Form 4: Verizon CFO Acquires Phantom Stock in Deferred Plan

Verizon's EVP and CFO, Anthony T. Skiadas, acquired 150.031 phantom stock units through a deferred compensation plan, increasing his indirect beneficial ownership to 131,279.884 units.

Summary

• Anthony T. Skiadas, EVP and CFO of Verizon Communications Inc., acquired 150.031 phantom stock units on December 18, 2025.
• Each phantom stock unit is the economic equivalent of a portion of one share of common stock, with the 150.031 units being equivalent to 43 shares of common stock.
• The acquisition was made at a price of $11.54 per derivative security.
• This transaction was conducted indirectly through a deferred compensation plan and is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• Following this acquisition, Skiadas's indirect beneficial ownership of phantom stock units increased to 131,279.884, which includes units acquired through dividend reinvestment.
• The phantom stock units are settled in cash and become payable upon events established by the reporting person in accordance with the deferred compensation plan.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. This is a routine compensation event, but an increase in insider holdings (even phantom stock) can be seen as a minor positive for alignment of interests.

Positives

• Management's beneficial ownership of company equity-linked instruments increased, aligning interests with shareholders.
• The acquisition is part of a deferred compensation plan, indicating a structured approach to executive compensation and retention.

Future Outlook

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

Industry Context

This transaction represents a routine executive compensation event, common across various industries, where executives receive equity-linked instruments as part of their remuneration and long-term incentive plans.

Comparison to Industry Standards

• The use of phantom stock as a cash-settled, equity-linked compensation vehicle is a standard practice in executive compensation across large public companies, including those in the telecommunications sector.
• The acquisition through a deferred compensation plan and under Rule 10b5-1(c) aligns with best practices for managing insider transactions and executive compensation, providing transparency and mitigating concerns about opportunistic trading.

Corporate Governance

Related Party Transactions

• Acquisition of phantom stock by an executive (Anthony T. Skiadas) from the company (Verizon Communications Inc.) through a company-sponsored deferred compensation plan.

Stakeholder Impact

• Shareholders: Increased alignment of executive interests with shareholder value through equity-linked compensation, potentially fostering long-term performance focus.
• Employees: Reflects standard executive compensation practices within the company.

Next Steps

• 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 details a routine acquisition of phantom stock by an executive as part of a deferred compensation plan. It does not provide new information about the company's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. It primarily reflects standard executive compensation practices and a minor increase in an executive's indirect equity exposure, which is generally neutral for stock valuation.

Keywords

Verizon, VZ, Anthony T. Skiadas, Form 4, insider transaction, phantom stock, deferred compensation, executive compensation, beneficial ownership, Rule 10b5-1(c)