) | Exhibits |
10.1 | Consulting Services Agreement, dated March 30, 2021 | |
104 | The cover page from AT&T Inc.’s Current Report on Form 8-K, formatted in Inline XBRL |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AT&T INC. | ||||||||
Date: March 30, 2021 | By: | /s/ Stacey Maris |
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Stacey Maris | ||||||||
Senior Vice President, Deputy General Counsel and Secretary |