Form 4: Verizon CFO Acquires Phantom Stock in Compensation Plan

Verizon's EVP and CFO, Anthony T. Skiadas, acquired 138.081 units of phantom stock as part of a deferred compensation plan.

Summary

• Anthony T. Skiadas, Executive Vice President and Chief Financial Officer of Verizon Communications Inc. (VZ), acquired 138.081 units of phantom stock.
• The transaction occurred on August 28, 2025, and was made pursuant to a Rule 10b5-1 plan.
• Each unit of phantom stock is the economic equivalent of a portion of one share of Verizon common stock and is settled in cash.
• The phantom stock units become payable upon events established by Mr. Skiadas in accordance with the deferred compensation plan.
• Following this acquisition, Mr. Skiadas beneficially owns a total of 127,875.09 derivative securities, which includes phantom stock acquired through dividend reinvestment.
• The price of the derivative security (phantom stock) at the time of acquisition was $12.53 per unit.

Sentiment

Score: 6

Explanation: The acquisition of phantom stock by a key executive as part of a compensation plan is a neutral to slightly positive event, indicating continued alignment of interests. It is a routine transaction and does not suggest significant new developments.

Positives

• The acquisition of phantom stock by a key executive aligns management's financial interests with the long-term performance of Verizon's common stock.
• The transaction is part of a deferred compensation plan, indicating a structured approach to executive remuneration and retention.

Future Outlook

The filing indicates that the acquired phantom stock units become payable upon events established by the reporting person in accordance with the deferred compensation plan, suggesting future cash settlement tied to Verizon's stock performance.

Management Comments

• Evgeniya Berezkina, Attorney-in-fact for Anthony T. Skiadas, signed the filing.

Industry Context

This transaction is a routine executive compensation event within the telecommunications industry, where phantom stock and other equity-linked incentives are common tools to align executive performance with shareholder returns. It does not reflect broader industry trends or competitive shifts.

Comparison to Industry Standards

• The use of phantom stock as a component of executive compensation is a standard practice across many large, publicly traded companies, including those in the telecommunications sector like AT&T and T-Mobile, to provide long-term incentives without immediate dilution of common stock.
• The structure, where phantom stock is cash-settled and tied to the underlying common stock value, is a common design for deferred compensation plans aimed at executive retention and performance alignment.

Corporate Governance

Related Party Transactions

• The acquisition of phantom stock by an executive (Anthony T. Skiadas) from the issuer (Verizon Communications Inc.) as part of a compensation plan constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The transaction aligns executive interests with shareholder value, potentially fostering long-term performance. No immediate dilution as phantom stock is cash-settled.
• Employees (Executives): The deferred compensation plan provides a long-term incentive and retention mechanism for the CFO.

Next Steps

• The phantom stock units will become payable upon events established by the reporting person in accordance with the deferred compensation plan.

Key Dates

Recommendation

This Form 4 reports a routine, compensation-related acquisition of phantom stock by a key executive. While it indicates alignment of interests, it is not a discretionary open-market purchase and does not provide new fundamental information to warrant a change in investment recommendation for Verizon. The transaction is expected and part of standard executive remuneration practices.

Keywords

Verizon, VZ, Anthony T. Skiadas, CFO, Phantom Stock, Deferred Compensation, Insider Transaction, Executive Compensation, SEC Form 4, 10b5-1 Plan