Form 4: Verizon CEO Hans Vestberg Reports Phantom Stock Acquisition

Verizon CEO Hans Vestberg reports acquisition of phantom stock units through a deferred compensation plan.

Summary

• Hans Erik Vestberg, CEO of Verizon Communications Inc., reported a transaction involving phantom stock.
• On June 20, 2024, Vestberg acquired 232.111 units of phantom stock at a price of $11.48 per unit.
• Following the transaction, Vestberg beneficially owns 159,122.917 units of phantom stock through a deferred compensation plan.
• Each unit of phantom stock is equivalent to a portion of one share of Verizon's common stock and is settled in cash upon certain events.

Sentiment

Score: 5

Explanation: This is a routine regulatory filing related to executive compensation, and does not inherently indicate positive or negative sentiment.

Industry Context

Executive compensation often includes phantom stock or similar instruments to align executive interests with shareholder value. This filing is a routine disclosure of such compensation.

Comparison to Industry Standards

• Phantom stock is a common form of executive compensation, used by companies like AT&T and T-Mobile to incentivize performance.
• The amount of phantom stock granted to executives varies widely based on company size, performance, and individual roles.
• Verizon's executive compensation practices are generally in line with those of its peers in the telecommunications industry.

Stakeholder Impact

• The transaction has a minimal direct impact on shareholders, as it involves phantom stock settled in cash.
• The phantom stock is part of the executive compensation package, designed to incentivize management performance.

Key Dates