SEC Contract Filing

Filing Date: 2021-01-25

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d21535dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSULTING SERVICES AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Commencing on January&nbsp;22, 2021 and continuing through January&nbsp;21, 2022 (the &#147;Term&#148;), Randall Stephenson (hereinafter
&#147;Mr.&nbsp;Stephenson&#148;) shall provide consulting services to or on behalf of AT&amp;T Management Services, LLC (the &#147;Company&#148;) and its direct or indirect controlled or controlling affiliates or subsidiaries with respect to matters
involving the operations and governance of AT&amp;T Inc. and its affiliates as requested by Company (collectively, &#147;Services&#148;). Mr.&nbsp;Stephenson shall provide such Services according to a schedule as agreed upon by the Company and
Mr.&nbsp;Stephenson; provided, however, the Company and Mr.&nbsp;Stephenson agree that the amount of time Mr.&nbsp;Stephenson devotes to the performance of Services shall not be more than twenty percent (20%) of the average amount of time spent by
Mr.&nbsp;Stephenson performing services for the Company during the <FONT STYLE="white-space:nowrap">thirty-six</FONT> (36)&nbsp;month period immediately preceding his retirement on January&nbsp;21, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Stephenson shall provide Services under the general direction of John T. Stankey, Chief Executive Officer, AT&amp;T Inc., or his
designees, provided, in performing Services, Mr.&nbsp;Stephenson shall act as an independent contractor and not as an agent, partner or employee of the Company or any controlled or controlling affiliate or subsidiary thereof, whether directly or
indirectly held (collectively, &#147;Company Affiliate&#148;). This Agreement does not establish an agency or partnership relationship between Mr.&nbsp;Stephenson and the Company or any Company Affiliate. Mr.&nbsp;Stephenson cannot obligate the
Company or any Company Affiliate, enter into contracts on behalf of the Company or any Company Affiliate, incur debts for the Company or any Company Affiliate, or in any other way bind the Company or any Company Affiliate to any third party.
Although the Services will have to be completed to the satisfaction of the Company and in accordance with this Agreement, the actual details of the Services shall be under Mr.&nbsp;Stephenson&#146;s control. With respect to the Services,
Mr.&nbsp;Stephenson is solely responsible for all matters relating to his compensation and benefits, payroll taxes, unemployment compensation, disability insurance, and health and welfare benefits, including withholding and remitting contributions
as required by applicable laws. With respect to the Services, Mr.&nbsp;Stephenson shall comply at his expense with all applicable provisions of workers&#146; compensation laws, unemployment compensation laws, federal social security law, the Fair
Labor Standards Act, and all other applicable federal, state and local laws, regulations and codes relating to terms and conditions of employment required to be fulfilled by employers. In the performance of this Agreement, Mr.&nbsp;Stephenson also
agrees to comply with all applicable federal, state and local laws, regulations and codes and with such requirements or restrictions as may be lawfully imposed by governmental authorities, including the procurement of required permits and licenses.
Mr.&nbsp;Stephenson acknowledges and agrees that he is not eligible for nor entitled to participate in or receive any wages or benefits provided by Company or any Company Affiliate to its actively employed employees as a result of performing the
Services. Notwithstanding anything herein to the contrary, Mr.&nbsp;Stephenson is eligible to participate in various AT&amp;T sponsored employee benefit plans and programs as a result of his long-term employment with and retirement from AT&amp;T
companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For providing such Services during the Term, the Company shall (A)&nbsp;pay Mr.&nbsp;Stephenson a total aggregate retainer of
$1,000,000, payable in four equal installments of $250,000 on the last business day of the following months: April 2021, July 2021, October 2021, and January 2022; (B) amend the terms and conditions of Mr.&nbsp;Stephenson&#146;s undistributed
Performance Share grants under the 2018 Incentive Plan to provide that the automatic proration of such grants shall not apply upon Mr.&nbsp;Stephenson&#146;s retirement and that Mr.&nbsp;Stephenson shall be eligible for full distribution of such
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grants after the applicable three (3)&nbsp;year performance period, subject to adjustment based on achievement of the applicable performance goals, approval of the Board of Directors of AT&amp;T
Inc. or its delegate and all other terms and conditions of such grants; and (C)&nbsp;provide Mr.&nbsp;Stephenson a communications concession at Mr.&nbsp;Stephenson&#146;s personal office on the same term