Dowling Ruth T 4

What Happened
Ruth T. Dowling, EVP, Chief Administrative Officer, General Counsel & Secretary of American Tower Corporation (AMT), was granted 11,083 performance-based restricted stock units (PSUs) on 2026-02-25. The Form 4 reports the acquisition price as $0.00 because these are compensation awards (not an open-market purchase). Under the award terms, each PSU represents a contingent right to one share of common stock and the earned PSUs will vest three years from the original grant date (grant was March 10, 2023), i.e., vesting on or about March 10, 2026.

Key Details

• Transaction type: A = Award/Grant (performance-based RSUs).
• Transaction date: 2026-02-25; filing date: 2026-02-27 (filed promptly).
• Shares/units: 11,083 PSUs reported as acquired at $0.00.
• Vesting/contingency: Footnote states these PSUs were earned following Certification by the Compensation & Human Capital Committee for a three-year performance period; they will vest three years from the PSU grant date (Mar 10, 2023 → vest ~Mar 10, 2026).
• Additional note: Filing footnote also references 40 shares acquired under the issuer’s employee stock purchase plan in Nov 2025.
• Shares owned after transaction: not specified in the provided summary of the filing.

Context
PSU awards are a form of performance-linked compensation and do not directly indicate insider buying or selling activity. Because these PSUs were certified as earned by the committee, they reflect fulfillment of the award’s performance criteria over the multi-year period; they convert to actual shares only upon vesting. For retail investors, such awards are routine compensation disclosures rather than direct trading signals.